Taking what a couple owns and subtracting what they owe establishes the marital state in a divorce settlement. Each party should create separate budgets and a Ventura divorce attorney would provide the assistance to budget for miscellaneous expenses.
Cost of Childcare
The advice of a Ventura divorce lawyer is that the cost of raising a child is a significant cost item that should not be overlooked. One way to determine this cost is taking the past average of childcare costs to estimate current and future budgeting needs.
A Ventura divorce attorney will attest to the fact that children, by their very nature, are constantly changing which can make for potential cost fluctuations. Cost changes such as starting or continuing in school need to be taken into account in the budgeting process.
Costs for daycare services is another key cost item a Ventura divorce attorney would recommend researching for the parent who is returning to the workforce after the divorce. Finding good childcare services is a major expense to be included in budgeting and child support to ensure it is adequately covered.
A Ventura divorce lawyer would inform you that one spouse will have child support payments as an expense in their budget and the other spouse has it as an income item.
Life Insurance Expenses
Through the divorce process, whatever the current payment costs for life insurance are expected to be continued and will be in the budget. The advice of a Ventura divorce attorney is that cancelling this type of policy is not recommended. Some jurisdictions may have laws that prohibit cancelling a life insurance policy while the divorce is in process.
Plus, protection is still going to be needed for family members it was intended for even while the divorce is in progress. Budgeting for future coverage is a matter of smart planning and the financial capability of the parties. Researching this cost is a judicious way to maintain this safeguard for your family members.
Developing your budget for the marital estate is critical to ensuring you will be in a fair and affordable financial position after the divorce. To arrange a consultation with a Ventura divorce attorney about your situation, contact the office of Gary Mitchell at 888-452-1846 today.