Divorce and separation are often a devastating experience for those who decide to part ways from their spouse. While you may plan for and experience emotional trauma during this time, you might not anticipate how challenging it is to survive financially with less income. Not only is living on your own a little draining on a lowered income, the upcoming divorce can take a financial toll, as well. To ensure you can save up to finance your divorce, there are a few key steps to take.
Marriage & Relationships
When you’re first married, it may seem like you have a handle on expenses. Unfortunately, it’s not always that easy. All too often, combining your life with your spouse’s leads to a number of unanticipated expenses, and before you know it, your budget is in shambles. To get your marriage started on the right foot, try out these 10 budget tricks.
When you get married, you don’t just join your life to your spouse. You also join your money. Many couples are surprised by how difficult it can be to join their accounts and change their spending habits to accommodate their new priorities as a family. Money issues are the most common cause of fights in many marriages. When you budget appropriately and control your spending, however, you can prevent money from coming to stand between you.
College degree, love of your life, buy a house and have a kid. That’s how it goes right – your life plan? Well throw in a dog with three more children and you have Lauren from I Am That Lady. Providing a home and managing a budget for a family of six can be difficult at times. How does she do it? With the support of her husband.
” I want my kids to have positive money habits as they grow up. I realize that they’re only going to adopt those habits if I teach them.” – Jeff Rose
Jeff Rose is a financial planner by day and one half of a successful online entrepreneurship by night. Mandy Rose is his wife and business partner. You may remember we featured her story a few weeks ago. This is the other side of the Rose Family story.
Brock became the featured writer at Clever Dude in April of 2013. Brock and his wife have always been OK at managing their day to day finances, but they weren’t doing anything to prepare for their long term goals. Writing at Clever Dude gave Brock and his wife a healthy outlet to stay accountable and actionable on what’s happening with their family finances.
Sometimes it can be uncomfortable to discuss financial thoughts and concerns with family. These can potentially be emotional and stressful conversations. However, they are important conversations to have; not only to express that we care, but also that we are planning ahead out of concern for the future well being of our loved ones. Here are five important conversations to have with family about money.
Not long ago I wrote an article on the cost of being a single lady. However, divorce can be equally, if not more expensive. Whatever your relationship status, it can have a major impact on your finances.
How much does the average divorce cost?
The average divorce is expensive (anywhere from from $15,000 to $20,000). Some of the costs include “attorney’s fees (which vary by state), court costs (also vary by state), costs for parent education classes, fees for early neutral evaluations and medication costs,” according to this article in the Huffington Post.
For an end of the year overview of your finances or inspiration for your 2014 financial goals, take a look at this comprehensive list from Good Financial Cents on managing your money the right way.
Is Your Partner a Financial Bully? – Arguing about money is the top predictor of divorce across all household income ranges. Matters can be even more difficult if your partner or spouse is a financial bully. Credit Karma has a quiz as well as other helpful info.
A dear friend of mine shared this Mint infographic with me: The High Cost of Being a Single Lady. It depicts the cost of being a single female over one’s lifetime. That’s close to a million dollars–assuming a salary of $80,000 per year. I’d like to share my take as a CERTIFIED FINANCIAL PLANNER™ and a single lady…