Preparing for post-divorce life with a budget

Preparing for post-divorce life with a budget

| Apr 28, 2020 | Divorce |

A variety of issues requires the attention of Kentucky residents who are ending their marriages. Separating the financial ties between two married people, identifying separate and marital assets and liabilities, let alone negotiating their division, takes time and careful consideration. Another crucial part of the process is considering a budget that will fit an individual’s post-divorce life.

Taking the same income that used to support one household now has to stretch over two. Individuals in this position need to consider that they will not only need to pay either rent or a mortgage loan, their own utilities and more, but they will also need to think about things like groceries, gas, auto loan payments and other expenses that they used to share as a couple. Each of these expenses can add up quickly, especially without the benefit of another income.

It may require some to adjust their expectations for what they can afford post-divorce. The more extensive the analysis is, the more accurate the budget may be. So, after making some calculations regarding expenses, a close look at what a person’s income will be can provide a good indication of where to begin negotiations for a divorce settlement.

Figuring out a realistic budget will most likely take some time. It might also be helpful to discuss the situation with someone to help make sure that every aspect of the situation is examined so as not to miss something important that could throw a wrench into the plan. Something else that could prove invaluable to someone struggling with this and other issues that affect what his or her post-divorce life will look like is working with an attorney experienced in Kentucky family law.