One of the most common sources of friction within relationships is money. It’s what we depend on for survival and so it’s no surprise that money is at the root of many arguments. And it’s important that during your divorce process, you have a clear understanding on the value of effective money management. In this latest post, our divorce mediators provide a clear and affordable alternative to divorce lawyers, and explain several money management tips for those going through the divorce process.
Documenting Parenting Expenses
As part of the divorce process, you might have to start documenting your parenting expenses. This is especially important if you and your former spouse have an agreement about how much should be spent on your child over a certain period of time. Keeping track of all expenditures can ensure you have a reference if your spending is questioned at a later day. It will also help you keep tighter control over your spending, when most parents want to shower their children with gifts to keep them happy during the post-divorce stages.
Review Income and Expenses
Now that you’re separated from your former spouse, you’ll need to regain control over your sole finances. Instead of paying rent or mortgage payments together, you’ll now be responsible for the payments yourself. It’s important that you plan out your income and expenses for the next few months. Consider how much you’ll be making within your employment and review your ongoing costs. Is there any way to reduce your spending? You might be able to limit luxury spending such as new clothes or going to restaurants while you get used to the single lifestyle.
Now that you’re separated, you have the opportunity to build a new life for yourself. This begins with building your credit so that you can apply for loans. If you want to move to a new apartment or apply for a mortgage, you’ll have to build credit first. Begin by working with a credit counselor to discuss any financial debts you have and learn the best ways to pay off your debts over time. Make sure that you have a goal in mind throughout this important process.
As an affordable alternative to costly lawyers, our trusted experts at Divorce Better are here to guide you in rebuilding your finances and creating a platform for personal growth post-divorce. To learn more on this process, contact us today!