Joel W. Anders, P.C.
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Tips for handling your finances during and after the divorce

One of the biggest changes that you will have to deal with when you are going through a divorce is with your finances. This might not seem like it will be a huge change since you won't have to support as many people. However, you might find it to be fairly challenging once you delve into the numbers. People who were in a two-income household will likely find the transition to one income a bit difficult.

It is a good idea to take a look at where you stand financially as early in the divorce as possible. This can help you to come up with a plan for the remainder of the process that you can make a permanent part of your life. Here are some tips that you may find useful:

Make a budget

Sit down and write out a plan for your budget. Make sure you include all necessary expenses so that you can find out if your income will cover them. This includes your rent or mortgage, utilities, car payment, insurance and taxes. If you are having to pay child support or alimony, you must include those as well. Once you have these expenses, you can find out how much you have left for credit card bills, food and wants. You should also include some money for savings each month, even if it isn't a lot. Anything is better than nothing.

Keep track of specific expenses

During the divorce, keep track of any expenses that you and your ex need to share. This helps to ensure that you are being reimbursed without you having to spend time later going back through records. As you receive reimbursement for specific expenses, simply mark that on the record and you can know what you are due at a glance.

If you have children with your ex, you need to keep track of the shared child-related expenses. You must do this until the children are out of the house. It might be a good idea to find a program or app that makes it a little easier for you since you could be facing many years of having to do this.

Focus on the little things

While skipping a cup of coffee a day might not seem like a lot of money, you can save around $90 per month if your coffee is $3 per cup and you have one cup per day. In 365 days, you could save $1,095 if you skip one cup per day. This might be enough for you to enjoy a weekend vacation or to take your children somewhere special. Don't think that any effort to save money is too little.

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