Restarting Your Finances After DivorceBy Moskowitz Law Group, LLC |
When you get a divorce, it is normal for your financial situation to change. You might be paying or receiving alimony and child support, adjusting to life as a single parent, and changing your living situation, among other things. As you enter this new phase of your life, it is important to understand exactly what is shifting for you financially and to plan accordingly. A skilled divorce lawyer can help you with starting over your finances after a divorce, helping you pursue the payments you need and make plans that work for you in the long run.
Budgeting after Divorce
It is important to keep track of your expenses and spending when starting fresh with finances. Having a budget based on monthly or annual expenses can be key to ensure everything is within reach and manageable. Can you make long-term goals with your finances? Can you be financially stable? Do you need to wait to get back on your feet before that big purchase? These are all valid questions to ask yourself.
Keeping or Selling the Family Home
Because divorce is often highly emotional, people often fear letting go of what is familiar to them. It is not uncommon for those undergoing a divorce to feel uncertain about what to do with their family home. One common arrangement is for one parent to keep the family home to keep a sense of stability for the children. If this happens, the other spouse often will buy out their share or negotiate offsetting the value against other assets of value.
On the other hand, there are many couples undergoing divorce who decide to sell the house. This may be the best option for some parents to ensure that they can remain financially comfortable. Whatever choice you make, make sure the outcome benefits you just as much as your children and ex-partner.
Having Support is Essential
Lastly, although you have become a team of one, it does not have to feel that way. It is always helpful to have a friend, relative, or loved one take a second look at your finances and your long-term budget plans. Additionally, having an experienced attorney in your corner during the divorce process can ease things along and make starting your finances over after divorce less overwhelming. Attorneys may sometimes send their clients to a financial adviser for additional help in adjusting to finances after divorce. Contact our office today to learn more about how we can assist you during your divorce.