Having an Accurate Divorce Budget
Key Points
  • Budgeting is not always easy, you have to list all expenses and income. It is important to make sure you list everything when you are faced with divorce to make sure you have an accurate budget.
  • Divorce can often lower the standard of living the spouses or family is used to; do not underestimate or overestimate what you have to pay your bills and live comfortably.

Many people who never lived on a budget before the divorce find making a budget very difficult. Making a budget means cataloging all expenses and all income. In making a divorce budget a person sees the clear and often not so obvious financial impact of the marital breakup. Budgeting is a way to look at present and anticipated financial state.

A budget forces people to realize that their standard of living may be reduced by the marital breakup. Things they one took for granted now may be beyond their reach -- at least for a time.

If making a budget is taxing, living on it can be more difficult. Many divorcing spouses underestimate living expenses and later find that they cannot pay the bills. A financial professional can help produce an accurate and complete budget.

Useful Online Tools

Suggested Reading
Divorce & Money: How to Make the Best Financial Decisions
This book is a practical guide to evaluating assets during divorce. It explains how to determine the real value of marital property including houses, businesses, retirement plans and investments and how to negotiate a settlement that is fair to both sides.

Authors: Violet Woodhouse & Dale Fetherling

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