Whether or not you anticipated your divorce, this can be a freeing experience as you return to your life as a single adult. However, it’s important to understand that your finances may look significantly different following the dissolution of your marriage. As such, you should understand the importance of creating an effective post-divorce budget to help set you up for success following your divorce. The following blog explores what considerations you should make during this process and why working with a Nassau County divorce lawyer is in your best interest during this process.

Why Do I Need to Create a Post-Divorce Budget?

Going through a divorce will significantly impact your finances, regardless of whether or not you or your spouse is responsible for handling the bills in your household. As such, preparing for the changes can help set you up for financial success once your divorce is finalized.

When you and your spouse end your marriage, you’ll incur more bills. This is because you’ll no longer share these expenses. Additionally, you may incur new monthly expenses, like health and car insurance. As such, taking the time to budget is critical to ensure you understand what to expect when your divorce is finalized. You should consider the following expenses when planning:

  • Monthly rent or mortgage payments
  • Utilities
  • Groceries
  • Transportation costs (including gasoline, bus passes, metro cards, etc.)
  • Insurance payments (including auto, homeowner’s/renter’s, and health insurance)
  • Child-related expenses, if applicable

What Should I Do if I Need Help During This Process?

Unfortunately, creating a budget on top of the legal complexities of divorce can be incredibly stressful. That is why it is in your best interest to connect with an experienced attorney. Not only can they assist you in navigating your divorce and handling the legal aspects of this process so you can focus on protecting yourself, but they can also help you fight for the funds you deserve. Unfortunately, many who attempt to obtain a divorce without legal representation suffer financially, as they may not be able to accurately value assets or determine what they truly deserve in terms of alimony. However, an experienced lawyer can help ensure you obtain the right funds.

One of the most common financial mistakes many going through a divorce will make is trying to speed through this process. Though you may be eager to get your divorce over with, failure to accurately calculate your expenses can impact your finances after your divorce, as you may not anticipate the full extent of your monthly bills. Additionally, failure to accurately compile this information can mean you are obtaining less than you deserve in terms of alimony or child support payments. However, your attorney can help guide you through this process so you can fight for the funds you deserve.

When you need assistance with these matters, the dedicated team at the Law Offices of Jay D. Raxenberg, P.C., is here to help. We understand how complicated a divorce can be, which is why we are ready to fight for you. Connect with us today to learn how we can help you navigate this process.