Plan for income changes when you go through a divorce
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Plan for income changes when you go through a divorce
A divorce is going to impact every aspect of your life. One of these is your finances. You have to be prepared to live on only your own income. This can be a big change when you are accustomed to having a two-income home. We know that trying to figure out the finances can be complicated, especially before you know what debts you are responsible for and which assets are now yours.
One thing that you can do is to create a budget based on only your income. Don't include any spousal or child support payments, as there is a chance that those payments will sometimes arrive late. If you don't rely on them for the necessary bills, you probably won't be as stressed if they don't come on time.
We realize that is a huge transition for you. You might find that you need to change some aspects of your budget as time progresses. It might help you to try to quickly work out a property division agreement with your ex. Once this is done, you will have a more realistic idea of what you need to pay and where you need to adjust the budget.
For many people going through a divorce, mediation can help to determine who is going to get which debts and assets. In order for this to work, you have to be willing to compromise on all the matters that must be decided. We are here to help you through the process so that you can try to have the divorce finalized as quickly as possible.