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Figuring Out Your Post-Divorce Budget

Figuring Out Your Post-Divorce Budget

Posted By Meyers Law Group, P.C. || 23-Jun-2014

Unfortunately, too many people agree to the terms of a divorce without fully realizing what their post-divorce budget will be. For example, a parent might pledge more in child support than he or she can actually afford. Or one spouse might agree to forego maintenance before realizing that he or she will actually need those support payments.

One of the most enormous errors committed in a divorce settlement is that the custodial parent holds onto the family home, but retains little else from property division. Without enough in liquid assets, that parent is unlikely to afford staying in the house. The bottom line: you should not sign off on a divorce agreement before you understand what your post-divorce lifestyle will truly require.

Your best bet may be to work with a Certified Divorce Financial Analyst (CFDA), someone who has the training to look over your current finances, the proposed divorce settlement, and then estimate what your financial future will look like nearly a decade down the road. This analyst can also help you figure out what you would need for retirement. If he or she figures out that the terms of the unofficial settlement are inadequate for your needs, then you should talk to your lawyer about making the division of assets more balanced, requesting maintenance, or getting more in child support.

Calculating your budget is one thing. Making those funds a reality is another task altogether, something that must be achieved through successful negotiation of your divorce settlement. Here is where finding the right legal professional can make all the difference in your case.

If you are looking for a divorce attorney in Long Island, you can turn to the Meyers Law Group, P.C., where you can find the experience and dedication you need. Find out how we can help you to a better future when you call us today!