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Taking control of your finances is important in divorce

On Behalf of | Jun 27, 2018 | Divorce

Going through a divorce that involves children isn’t an easy situation. You have to make sure that your children are taken care of during this time of transition. One way that you can do this is to make sure that your finances are in order.

Even if you have been living comfortably during your marriage, the divorce is a time when you might have to make some changes. You will likely be going down to one income with the end of the marriage, possibly with child support. Still, taking a look at your finances can be beneficial. Here are a few tips to get you started:

List your bills and compare your income

You need to take an honest look at your bills and income so that you know if there are adjustments that need to be made. Make sure that you list everything that you know you will have to pay. Remember to only count your own income right now. Even if you think that you will receive support payments, don’t count those for now.

It is best to make sure that these are ordered in your case and that your ex actually makes those payments before you include them in your budget. If you doubt that the payments will be made, it is best to not count on them at all and just use them as bonus money.

Keep records of everything

Throughout the divorce, you must keep records of all of your expenses and income. This can help you out if there are questions about what you’ve had to pay and what your income is. Make sure that you hold on to other financial records, such as tax returns and receipts for things like property taxes if you are paying those.

Find out how shared expenses are handled

Some expenses are shared in a divorce. You need to find out what these are and how they will be handled. Many might have to do with shared accounts or children. Determining what you need to do to cover your share and to be reimbursed if your ex owes you for something can make this a lot less stressful. If you do have children together, the shared expenses will likely continue for the entire time the child is a minor.

In all things related to divorce, it is best to have agreements in writing. This helps to take away the possibility of misunderstandings. It is just as important to make sure that everything in the final divorce order is just as it should be since modifying a divorce order is so difficult.