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Creating Your Post-Separation Budget

In Separation & Divorce, Wealth by Sarah Hink

One of the often overlooked considerations when it comes to separation is just how expensive it can be. For couples who are already stretching their financial limits, the costs associated with separation and divorce can be eye-opening. Some of these additional costs include moving costs, paying for a second residence and utilities, furnishing that place, postseparation support, child support, and legal fees. Therefore, when spouses separate, it is critical to develop a reasonable budget as a responsible step toward your brighter future. Gather all necessary documentation to determine your post-tax monthly income and your assets. This can include job related income, side income, and additional sources of income such as post-separation or child support. You need to know the starting point of your budget. Determine all of your “fixed” monthly …