Budgeting income and expenses during and after a divorce can be tough. Held Law Firm works with clients to create solid post divorce budgets to help reduce that headache. Budgeting helps our clients prepare for the next stage of their life and find where they can cut costs. Or, they may find they have more funds available than they did before divorce.
HOW CAN WE HELP CLIENTS WITH POST DIVORCE BUDGETS?
The first thing Held Law Firm often does is send clients a budget form to complete. This is a long list of bills like food, childcare and mortgage payments. It also includes items that may not apply to everyone but are still important to include. These might be gym memberships, retirement contributions or pet care.
We typically try to look at a few months’ worth of bank statements to find trends and normal monthly expenses as a starting point. Then, we can show clients how to determine when to pay their expenses and debts, plus make sure they are saving money as needed.
ARE POST DIVORCE BUDGETS BENEFICIAL TO YOUR CASE?
Yes! Held Law Firm also uses these budgets when working cases. Making sure clients’ budgets are well-documented is very important for this reason. If clients simply do not have the income they need, that can be used to show that they need outside financial help. That’s when we might ask for alimony support on behalf of our client.
No one enjoys cutting corners. We know that. Held Law Firm tries to help our clients maintain a standard of living comparable to that which they are accustomed. Plus, when the Court orders alimony, child support or another source of income be paid, that amount depends partly on what their budgets look like. So, you can see that we need to be accurate and thorough when working your budget with you. Luckily, we have years of experience doing exactly that.
If you require a firm equipped with the resources to help you thoroughly prepare for your post-divorce life, give Held Law Firm a call at (865) 685-4780. We’re here to help.
