Effects Divorce Has on a Woman’s Economic Well-Being (Part B)

Setting Up a Divorce Budget

Setting up a budget is important for anyone, but it is especially crucial when going through a large monetary change. By creating a budget while still going through a Virginia divorce, you can avoid going into debt or ruining your credit down the road.

The first thing you should do is calculate your monthly income, including any extra money made from part-time jobs or freelance work, as well as your spousal and child support payments. After you have this list, make another list of your monthly expenses (i.e., rent, insurance, utilities). Go through this list to determine if you can eliminate any expenses, such as cable television or your landline phone.

Once you have determined your monthly income and expenses, compare the amounts. If you spend more than you make, consider eliminating some expenses or finding a second job. During this time, you may have to keep your purchases limited to "needs" rather than "wants." You may even find that things you "couldn't live without" before-a monthly subscription to a parenting magazine or weekly visits to the dry cleaner-become optional.

After creating your budget comes the challenging part - sticking to it! Remember that the situation is only temporary, and that by sticking to your budget, you can avoid falling into debt.

Assess Your Career Options

If you do not make as much money as you would like after a Virginia divorce, you should take a moment to examine your situation. There may be some courses you can take at a local college that can help you find a new employment opportunity. This is also the time to fix up your resume and join a career networking group.

Get Your Finances in Order

After a Virginia divorce, reviewing your legal and financial documents is more important than ever. Be sure to change your will as well as your life insurance beneficiaries. You should also review your retirement options and make sure that you are putting enough money into your 401k or IRA.

Hiring a Virginia Beach Divorce Lawyer

Don't let a Virginia divorce have an adverse impact on your economic well-being. At this vulnerable time, it's critical that you have exceptional legal representation that not only understands the specifics of your case, but is dedicated to your best interests and that of your family.

The Virginia divorce attorneys at Hofheimer/Ferrebee represent Virginia women who wish to file for divorce. We are committed to fighting for your rights, assisting in child custody disputes, and ensuring that you receive everything you are entitled to and need in order to start your new life. You can learn more by requesting a FREE copy of our guide, What Every Virginia Woman Should Know About Divorce, or reserving your seat at our monthly divorce seminar - 757-425-5200.

To order your free book-www.freedivorcebook.com
information on seminars-www.monthlydivorceseminars.com
info on collaborative divorce-www.virginiacollaborativelaw.com
information-estate planning for young families-www.generationslawfirm.com
information-family law and estate planning for the LGBT community-www.FamilyEqualityLawCenter.com

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