Getting a divorce is never easy. Even the couples that knew their marriage was over might have had trouble admitting that it was time to cut ties with each other. One of the most challenging parts of returning to the single life is managing your finances. You might have been in charge of the money when married or it might have been your spouse. Either way, there is a new budget to work with now in Fullerton, California.
You need to figure out a plan for short-term cash flow when getting divorced. You will need to continue paying your bills, the mortgage, fees for your child's education and more. All of this will have to come from a separate financial account as most joint accounts will be frozen during the divorce process. If you cannot come up with a cash flow plan you could jeopardize quite a bit.
Any debt that you have accumulated during the marriage must be paid off in a divorce. Outside of the mortgage this can include auto loans, credit card debt and other monthly payments.
You need to create a budget that is very realistic and one that you truly can stick to in Fullerton. You are no longer part of a two-income family. Track your expenses and try to eliminate as many of them as possible, or at least reduce them to fit your income.
Figuring out how to manage your finances after a divorce in Fullerton can be daunting. You will need to stick to the budget you've created and might even need to get a part-time job on top of your full-time job to make ends meet.
Source: Frankling Templeton Investments, "Take Control of Your Finances After Divorce," May 30, 2018