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Create a budget for the years following a divorce

When it comes to planning for one's future as a single person, few things are more important than having a grasp on the financial aspect of life on one's own. The best way to reach that goal is through the creation of a comprehensive budget, which includes a significant cushion to accommodate the many unexpected expenses that can arise when one is transitioning from a dual household to a single one. For those in Colorado who are able to create and maintain a budget, the post-divorce years can be far easier to navigate.

One reason why budgeting is so important is the fact that property division negotiations will have such a huge impact on one's financial life. If a spouse is completely unaware of his or her monthly income needs, how can a negotiation strategy be structured to meet those needs? The end result is often a hodgepodge of divided assets that might look good on paper but be very poorly suited to one's long-term goals.

In creating a post-divorce budget, spouses must begin with the expenses that are easily calculated. These include housing costs, utilities, food and entertainment, and debt service. Next, one must include a healthy cushion for those expenses that always seem to arise at the least opportune moment, such as car repairs or medical needs. It is also a good idea to budget for the creation of an emergency fund.

Once those numbers have been compiled, Colorado spouses can begin working toward a property division outcome that will suit their needs and goals. This process can also provide a much-needed boost of confidence as divorce may be the first time that a spouse has made use of budgeting skills. Having a sense of control over one's financial life can be a very powerful feeling, and it can pave the way for a much happier future.

Source:, "Marriage is about love; divorce is about assets", Andrew McNair, July 22, 2015

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