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For financial security during divorce: Get a budget

On Behalf of | Aug 12, 2019 | Divorce

When you divorce, one of the things you may worry about is your financial independence. You might have relied on your spouse for money, or you may have only worked part-time while you cared for your family. Now, as you divorce, you may not be on sure financial footing.

To stay secure during and after your divorce, you need to have a clear head when you work through your property division settlement and while you get your budget in order during your divorce. You must know the expenses you have and what you need to be able to survive after your divorce. If you were the lesser-earning spouse, you may be able to seek help through spousal support or be able to ask for a greater portion of assets to help you get by.

What should your first financial step be during or after divorce?

Your first step during a divorce should be to set up a solid budget. This includes writing down all your housing costs, the cost of utilities, how much you’ll need for everyday items and what you’ll need to pay for insurance, a new car or other necessities. From that budget, you can see what you’ll need after the divorce and can then add in the actual cost of the divorce. How will you pay for it, and how will you address the costs? Do you need to use credit or will you pay a portion of the expense over time?

These are questions to think about carefully as you move through your divorce. Being budget-minded will help you as you move forward.

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