It’s perfectly normal for in a marriage for there to be one person in charge of the bills. This spouse may be the one in charge of not only making sure things like a mortgage and electric bill are paid on time, but could also be the same person in charge of all of the family’s budgeting. But then, what happens in the case of a divorce? What about that spouse who wasn’t in charge of finances?
This is why it’s important to learn about finances after a divorce. An ex-husband doesn’t want to be in the situation where he is calling and relying on his ex-wife all of the time for financial advice. Rather, he should brush up now on some simple terminology and create a budget to live by.
The first thing to do is to figure out how much money is needed to pay for the current lifestyle. Then, look at how much you have in assets and liabilities to determine a budget to live by every month. In this budget include the necessaries, like mortgage or rent payments, gas for the car, utilities and childcare expenses, but also a little bit for miscellaneous items, like if you run into car problems or need to split the bill for the registration costs for your son’s baseball team.
After this it means living within your budget and continuing to try and put money aside in a savings account.
For some people, after a divorce is the first time they’ve had to solely be in charge of their own money — and there is nothing wrong with this. However, taking certain steps now can ensure a more financially secure future.
Source: Huffington Post, “Why You Need To ‘Speak Money’ After Divorce,” Honoree Corder, Sept. 4, 2012