Living Expenses: How to Calculate Your Financial Needs
Getting Financially Fit for Life After Divorce
Part of planning for divorce is making sure you will be able to meet your daily living expenses after it is finalized. For many couples, splitting up means living on less each month, at least for a while. For child support or alimony to be awarded, your living expenses will need to be tallied. Many people don’t know how to approach this task and may underestimate their actual costs. This can result in financial struggle for both of you after the divorce.
Your basic living expenses are the costs of your daily life, to include such things as housing, utilities, and insurance. Your calculations of these expenses during your divorce should be accurate to ensure you know how much income you will need to pay your bills. For some expenses, such as utilities that vary throughout the year, you may want to find an average.
It can be hard to know where your finances will be after divorce. Maybe you have a move planned or know your expenses will change once your life is restructured. Taking these things into account when you calculate your living expenses for divorce purposes can be hard. It is important to start working with your spouse on planning your finances early on in your divorce.
Be aware of what costs you will have to meet and how those costs will be covered. The peace of mind this early planning can give you is well worth the effort.
You may want to talk to a Massachusetts divorce mediator about calculating your living expenses. You will be able to achieve the most accurate calculation if you work with your spouse closely on your divorce finances. You may be splitting or sharing bills until you can get accounts transferred in to one of your names. You will need to have a good handle on your finances to fill our your financial statement to be filed with your final divorce papers. A lot of information will be required, including your weekly income and weekly living expenses. You may need some guidance when filling out your financial statement, and it is very important you fill it out as accurately as you can. Mediation is a great way to address these kinds of complicated issues.
Do you have questions about divorce finances? If so, Mediation Advantage Services can help you. Experienced in divorce mediation, Polly A. Tatum can help you and your spouse plan for your financial futures after divorce. Based in historic Worcester with a satellite office in Northboro, MA, our firm serves all cities and towns throughout Massachusetts and Worcester County including, Auburn, Paxton, Leicester, Sutton, Grafton, Shrewsbury, Westboro, Northboro, Southboro, Holden, Sterling, Princeton, Worcester, Charlton, Millbury, Dudley, Spencer, Brookfield, Sudbury, Natick, Framingham, Hopkinton, Milford, Blackstone, Leominster, Fitchburg, Acton, Jefferson, Barre, Oakham, Cambridge, Newton, Marlboro, Lancaster, Bolton, and Hudson.
Call our office at (508) 795-1557, fill out our online form, or email us at [email protected] today to schedule your Complimentary Mediation Success Planning Session. You can also sign up for our eNewsletter or download our free e-book for more information regarding divorce in Massachusetts.