One of the major consequences of divorce is a reduction in the lifestyle of least one of the parties, if not both. This is precisely why it is so important to enlist the help of a lawyer to create a divorce budget that is as accurate as possible. The more accurately the budget depicts your post-divorce life , the less of a shock it will be for you.
Reasons for a Reduction of Lifestyle
The main reason why most divorced couples live a less affluent post-divorce life is because they have gone from a dual income to a single income family. The couple purchased the highest lifestyle they could afford on the dual income.
Post-divorce, a single income needs to purchase a residence and feed the same number of family members. The discounts of services such as health insurance and taxes are lost. And generally, it costs more to purchase food for four individuals living in separate households than four people living in one household. Additionally, duplicating the same lifestyle for another individual, such as furniture and the necessities of life, creates an additional cost.
But, if you and your attorney create a budget that is as accurate as possible, you will be prepared for this dramatic lifestyle change once the divorce is final.
We Can Help You
For more information about the financial impacts of a divorce and the importance of creating a divorce budget to prepare for life after divorce, you should contact Lisa Zonder at (805) 231-5705.