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Starting over after a divorce can be costly

On Behalf of | Aug 11, 2018 | Firm News |

It doesn’t matter how much money you have. When you divorce, it makes an impact on finances. Depending on how your settlement negotiations progress, you could find yourself starting over.

Looking for a new place to live, trying to make up for a diminished retirement account and living on just one income are reasons enough to make anyone concerned. When negotiating your divorce settlement, you may want to keep in mind everything you will need to pay for within a short time after your divorce. This could help you determine what it is you need in order to move forward.

Replacing what you lost in savings and retirement

Even if your savings and retirement weren’t cut in half, you more than likely still lost a significant amount of the nest egg you built up during your marriage. You will need to find a way to start rebuilding these accounts into your post-divorce budget. It may take longer than you think since you may not be able to save at the same rate you did prior to the divorce.

Starting a new life

Whether you sold the marital home, kept it or let your ex-spouse keep it, you will need to account for either a mortgage loan payment or rent. This will more than likely be your largest expense, and you need to be realistic about what you can afford. It can be easy to forget that you no longer have two incomes to work with as you start your new life.

You may also want to remember that you may only have no more than half of the household furnishings. You may need to purchase a new sofa, bed and other large pieces of furniture. You will also be paying your own monthly bills such as utilities, groceries and more. In addition, you will need your own insurance policies for your health, auto and life, which also cost money each month.

The bottom line

Keeping your minimum expenditures for each month in mind could help you determine what you need from the property division process. Too many Texas residents fail to take a hard look at the future and plan for it when it comes to this part of the divorce. Instead, they focus on things that may not serve them as they move forward into a new life, and it ends up costing them in the future. The more planning that you do now, the better off you may be in the future. A consultation with an experienced Board-Certified Family Law expert attorney can help you focus on what is important to you post-divorce when considering divorce and any proposed divorce settlement.