Three Ways To Financially Survive Divorce
People can financially survive divorce by choosing their legal battles carefully, avoid building further debt and setting up a budget.
When people in San Antonio find themselves suddenly facing a divorce, they often voice concerns over their financial future to our staff at the Law Office of Rebecca Anne Gonzalez. Divorce can be financially devastating to people who have become accustomed to living with two incomes or who are dependent on their spouse for support. However, it is possible to come through a divorce with a financial plan in place that will help people move forward.
1. Choose legal battles carefully
When two people are not getting along, things can fall apart fairly easily. People should choose their legal battles carefully and take steps to avoid building unnecessary legal fees. For example, fighting over every item in the house can quickly amount to a bill of several thousand dollars. People should carefully consider what property they really want in a divorce and then use negotiation to make the final decisions on issues that are not critical.
If there are children in the divorce, it is important for parents to make decisions that will be in the best interests of their children. For example, sharing parenting responsibilities will eliminate the necessity of going to court and petitioning for custody rights. However, if one parent is simply being unreasonable, there may be no other option but to turn it over to the courts.
2. Don’t create new debt
Sometimes spouses may be tempted to spend money on beauty procedures or a new wardrobe to make themselves feel confident about the future. Spouses who are angry with their ex may go out and run up huge Credit and debit card debt as a way to get back at the ex spouse. Both of these behaviors can actually create financial problems for spouses who must now live on one income. Debt is considered marital property and the spouses who used the credit cards as revenge may find themselves stuck with the bills to pay.
3. Set up a budget
Setting up a budget is a good way for people going through a divorce to determine what their expenses are going to be. Even if both spouses have a good job, they have probably become used to a lifestyle that is no longer possible. The budget should contain all regular bills such as mortgage or rent, utilities, property maintenance costs, groceries, credit card payments, insurance policies, car payments, personal expenses and expenses associated with taking care of the children.
Once people have a list of all of their expenses, they should look for ways where they can cut back costs. This may involve selling the large family home and buying something smaller that won’t have a high mortgage or getting rid of luxury expenses such as cable or dining out on a regular basis. As part of the budget, people should always include a certain amount that will be set aside in a savings account for emergencies as well as for retirement.
There are many questions and concerns that people in San Antonio may have regarding the division of property, the divorce process and setting up child custody. Therefore, they may find it useful to meet with an experienced family law attorney.