If you’re getting divorced, it’s important to consider what your budget is going to look like after your marriage. It could be significantly different than what you’re used to right now, so it’s wise to plan in advance.
What should you think about when making the budget? It certainly depends on the unique circumstances of your own relationship and divorce, but below are a few areas that may be important.
Child support requirements
First and foremost, consider any support requirements from the divorce. Perhaps your ex has to pay child support or alimony, for example. On the other hand, you may be obligated to make these payments, and they need to go into your budget.
Downsizing to one income
One area of focus for your post-divorce budget is just reducing the amount of income that you see on a monthly basis. If you and your spouse both worked previously, you will be dropping down to a single income – but you may still have the same expenses, such as having to pay the mortgage or the bills for utilities.
Addressing new costs
Furthermore, you may have new costs after the divorce that have to fit into your new budget. For one thing, you have to cover costs that you and your spouse would have shared before. But you may also have to consider things like transportation costs when moving children between homes or the cost of daycare or childcare if you need someone else to watch your children while you’re at work.
The financial side of divorce
The specifics of this post-divorce budget are going to be different for everyone. But it’s clear that the financial side of divorce is important, and this is why you need to know about all of the options at your disposal.