Families who are accustomed to living on two incomes are forced to live on one. Sometimes a spouse who has not worked throughout the marriage is forced to find employment, which may be difficult. In any case, if you are going through a divorce, it is important you set a budget. There are several professionals that can help you sort out your financial future, however, you can take some simple steps to figure it out, too.
First, list your monthly income from various sources including your job, any rental property, spousal support and child support. Next, list your expenses including your mortgage/rent, child care expenses, car payments, groceries, entertainment and other expenses. Add your income and add your expenses. Subtract your income from your expenses to figure out what, if anything, is left. You may find you have some extra cash that you can put into a savings account or you may find you should cut certain expenses. It is always advisable to cut all non-essential spending when going through a divorce.
After putting things in perspective, an attorney can help you determine if you are entitled to support from your spouse or if you are overpaying your spouse as for child support and spousal support and what relief is available to you. It is important to be completely forthcoming with your attorney in order to receive sincere and accurate advice. It is an attorney’s job to tell you the possible downfalls of your case, so be prepared. All in all, divorce can be a financially stressful time, but setting a budget and seeking the assistance of an attorney can ease you through this financially challenging lifestyle change.