Tips for preparing financially for a divorce
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Tips for preparing financially for a divorce

| Jul 23, 2020 | Uncategorized

People in North Carolina who are getting a divorce should make a budget. Divorce usually leads to a lower standard of living, and making a budget can help them prepare for this change.

The first step in making a budget is to list all fixed expenses, which are such required things as rent and utilities. Next, people should list their variable expenses. This will include such items as eating out, entertainment and clothes. People should then list their income sources and see how they compare with their expenses. In many cases, people who are getting a divorce will find their expenses exceed their income since they will no longer have a spouse’s income. Furthermore, it is more expensive to maintain two households than one.

The easiest place to cut back is usually on variable expenses. People often will find they do not need to buy clothes or eat out as often as they do. Once they have reviewed this, they should also take a look at their fixed expenses. It might be possible to change a phone plan or cable package. People might need to make additional sacrifices, such as taking on a roommate. Others might be able to increase their income by getting a higher-paying job or going from part-time to full-time employment.

People who were not involved much in the marital finances might have some additional hurdles. When they are considering divorce, they may want to visit an attorney with such documents as tax returns and bank statements to try and get a clear picture of the marital finances. During the divorce process, people should be careful that they do not allow their emotions to drive them to either make demands to drag out the divorce process because they are angry or accept a poor financial settlement because they feel guilty.