For many people who have not gone through the end of a marriage, divorce is something of a mystery. Often, people believe the version of divorce that they see in movies and on television, which usually bears very little resemblance to what happens in the real world when two people go their separate ways. A prime example is found in the belief that spouses who emerge from an Arizona divorce will continue to live the lifestyle to which they have become accustomed.
In reality, a couple’s lifestyle is the end product of the financial scenario within their marriage. Most often, families live at a level that is defined by their ability to bring in a steady income. There is usually very little left over to put into savings, and certainly not enough to duplicate that lifestyle between two households. Many spouses simply fail to consider that operating two separate households will cost nearly double what it takes to run a combined household.
One of the most important things that a divorcing spouse can do to improve his or her quality of life following a divorce is to work up a comprehensive post-divorce budget soon after the paperwork is filed. Having this budget in place gives spouses the information they need to pursue a fair and favorable property division settlement. That should be the focus within the negotiation stage of divorce, not on trying to duplicate the same lifestyle that was in place while the marriage was intact.
As is so often the case within divorce, Arizona spouses can benefit from taking a different approach during property division negotiations. By focusing on the actual numbers that correspond to living expenses, spouses can understand just how much money will be needed to attain a desirable lifestyle. That way of living may or may not resemble the one that was in place during the marriage, but spouses who understand their financial needs after a divorce are in a good position to reach those goals.
Source: hlntv.com, “The 5 biggest mistakes people make when divorcing”, Randy Kessler, Oct. 22, 2015