Deciding to divorce,

Deciding to Divorce
 (Part Eight)
How am I going to make it with my finances?

You’ve been served with divorce papers. How do you salvage your finances? When you’re in the heat of the battle you’ll have several fires to deal with. Your finances are what keep you alive. Most will be living on half the income they’re accustomed to. Everything, including debt, is usually split in half. So if you were living in a house with a payment of $1,400.00 per month, you can expect on moving out and paying rent at $700 per month. After my divorce I thought I would stay in my home, pay the utilities, auto and health insurance, and a few groceries each week. I was in for a huge surprise when I realized I couldn’t afford the basics and I didn’t have money left over for the fun things! I had to move out and find a less expensive place to live. It wasn’t easy. The first reaction I had was to fight! My wife wasn’t going to make me move! She’s the one that wanted the divorce, I didn’t! I thought I deserved to live in our house since I had made all the payments and maintained it.

Well my friends, in the real world, most of you will be moving out of the house you’re living in. If you have been taking care of the children as a stay-at-home mother you’ll probably be looking for a job to take care of your children and pay the bills. Keep in mind that you may have to buy a car which will require maintenance. Be sure to add that to your budget! I recommend cutting up your credit cards even if you have a good job and earn a decent income.

The first thing you will need to do is set up a budget. How will the divorce be paid for? The average cost can be as high as $18,000. Once you have that information then you’ll be ready to prepare a budget that will require immediate attention. If you need someone to help you set up a budget, do it now and don’t wait!

The biggest budget-buster is housing! If you’re hoping to stay in your home, you might consider a roommate to help you with your expenses. I rented a room to help pay my housing costs. I lost some of my privacy but I had money to pay the rest of my bills. Having affordable housing was key to balancing my budget! Housing should be number one on your list! Once you find a place to live then you can move on to other decisions that need to be made.

Did you know that 15% of your money will go to your auto expenses? Gas, insurance and car repairs all need to be considered. If you have children you’ll need to include medical, food, clothing, school, sports, etc. in your budget. Be prepared for confrontation with your spouse regarding these issues. It will happen! But if you prepare you won’t be caught off guard. Finally, don’t forget to budget for your children’s college education!

Food, debt and child support. Food is getting more expensive every day! Prices are up 26% since last year! If you were accustomed to eating most of your meals out you’ll need to adjust that to once or twice a month. The average family will spend $200 dollars eating out each month. Most single-income households can’t afford to do that! Watch what you buy at the grocery store and use coupons. Learn how to prepare your own food. It will save you hundreds of dollars each year. If you have a lot of debt, then you and your spouse will have to decide who will be responsible for paying it off. Child support will be setup by the court. If you have limited funds and the child support doesn’t cover your basic needs, you’ll most likely have to enter the work force. You may need to consider going back to college or a technical school to make yourself more marketable. If you need help in any of these areas, call me! I can help you find resources you need to start your new life.

In this series, I will help you examine the process of getting divorced. We’ll take a close look at what to expect and will share critical information you need to know. If you or your spouse is considering divorce, prior to making that final, life-changing decision, please call me. I can help you prepare for your divorce.

Are you experiencing a difficult time in your marriage and need help? Is your spouse avoiding talking with you about the problems in your marriage? Are you struggling with the execution and planning of your divorce? Would you like to learn communication tools that are helpful when talking with your spouse about repairing your marriage? If you answered yes to any of these questions, I can help you. Give me a call today!

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