Divorce Guide

Divorce Guide

Budgeting tips during a divorce

Divorce is not an easy process. Divorce comes along with changes in finances, emotions and relationships. During a divorce it would important to know and realise where you stand financially. You should try and work on a budget during the entire divorce process and stick to it.

Sorting out your finances and keeping a budget in mind would help you take control of demanding situations. While going through with your divorce process, you should be aware of the legal proceedings and the legal requirements. You should know what is required of you before a divorce happens and what is required after divorce is granted.

While going through with your divorce you would require legal information on papers and forms to file. You would also need to know of state regulations, financial costs, child custody, child custody settlements and child support.

Budgeting tips during a divorce-

Budgeting tips during a divorce involves making a proper list of everything in your household which is related to the finances. You should have all the paperwork in proper order, so that you know of what you have and where you require to save-

You would require the following information-

  1. Pension funds
  2. Salary slips
  3. Loans
  4. Tax statements
  5. Insurance policies
  6. Bank accounts both joint and personal
  7. Medical cover
  8. Investments
  9. Motor vehicle information
  10. Assets
  11. Wills and trusts
  12. Credit card statements
  13. Insurance for physical assets such as vehicles, furniture and house

While acquiring all the essential information it would be vital to have all the documents and paperwork in order. When you have all the required paperwork in place, you would be able to budget your divorce in an organised and efficient manner.

You should have a workable idea as what you would require to hand over to your ex-husband and what you would be liable to receive from your ex-husband.

While working on your budget, you should work to get relevant information in regard to the monthly expenses incurred by you and your ex-husband.

The monthly expenses which you should have knowledge about are-

  1. Medical expenses
  2. Fuel
  3. Pet food
  4. Pet vaccinations
  5. Grocery bills
  6. Utility accounts
  7. Rent repayments
  8. Mortgage repayments
  9. School uniforms
  10. School fees
  11. Extra-curricular activities of your children

When you have an idea of the required expenses, you should also know what you would need on to spend on after your divorce is through. It would also be imperative to keep information in regard to children handy. You should have an idea on child maintenance, alimony negotiations and how much would it cost to raise your children with good quality education.

By working on a budget it is meant that you would be aware of the income and the expenses on day to day living. You should be aware of the essentials required by you and the non-essentials.

If you have already made a will, you should update the will. You must change the beneficiaries on your life policies, by doing so you know that your children would be taken care of if anything unfortunate happens to you.

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