Starting over after a divorce can be tough. Even if you can put aside your emotions and convince yourself that you’ve done the right thing, living on your own is going to be tough. Taking some steps to prepare yourself for your new life can make a big difference though. One thing our Morris County, NJ divorce lawyers often recommend focusing on is your post-divorce budget. This can help you avoid financial problems and excess stress.
What Considerations Should Go Into My Post-Divorce Budget?
It can be tough to make a post-divorce budget. There are so many factors to consider and your new living expenses as a single person might be difficult to predict. That being said, you can still make some effort to think about the expenses you’ll face and how far your income can go. You should consider:
Debts: Property isn’t the only thing that gets split up in a divorce. Debt gets divided up too. If you and your spouse owed anyone money and you’re walking away from this marriage with a share of that debt, it’s important to consider that liability when you make a post-divorce budget.
Income: Obviously, how much money you have coming in is important, but remember that you shouldn’t just include income from your job. If you are getting child support or alimony, make sure that’s factored into the budget as well.
One-time expenses: Getting started in your post-divorce life can come with a number of one-time expenses. Moving costs, down payment on a home, or the first month’s rent and security deposit for a new rental can all make a big dent in your bank account.
Regular expenses: Your monthly bills, from groceries to utilities, should all be closely tracked.
Seasonal expenses and those unexpected costs: You also need to remember to try and put some money aside for unexpected expenses or those expenses that only crop up occasionally, like back to school or holiday shopping.
What Can I Do If I’m Struggling to Adjust to a Post-Divorce Budget?
You may not get that post-divorce budget quite right the first time around. If you’re still struggling to make ends meet, don’t be afraid to adjust the budget and find ways to cut costs or add more income. Looking for a second job, living with a roommate, or cutting back on streaming services in favor of free entertainment options can be smart moves.
What Happens If I Don’t Get the Alimony or Child Support I Was Awarded?
When you make your post-divorce budget, you should include any child support or alimony that was part of your divorce agreement. If your ex is not paying you what is owed, you may have to take them to court. Talking to them first is a good idea, but if they do not pay you then you shouldn’t be afraid to play hardball. You shouldn’t have to stress because someone else’s actions are messing up your post-divorce budget.
Meet With Our Legal Team
If you have questions about your post-divorce budget and what else can be done to ease this transition, we can help. Contact Townsend, Tomaio & Newmark to schedule your consultation today. Whether you are just starting the divorce process or you’re having issues with your ex-spouse sticking to the divorce agreement, we’re ready to be of assistance.
