Once of the most important parts of the divorce process is to create a reasonable budget that encompasses all the basic needs of the divorcing couple and their children, if any. But creating a budget is not an easy process and demands the help of an experienced divorce lawyer.
How to Effectively Budget
The first step to effectively budget for important expenses, such as food and clothing, is to create a list of your income. This includes money from any jobs that you hold, welfare, unemployment compensation, and alimony.
Next, you need to make a detailed and accurate list of your basic and necessary expenses for food and clothing. You should begin with your fixed expenses, or the items you have to pay each month. Then look at your fluctuating expenses. Many items in this category fall under what you want as opposed to what you need, such as going out to restaurants versus buying food for the family.
Determining Exact Costs
Estimating the costs of clothing and personal care tends to be a little more difficult because you need to take into account the rising cost of living and other such factors. Your divorce attorney may advise you to budget for your expenditures in the past year to give a good idea of what your costs will be in the coming year.
Your divorce lawyer can answer any questions you have in preparing your divorce budget. If you have more intricate questions, you might also consider consulting with an accountant.
For more information about how to create a divorce budget, call Zonder Family Law at (818) 309-7059 to schedule a consultation with a Ventura divorce lawyer.