Budgeting skills are essential for a person going through a divorce. To adjust to living on one income when someone has been used to a much better standard of living can be challenging but it isn’t impossible. To get started, calculate the total amount of income coming into the home. This can include salary, bonuses or tips, child support, and alimony. Next, add up all the essential expenses. This should result in a positive figure. If not, a divorcing spouse has two options — reduce expenses or increase income.
Working with a reputable Family Law firm is essential for anyone serious about getting divorced. A lawyer who practices family law in Rapid City area could help a client find the resources they need to stabilize their financial situation. Adjusting to life without a spouse can be a lot easier with little financial stress. It’s important to handle this aspect of the separation early to avoid undue hardship on the family. Since a parent may need to move out of the family home and into an apartment temporarily, knowing how much money they have to spend on rent, food and utilities can be a vital step in starting their new life.
In some cases, child support and alimony payments won’t be reliable. Divorcing spouses should know whether their former husband or wife is likely to keep the same job and make the required payments or try to avert them by taking a lower paying job and getting the court-ordered payments reduced. Unfortunately, at least in the beginning months after a separation, it’s important to only count guaranteed income in the family budget. It’s also important to budget for savings. Even those who expect a large cash or property settlement from the divorce should establish a savings account in the meantime to handle any unexpected situations.
An attorney who focuses on Family Law in Rapid City may advice their client of what they can expect from the settlement. However, unless the former spouse is in agreement, there’s really no way to know what the court will decide. It’s essential for anyone getting divorced to learn to live on their own income until they are able to separate the marital assets.
For more information visit Beardsley, Jensen & Lee
