4 Helpful Budgeting Tips After a Divorce

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Your finances can also get affected by divorce. You will have to deal with the division of your assets. A family lawyer in Burnaby can help divorcing couples sort through their finances and arrive at a better agreement on how to divide their marital properties.

Some people find themselves struggling financially now that they are going to live on one income. Others have to start anew. They look for a new job after becoming dependent on their spouse. 


 

Look for a family lawyer in Burnaby such as Kinman & Associates who will be able to help in dividing assets. These budgeting tips can also help people who are starting anew after a divorce:

  1. Make a list of your income sources

If you have an income or a business, list them down and then write down how much you are getting. That way, you have an idea of how much money is coming into your life.

  1. Assess your expenses

List your expenses as well. This can include rent, food, utilities, bills, and childcare. Once you know how much you need to live comfortably, you will know whether your income source is sufficient.

  1. Allocate a budget for your specific expenses

Create a budget for all your expenses. You can automatically allot money for things like mortgage or bills and leave reminders to pay off your expenses on time. Use the envelope trick as well for a more effective allocation of your budget.

  1. Talk to your family lawyer in Burnaby about spousal support

Spousal support can help these people left with no income after a divorce. While you are still looking for a job, the spousal support can help you out.

You might need to cut back on some expenses such as subscriptions if you need to have more room in your budget.

For more information: https://goo.gl/maps/si6zYC4GJWiF37t76

To Know more details about Personal Injury Lawyer in Burnaby please visit our website: kinmanlaw.ca

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