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Divorce - Her Law
Why do I need a budget?

by Karen Brown Williams

May 16, 2014

When two people decide to separate, what is true is that the couple must create two households on the same income they had when they were married. Most people have an idea of their spending, but divorce generally forces people to become very familiar with their finances. Developing a specific budget outlining exactly what each party spends on each item is necessary to help the parties and their attorneys determine what can be accomplished, as well as what cannot be accomplished, financially. Budgets are also necessary for court decision making. The more accurate the budget, the more likely an agreement can be reached that you can live with if you settle outside of court or that the court will reach a decision that is consistent with your financial circumstances.

If you are contemplating a divorce, contact an attorney to discuss your financial circumstances. Understanding where you are financially at the beginning of the process gives you a better chance of being comfortable with the result at the conclusion of your divorce.