Going through a divorce is often difficult for all parties involved, which is why you want an experienced Phoenix family lawyer to help you through this difficult time. Call your family attorney to schedule a consultation regarding your divorce. The following information from your Phoenix family lawyers discusses developing a budget while you are going through a divorce. This is an important step that will help make any divorce go smoother. If you find that you have further questions, contact your Phoenix family lawyers for a consultation.
Developing a Budget
Developing a budget and acknowledging your finances is an important step in your divorce and ending your marriage. The budget will depend a lot on what your financial situation is. If there is a certain amount of wealth in the marriage, then each will be expecting to get reassurances that their standard of living will not change. If the couple is living paycheck-to-paycheck, then their priorities will be to make sure that any children are taken care of and to ensure their basic survival. Developing a budget during a divorce is something that normally gets swept under the rug, especially with issues like child custody and splitting property. Despite all the other issues to settle, the budget is one of the first things that your family lawyer should work out with you and your spouse. You will both be required to disclose your financial information which includes your income and any financial assets. Creating a budget will help to determine how to transfer any payments between parties. These payments can include child support, alimony, family support, or any other payment. The budgeting process will also help to determine which party will be able to support co-owned major assets, such as a house. If it is found that both parties are in dire financial conditions, your family lawyer may suggest that you both file for bankruptcy. In most divorces, two budgets are created. The first budget will be used for both parties during the divorce proceedings. The second budget will give a financial overview of what will happen after the divorce is final.
Consult Our Phoenix Family Lawyer
A divorce is never easy, but having an experienced Phoenix family lawyer by your side can help you get through the process. Contact your dedicated family lawyer today from the Law Offices of Janice M. Palmer, P.C. at (888) 352-7725. We have the Phoenix family lawyer who will help you fight for what you deserve in your divorce. Call today to schedule your consultation!