Will I have Enough Money to Live On?
In order to answer this question regarding your financial ability to support yourself and your children after you and your spouse separate, you will need to have detailed information regarding your current and future income and expenses. You will need to consult trusted advisors such as your family lawyer, accountant, and a Certified Divorce Financial Analyst™ for information and assistance in carrying out essential steps. Some of these steps might include listing all assets, reviewing recent tax returns, calculating what part of support payments might go to taxes, and preparing a budget to determine how much you will need for living expenses. This will also be a time where you will need to reassess personal goals, resources, asset allocation, and your investment portfolio. If you have been out of the work force, securing full or part time employment will be another option to consider.
For additional information, please refer to the first question, How Should We Divide Our Assets? And, if your spouse has been the major income earner, you may be eligible for spousal or child support. Please read I am Expecting to Receive some Money from My Divorce Settlement.