After a divorce, your living expenses are going to change. You suddenly have to cover all of the costs on your own. To some, this comes as a bit of a shock; if your partner handled the finances, this may be something you have not thought about in years.
One part of this equation may be alimony. Say you didn't work, and you even left your career so that you could raise a family or help your spouse pursue their career. If so, your spouse may need to pay you on a monthly basis to make up for the support you thought you would get before the divorce.
To figure out where you stand financially, let's take a look at how your expenses may stack up:
- Car insurance: 5%
- Entertainment: 5%
- Clothing: 5%
- Savings: 10%
- Paying off debt: 10%
- Car loans and transportation costs: 10%
- Food: 15%
- Utilities: 10%
- Housing: 30%
Of course, the total dollar amounts change depending on your personal situation. If you made $35,000 per year, taking home $2,110 monthly, for example, you would have just $634 for housing.
But even without specific totals, this still gives you a rough idea of what your budget is going to look like and how you'll have to divide up your money. What does that mean for any alimony payments? Are they going to be enough to make ends meet? How long are they going to last? What are your prospects like for getting back into the workforce?
These are all important questions to ask, and the way you approach your divorce agreement depends on the answers for your personal situation. Just make sure that you know about all of the options you have and what steps to take.