During divorce, many people feel the financial burden of becoming the sole earner in their households. Suddenly, people who are used to living on two incomes become responsible for rent or mortgage payments, utility bills, insurance and car payments—and often, it’s tough to adjust. In order to help you avoid getting into financial hot water, your Chapel Hill divorce lawyer may advise you to create a budget before you even file for divorce.
Your Chapel Hill Divorce Lawyer’s Advice
If your Chapel Hill Divorce lawyer suggests that you create a budget, you should make a serious effort to do so. Your attorney is only looking out for your best interests. Even if your lawyer doesn’t suggest that you budget your money, you can’t go wrong if you do.
You’ll need to factor in daily expenses, bills and your attorney’s fees and court costs. Expenses related to the kids have to be accounted for, as well. However, you should check with your Chapel Hill divorce lawyer to determine how much support your ex will contribute when it comes to the kids (and whether or not you’ll be entitled to it during your divorce proceedings).
An Emergency Stash: Do You Need One?
Your lawyer might also advise you to budget a small percentage of your income to set up an emergency stash. When something expensive pops up, like car repairs or an unexpected medical bill, you’ll have a head start. Your emergency stash should remain separate from your savings.
Keeping Your Money to Yourself
If your ex asks for money, be careful about giving or lending it. Consult with your attorney before you do any “off-the-books” money exchanges with your ex, because things like this can affect your case.
Sooner is Always Better
The sooner you can set up a budget, the better. Your Chapel Hill divorce lawyer will probably advise you to set one up—and stick to it—before you even file for divorce. That way, you’re armed with the knowledge you need to stay afloat financially during one of the most challenging times of your life.