Your living expenses play a significant role in your divorce finances. Not only will you need to meet them during the divorce, you or your spouse might need support to continue to meet them after that. Thus, accurately calculating your living expenses during divorce is very important. Often, one spouse will move out during the divorce thus creating more household expenses. As a result, many couples suddenly struggle financially. In the midst of all this, it can be difficult to calculate your living expenses without underestimating them.
Many people don’t know how to calculate living expenses during a divorce. They might begin by tallying up their monthly bills and disregard discretionary spending. This could be a mistake because you need some figure that points to the style of living you became accustomed to during the marriage, not just the strained financial circumstances of the present. The cost of this lifestyle can affect alimony, child support, and the division of your assets. Calculating your living expenses is more than just working out your monthly budget. Here are some tips to help you accurately calculate your living expenses during your divorce.
Start with your monthly budget. Make sure you note costs such as your mortgage, utilities, professional services such as landscaping, loan and credit card payments, cell phones, Internet, cable, and tuition. But you will also need to figure out expenses such as groceries. This may take some digging around in your records to figure out how much you spend on food each month.
Use yearly averages—not just your most recent statements—to calculate expenses. Certain expenses can fluctuate throughout the year, and you may face more expenses at certain times of year (e.g. the beginning of the school year).
Stay on top of expenses. Keep track as best you can of how your spouse is spending money, and make sure all your bills are paid. Regardless of who moves out, the family home must be maintained, as should other obligations such as loans. Protect your credit, and try not to create more debt during the divorce.
Speak with an experienced New Jersey matrimonial attorney if you need help with your divorce finances. Small mistakes now can cost you big later on in your divorce, so work with an attorney to ensure you are accurately calculating your living expenses and getting the financial support you need.
If you have questions about divorce, the Williams Law Group, LLC is here to help. The experienced attorneys at Williams Law Group, LLC can help you navigate the divorce process from start to finish. Located in Union, New Jersey, Williams Law Group, LLC provides compassionate and dedicated legal services to Union, Bergen, Essex, Hudson, Morris, Monmouth, and Middlesex counties, and the surrounding areas. Our knowledgeable attorneys handle divorce and family law, child custody, and child abuse/neglect cases. Call our office at (908) 810-1083, email us at firstname.lastname@example.org, or contact us through our confidential online form to schedule a consultation and ultimately get you connected with an experienced New Jersey divorce and child custody attorney.