As you work to create a budget to help illuminate what your life will look like after divorce, your Westlake Village family law attorney can recommend adding additional lines on the budget to account for these expenses.
Your Westlake Village family law attorney can advise you to include miscellaneous expenses. Many expenses are not predictable. However, you can include a budget line that incorporates these potential expenses. Because everyone’s personal situation is different, the amount that should be reserved for these expenses will be different for each individual. However, the more specific you make your budget and the more research you complete into your past spending patterns, the easier it will be to record a miscellaneous expense line that is reliable. However, if there is a large number that is reserved for miscellaneous expenses, this may indicate that the budget has not been properly formed and may need to include additional lines.
Savings and Emergencies
Your Westlake Village family law attorney can explain that savings or emergency planning may not be part of a budget because these deposits are often discretionary. Furthermore, divorce has a significant impact on a person and saving may not be possible at this time. However, emergencies may be taken care of with the funds in the marital estate. The post-divorce budget should include both savings and emergencies to help you protect yourself in the future.
If you would like more information about creating a post-divorce budget, contact Westlake Village family lawyer Gary Mitchell at 888-452-1846.