Divorce Budgeting 101

What financial information do I need before filing for divorce?

This is a very good question and one that we hear often in our Chandler law office.  One of the reasons we practice family law is to help people contemplating divorce make the most sound decision possible based upon the best information available.  With that said, the best way to prepare financially for divorce is to take a realistic look at budgeting.  Here's a run down of what you can think of as  divorce budgeting 101.

 

MONTHLY BUDGETING BASICS

What are your monthly expenses? What does it cost to keep your household afloat?

 

DEBT BUSTING

Accounting for and being honest about your debt is an important first step in getting financially prepared for a divorce.

 

CO-PARENTING ON A BUDGET

The costs of parenting will never outweigh the joys of having children but that doesn't make them any less affordable.  Understand that there are extra costs associated with child rearing that child support may not cover.  You will need a plan here.

 

THE LEGAL COSTS

What will your legal expenses look like?  From your lawyer's fee to filing obligations it's important to consider how your legal expenses affect your divorce proceedings