A divorce can radically alter your finances. Whether you were the primary breadwinner during the marriage or a stay-at-home parent, you may need to make certain changes to your lifestyle and spending after finalizing your divorce. It is imperative that you make these changes sooner rather than later, as you can quickly spiral into economic uncertainty. This is even more crucial when raising children as a single parent or trying to re-enter the workforce after decades of homemaking and full-time parenting. So, what changes do you need to make to your budget? Let’s find out.
Factor in New Expenditures
If you are the “paying” spouse, you need to immediately factor in additional expenditures like spousal support and child support. Based on these new expenditures, you may need to cut back on non-essential costs, such as gym membership, subscription services, eating out, and so on.
If you are the “receiving” spouse, you are also likely to have additional expenditures. For example, you might suddenly be responsible for paying your child’s tuition costs, clothing costs, food, and so on. If you have been forced to move out of the family home, you might have to factor in new expenses like rental costs.
Create Long-Term Goals for Your Spousal Support and Settlement
If you are set to receive spousal support and a settlement after your divorce, you should create long-term goals for these funds. Investing the money might be a good plan. You might also choose to put the money aside for your children’s college tuition. Saving for your retirement could be a solid option as well. The point is that you should avoid blowing through this money within the first few years on personal expenses. This might seem like a lot of money right now, but it can dry up more quickly than you realize.
Create Budgets Specifically for Your Children
Many new single parents might not have been in control of the family’s finances during the marriage. This means that when they start caring for their children, they may have to learn how to budget various childcare fees for the first time. As soon as possible, create a monthly budget for your children and figure out how much money you will need to maintain their current standard of living.
Consider living frugally for the first few years – or at least until you get back on your feet. Focus on your career – whether that is advancing in your current field or re-entering the workforce after a long hiatus. Finally, you should be willing to make sacrifices – even if it means selling the family home.
Where Can I Find a Qualified Divorce Attorney in Georgia?
If you have been searching for a qualified divorce attorney in Georgia, look no further than Lankford & Moore Law. Over the years, we have helped numerous divorcing spouses approach their post-divorce lives with a degree of efficiency and confidence. We know that you may encounter serious financial challenges even after the divorce process has been concluded. With our help, you can maximize your gains after a divorce, minimize potential losses, and strive for financial security for the foreseeable future. Book your consultation today to get started with an effective action plan.