Research often states that two-parent homes or married couples do better financially than single-parent homes. In light of this, when dealing with a separation, it’s possible that it could affect one individual more than the other. However, planning ahead in anticipation of a separation can help you get your finances together. A separation can already be difficult to deal with, even with the aid of similar firms to Peters May – Specialist Divorce & Family lawyers in Mayfair, London and the likes, the divorce process can be lengthy and mentally taxing. So the last thing that you want is to have to deal with financial struggles too. Below, you’re going to find a few tips that you may find useful on how you can get your finances in order after a separation.
Assess Your Financial Standing
Ideally, the first thing to do after separation would be to assess your financial standing. Think about how much you’re earning and what responsibilities you now have to take on alone. If, for instance, your partner was taking care of groceries and the rent, you may now have to take up those bills. Write down all of your monthly expenses and create a budget based on your new circumstances.
Seeing as you’re starting on a new page, you may also want to set new financial goals and targets. This will give you something to work towards and more focus financially.
Calculate Legal Fees
If you intend to go through a divorce, this can be emotionally and financially draining. Have a rough estimate of how much your legal fees are going to cost you and factor that into your overall monthly budget.
If you haven’t yet sourced a lawyer, look for a divorce lawyer Lake County, IL with affordable fees. Before finalizing anything, negotiate and work with a trusted professional who will work with you to achieve the best possible outcome.
Look for a Better Paid Job
When going through a separation, it may be a perfect time to work on your income. See if you can get a higher paid job to cover new bills and expenses that you have. You could consider getting part-time work and doing shifts overnight. Also, don’t underestimate the ability you have to monetize some of your areas of competencies or skills.
Alternatively, see if you’re entitled to a raise with your present employer. To get a raise, it’s important that you can show your worth and how you’re adding exceptional value to the company. Also, do your research to be sure you have reasonable expectations in terms of how much more you’re likely to get paid.
Live Within Your Means
Seeing as you may not have as much disposable cash to play with after a separation, living within your means is a must. If you took the first tip above on board, then you should know what your expenses are and how much you can afford to spend. To live within your means, spend less money than you bring in and don’t rely on credit cards. This is because by maxing out your cards, you could be negatively affecting your credit score and repaying too much in interest.