New Year, New Budget: Managing Finances During Divorce
- Lisa McNally
- Jan 20, 2025
- 2 min read
Updated: Jan 11
Divorce brings significant changes, particularly in finances. The start of a new year is the perfect time to take control of your financial situation and create a budget that reflects your new reality. Whether you’re just starting the divorce process or finalizing details, financial planning is key to setting yourself up for success.
Understanding Your Financial Picture
List Your Assets and Liabilities: Know what you own and what you owe. This includes properties, retirement accounts, debts, and other financial obligations.
Track Your Expenses: Identify your current spending habits and categorize expenses into necessities and discretionary items.
Plan for the Future: Consider future expenses like housing, childcare, or education costs.
Creating a New Budget
Prioritize Needs Over Wants: Focus on essential expenses such as housing, food, and healthcare.
Set Realistic Goals: Develop a budget that accommodates your income and includes savings for emergencies.
Work with a Financial Analyst: A certified divorce financial analyst can provide personalized advice and help you plan for long-term stability.
Avoiding Common Pitfalls
Don’t overlook hidden expenses like taxes or insurance premiums.
Avoid making emotional financial decisions. Stay focused on practical needs.
Feeling overwhelmed by the financial side of divorce? Let’s talk. Schedule a free consultation to learn how financial coaching and planning can help you take control of your future. Click here to schedule your consultation.
Lisa McNally, Certified Divorce Mediator, Certified Divorce Coach, and Certified Divorce Financial Analyst, helps individuals and couples navigate the complexities of divorce with clarity and confidence. She offers personalized coaching and mediation services nationwide.
Schedule your free consultation at OptimalDivorceSolutions.com to learn how Lisa can support you in creating your fresh start.
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