How To Get Your Budgeting In Order After A Divorce

Separation can be difficult. It can drain you both emotionally and physically. And if you have always been dependent on your spouse, budgeting becomes quite important after your separation.

In case you are adjusting your budget post-divorce, you need to reconsider your living and maintenance costs. As a co-dependent, it is important to start planning out your finances to move ahead.

Starting a new life is never easy, but if you’re not careful, you could go into debt. Follow these tips to sail through the divorce and get your finances back on track.

Budgeting After Divorce

Track Your Spending Patterns

Documentation makes the process of budgeting easy. With a proper statement of cash inflows and outflows, you will understand your financial position easily.

List all your income streams such as your salary, income from investments, and interest earned on deposits. Note down your expenses like rent, insurance premiums, utilities, travel, personal debts like your credit card debt, etc. You can ignore some trivial ones and put the major ones on the list.

You can then calculate the net impact. In case your expenses are overshadowing your incomes, start finding other sources of income. Also, start cutting down on wasteful expenditures.

Consult Your Attorney

Divorce comes with a lot of uncertainties. Some financial advice might come in handy but might not suit your situation. It may require you to move some money around, or you might have to change accounts.

It is better to get in touch with your attorney who might help you out with the laws that come into picture during a financial separation.

Anticipate Your Future Expenses

Preparing for your future becomes very important in case of a divorce. Start forecasting and anticipating your major future expenses.

Consider the major overhauls and trips that you might undertake after the divorce. Take care of the kids’ needs first, such as child-care, school, extra-curricular activities, etc. If you are moving out, you will need to think about getting new furniture and additional living expenses.

Collect All The Financial Documents

Your financial records will help you out in understanding your current financial position better and convey the financial health of your marriage. Collecting documents is a cumbersome task. Therefore, it is advised to start well in advance.

Your financial position can be checked by:

  1. The statements of your savings account for the past year
  2. Your investment statements and documents
  3. The ledgers for loans uk like an auto loan, mortgage, etc.
  4. Your tax payments for the last three years
  5. Your credit card statements for the entire year
  6. Documents of assets bought collectively as well as just by you

These financial records will give you insight into your primary areas of expenditures and tell you if you need to scale back your budget.

Prepare Yourself For Any Kind Of Resistance

Generally, people divorce with mutual consent, where documents can be easily exchanged. The whole process remains transparent, and the separation takes place without any hassle.

But for some couples, divorce makes things ugly. The spouse may create problems in releasing documents. You might have to take up a legal course of action to deal with such a situation.

To help out yourself in the budgeting process, collect the documents before filing the divorce. You can avoid unnecessary confrontation and might even save up a few extra pounds which you would have lost in legal fees.

Don’t Take Any Major Financial Decisions Just After Your Divorce

After the divorce proceedings, you will get a clear picture of your finances. Divorce brings in a major financial impact, so it is better to buy what you can right now. You can slowly upgrade your expenses after you establish some savings.

Even if you’ve decided to split your assets evenly, you should expect various changes to retirement accounts, joint accounts, etc. It is better to consult your attorney before talking to your spouse or making a financial move.

Start Saving And Spending Conservatively

One of the points to keep in mind post-divorce is to spend wisely. Focus on buying the necessities and let go of luxurious items or expenses which can wait.

Invest your money in an emergency savings fund so that you cover all bases. You can deposit these savings into a fixed deposit account or a recurring deposit account. This way, you will also earn some interest on your savings.

Talk things out with your spouse to cooperate and lessen the amount of the divorce proceedings. This makes it really easy to save money and ensure equitable distribution of your assets.

Get Help From Friends And Family

Divorces can drain you financially and emotionally, but a little external support might help your cause. They could assist you in making a realistic budget, getting you a job, or just for emotional support – whatever it is, asking for help will get you through these tough times.

Move in with your family and friends until you find better income opportunities to help you sustain. You can reach out to borrow some essential items like beds or furniture.

If an essential item is seemingly unaffordable right now, your family members might be able to help out with some easy credit. Even your friends can lend you some money. But remember to pay them back later, or you could damage your relationships.

Help Yourself With An Easy Loan

Loans require you to make regular principal as well as interest payments towards the loans. You can talk to a lender who might help you with low APR or interest-free loans. If you’ve got a bad credit score, look into getting a loan no credit check.

But keep in mind that you should only take out a loan for emergencies or paying off a high-cost debt like credit cards. Taking a loan is an easy way out, but it can become a burden as you move forward.


Tough financial decisions have to be taken post-divorce. Therefore, budgeting your income and expenses become important. This way, you can manage your finances efficiently.

Also, your attorney can guide you throughout the process and save you from any legal troubles that might come your way. If you need to borrow some money, get it done from a credible lender.

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