People who are going through a divorce have a lot of things to consider. Divorce can change just about every aspect of life, one being your financial situation.
Taking the time to review these financial considerations now may help you to know what you can realistically afford after the split. These three points are a good place to start.
Budgeting based on your income
You’ll no longer be able to count on having the income of another adult in the home. Set the budget based solely on your income so you know what you can spend. Try not to include child support or alimony, even if you think you’ll receive those. This ensures you can take care of your expenses even if those aren’t paid.
Expenses for the children
The expenses for the children are a primary concern. You have to be sure that you can afford to allow them to do things before you tell them they can. Some expenses related to the children might be split between you and your ex, so that’s a consideration when you’re trying to figure this out.
The divorce itself will add extra expenses to the monthly budget. Be sure you include those in your planning so you know they’ll be taken care of. You may have a little more wiggle room with your finances once the divorce-related expenses are paid.
Be sure you consider how each of the property division options you have will impact your future finances. Taking a logical look at this instead of allowing your emotions to rule is beneficial. Working on your divorce with someone who’s familiar with your situation will also be helpful.