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How to budget before finalizing the divorce

| Aug 16, 2019 | Uncategorized |

Different divorce requirements exist within each district in Florida. As you prep for divorce proceedings, you should be ready to decide on the type of divorce you want, prepare the initial paperwork and serve the papers to your spouse. You also need to get ready for your finances to change substantially. 

You have become used to living in a household with two incomes. Now, you will only have one source of money coming in, and it could be substantially less than what your spouse makes. You need to be ready for your financial future, and that involves planning accordingly. 

Anticipate future expenses

Before filing the first documents, you should take a look at your finances. You should consider how much money you make and how much you will need to spend once you and your spouse separate. You need to consider what you will spend on rent, utilities, food and travel expenses once you live on your own. You also need to track expenses for any children you may share with your spouse. You need to gather checking and saving accounts as well as credit card statements to show how much you currently spend. Once you have all this information readily available, you can determine how much alimony, if any, you could get from your spouse. 

Avoid unnecessary expenses

For the time being, you should avoid spending a lot of money. All your extra income will go toward court fees and legal expenses. It would be a bad time to go on an extravagant vacation, especially if you make more than your spouse. The judge may assume you spent all that money on a vacation in an attempt to get out of paying as much alimony. You want to be honest and upfront about your income, even if that means paying alimony. You can speak with a financial advisor if you need extra assistance getting your finances in order. 

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