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Posts Tagged divorce and spending

Financial Planning For and During a Divorce

What are the legal fees of divorce?A divorce brings about many changes in a person’s life. One of the most significant changes is the financial impact of a divorce. Spouses go from having a combined household with (usually) two separate incomes, to living apart, and supporting themselves on their own. If you are contemplating a divorce, or have already filed for divorce, there are different actions you can take to plan for your own financial future after a divorce.

 

Create a Budget:

Review your household expenses to see what your weekly/monthly expenses come out to. In addition to including the usual expenses (i.e. mortgage/rent, utilities, heat, cable TV, telephone, groceries, clothing, etc.), don’t forget to include other typical expenses, such as uninsured medical expenses, motor vehicle expenses, child care, vacation and entertainment, education costs for yourself and your children.

Once you have your budget, look at what your income is, and what it is likely to be at the end of the divorce. Don’t forget to factor in any alimony and/or child support that you may be paying or … Read More »



Financial Planning For and During a Divorce

financial planning divorce

A divorce brings about many changes in a person’s life. One of the most significant changes is the financial impact of a divorce. Spouses go from having a combined household with (usually) two separate incomes, to living apart, and supporting themselves on their own. If you are contemplating a divorce, or have already filed for divorce, there are different actions you can take to plan for your own financial future after a divorce.

 

Create a Budget:

Review your household expenses to see what your weekly/monthly expenses come out to. In addition to including the usual expenses (i.e. mortgage/rent, utilities, heat, cable TV, telephone, groceries, clothing, etc.), don’t forget to include other typical expenses, such as uninsured medical expenses, motor vehicle expenses, child care, vacation and entertainment, education costs for yourself and your children.

Once you have your budget, look at what your income is, and what it is likely to be at the end of the divorce. Don’t forget to factor in any alimony and/or child support that you may be paying or receiving.

Based upon … Read More »



5 ways to keep a divorce from being needlessly expensive

divorce moneyWhen Joanna Wilbur got divorced five years ago, she was able to keep her two story, four bedroom home with a wraparound porch in Fairfax County, Va.

They had only purchased the home two years before deciding to go their separate ways, and Wilbur says she wasn’t yet ready to let it go. But in hindsight, maybe she should have been, she says.

They bought the home for more than $500,000 in 2006, when home prices were peaking. Now it’s not worth nearly that much, she says-and she’s stuck making huge mortgage payments on her own.

“Would I have bought this same house on my own?” she says. “The answer is no.”

Even when divorces are straightforward and amicable, untying the knot can be messy. Unwinding and dividing the property, debt, financial assets and other belongings people amass when they’re planning on being together forever can be a lengthy and complicated process. Learning to live — and making plans to retire- on one paycheck can also take time.

Financial advisers offer these tips to help people start the next chapter:

Redo the budget.

Read More »



How to Get a Mortgage After a Divorce

div mortDivorcing spouses face unique obstacles when they try to buy a new home.

Even if you can afford it, trying to buy a new home before a divorce is finalized can mean a red flag for lenders.

In a divorce, it’s bad enough that you’re losing someone you once loved or may still love. It’s even worse when you find out you may lose your house, too.

And finding a replacement, much like starting a love life all over, won’t be easy. After all, lenders tend to give mortgage loans to people with good credit and a solid stream of income. If you were previously a two-income household, you aren’t now, and if you’re paying alimony, you have less money than you did.

Whether you’re in the midst of a divorce or its aftermath, here are some things you can do to land a mortgage and what you can reasonably expect.

You may want to get your name or your ex’s name off the mortgage. But perhaps not; it depends. If you are planning to buy a house, and your ex is living in the home you co-own, then ideally, your … Read More »



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