Planning Your Finances for After a Divorce

Looking Ahead to the Future

Getting a divorce begins a round of changes to many aspects of your life. The way you handle your finances and your current financial situation may be the recipient of a large majority of the changes. Rather than be shocked by the shifts, consider following these tips to get a better handle on your financial future.

Project Future Expenses, Savings, and Income

You can get ahead on the financial changes coming after a divorce by making projections about what the numbers might look like when everything is finalized. Begin looking at your income and how that might change with your spouse gone, then look at your current expenses and rate of savings and see what is going to change. Based on those projections, you may need to make adjustments related to what you are spending and how much you are saving.

For example, say your monthly income is going to shift from $4000 to $2000 when your divorce is finalized. Look at your expenses and savings from when you were married and see what is going to change; certain expenses may disappear when your spouse leaves, thereby potentially allowing you to save more money. Or, conversely, you may become responsible for different expenses than what you have had before, causing a shift in your savings.

Regardless, begin looking to the future and estimating what the changes to your financial life might be. Having a rough estimate may help you as you begin to plan what adjustments you may need to make.

Track the Changes with a Budget

Budgeting can be one of the best ways to get an accurate picture of your financial health and how much you are spending, saving, and earning. While it might sound tedious to track everything, engaging in this practice can help you gain a better handle on your financial life after going through a divorce.

Do You Need Help As You Look Ahead?

Trying to get a grip on your finances can be challenging as you wrestle with all the other various aspects of a divorce. Rather than try to go through that battle alone, work with an attorney to handle many of the legal matters while you take care of other things in your life. At The Law Offices of LeeDaun C. Williams LLC, we know that the knot unravels sometimes; when it does, we will be there for you.

To learn more or to schedule a consultation, call us at (216) 350-8511 or visit us online.