Separation is not easy, and proper planning of your finances is essential. Here are 3 tips for managing your money while separated. Call us.
Separating from your spouse puts many aspects of your life in limbo. It’s unsettling to have your marriage — and your emotions — in an uncertain state.
There’s an additional area that is in limbo during a separation and is sometimes overlooked, and that’s your finances. Even though you may have physically split from your spouse, your money is still very much connected.
Separation is not easy, and proper planning of your finances is essential to help smooth the transition. Here are three tips to keep your finances in order while weighing major changes in your life.
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1. Prepare new budgets
One of the first things to do when separating is to prepare a new budget. If you are physically separating you are splitting one home into two, which means new expenses to consider for at least one partner, such as rent, gas bills and the internet. You may have two homes to pay for instead of one, as well as possible divorce expenses.- Read the entire article by Shawn Leamon on NerdWallet.com