Florida has one of the highest divorce rates in the country. Eleven percent of the men who live in Florida are divorced, according to an article from the Washington Post. By comparison, Nevada has the highest divorce rate in the country, and 12 percent of its men went through divorce.
When a couple decides to divorce, they mostly assume they need to sort through their emotions. However, they also need to prepare financially. Divorces cost a lot, and that has more to do than just attorney fees. To avoid getting caught off guard, here are some budgeting tips for those preparing for a divorce.
First, you need to figure out how much money you bring in. This should include the salary from your job and any alimony if you already receive it. However, if alimony is not a guarantee, then you should leave it off. You do not want to spend a lot of money only to realize you will not bring in as much money as you anticipated.
Start with the essential expenses, such as car payments, rent or mortage. Work your way down to the expenses that are not as essential. If you spend a certain amount on clothes every month, then you should cut back for the time being.
Subtract expenses from income
You need to figure out if you can actually live within your means. If you subtract expenses from income and find you have money left over, then you do not really need to do anything further. However, if there is a negative difference, then you need to make additional alterations.
Stick to it
Once you figure out how to live within your means, you need to actually adhere to it. You also do not want to forget about the expenses associated with mediation or hiring a lawyer. Divorces can be costly, but you can reduce the impact if you plan ahead.