Be Sure to Budget for AFTER the Divorce

A realistic post-divorce budget, based on present expenses, spousal support, debt repayment, and/or child support, helps divorced people steer clear of the financial wreckage that so often follows a divorce. Developing a budget during the divorce process helps a person set priorities during a divorce.

Many divorcing spouses seriously underestimate their living expenses when they produce their initial budget for temporary alimony (also referred to as “maintenance”), and later find that they aren’t able to cover all of their bills. One of the most common mistakes made post-divorce is the failure to budget based on one's new lifestyle. This is where the family home becomes a dead weight. One spouse keeps the house for the sake of the children or perhaps due to an emotional attachment. Because of the house’s high value, there are few other assets awarded in the settlement. The expense of maintaining the house and the lack of liquid assets often results in a rapid depletion of cash, leaving no choice but to sell the home.

A Certified Divorce Financial Analyst can project several years into the future and determine an individual’s solvency to support a lifestyle into the retirement years.

This analysis should be completed prior to a settlement because that gives a party time to request more assets, alimony or child support.



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Separation Agreement Software
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Separation Agreement Software
It is very difficult to move on with your life without getting the facts in writing, like, who gets what property and who is responsible for what debt, so a separation agreement outlines the rules in a legally binding format. Once you have a signed separation agreement you are on the right path to successfully negotiating your divorce settlement.


Suggested Reading
Fairshare Divorce for Women Fairshare Divorce for Women
Fair Share Divorce for Women is the first book that gives women the support and guidance they need to safeguard their marital assets. Too often women find themselves at a disadvantage when their marriage ends and they have to fight for what is rightfully theirs.

Author: Kathleen Miller, CFP, MBA


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HOLDING DOWN COSTS – Courts will approve a divorce agreement that is fair and reasonable. The more the divorcing spouses can agree about the terms and conditions of their divorce, the less work there is for their lawyers and the lower their cost.
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