Preparing for life after divorce can feel like painting a picture of someone you’ve never seen. Most people’s lives change in every way imaginable on the other side of divorce – your day-to-day lifestyle, your habits, your finances, your hobbies, your sleep schedule, your independence, even your diet.
Thankfully, some of these aspects are easier to prepare for than others. Going into a divorce, couples are often sharing one bank account and possibly one income. For everyone involved, your financial situation will look completely different on the other side of the divorce than it does now. Here are some simple, attainable steps that everyone should take to financially prepare for a divorce:
Get a Clear Picture of Your Income
The best starting point is compiling a comprehensive list of all of your sources of income. It doesn’t matter how many there are – it matters that you are aware of your financial life. You might have to collect financial documentation for this, which will help you throughout the divorce process. Make sure you are focusing on what is strictly yours, and include any occasional and one-off sources of income.
Track All of Your Expenses
Once you have tracked your income, it’s time to do the same thing for your expenses. At this point, you don’t have to look at changing things (although it helps if you’re ready to!) Instead, it pays off to simply understand how much you actually spend on things. Most people, in a marriage or not, don’t look at how much they spend each month on everything – food, groceries, gas, utilities, and entertainment.
Consider Cutting Corners
When you have a clear picture of your expenses, you might want to look for places you could easily save money. You might be surprised by how easily you can let go of some luxuries without missing them. What if you packed your lunch instead of eating out? What if you paid for three streaming services instead of five? What if your child’s old backpack can make it another year? Look for easy alterations to make before moving to significant ones.
Avoid Major Purchases
During the divorce process, your financial life will be on display for everyone to see. Accordingly, you want to make sure to avoid making any major purchases at this point. Not only will it negatively impact your finances, it will also reflect poorly on your judgement in court. Now is not the ideal time to get the boat you’ve always wanted.
Ask For Help
Preparing for divorce is a team effort. For help with your divorce, contact Waserstein & Nunez today! We will always fight to protect what is most important.
Waserstein & Nunez, PLLC
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