How to Create a Divorce Budget
May 15, 2023
Once you have a clear understanding of your budget as it exists today, while you are married, create a new budget that splits one household into two.
For most people this is very difficult and often ends in a shortfall. If that is the case, ask yourself these questions:
1. How can I get additional income?
2. How can I reduce my spending?
3. Is there an asset that can be sold to fill in the gap?
4. What will change in 5 years? 10 years? Retirement?
Sometimes the solutions are outside the box. So, creativity and problem solving are the key. We all know that this kind of thinking is almost impossible when you are in fight of flight. You need to be calm and thinking clearly. If that's hard, ask for help!
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