Here is a useful Divorce Financial Planning Worksheet that you can use to help you plan your finances after your divorce. The basic idea behind this worksheet is to teach you how to keep your financial situation in check after the divorce has taken place.
At this point in your life, you might be working very hard to earn a living, and have decided that the best way to do this is by continuing your married life. While this may be the case, you should make it clear that you want to get out of the marriage legally and do not expect your spouse to continue working for you. As a result, you will need to take control of your finances. Your Divorce Financial Planning Worksheet can help you do this.
One important step is to write down all of your assets. You want to have everything that you can lay your hands on before you get divorced. In addition, you will also want to do some inventory of all of your debts. These steps will help you to document what is truly yours and what belongs to your spouse.
A second important step is to make a list of any loans that you have taken out. These loans should include your credit cards, car loans, student loans, and even mortgages. If you know when these credit cards were opened, you can compare them with the balances you have today. You may be surprised at how much money you owe and how much difference there is between then and now.
To figure out how much money you owe each month, you should include your mortgage, auto loan, and other monthly payments. Try to add together the total amount you owe, including all of your accounts. Then, you should add up how much your monthly bills are. This is a great way to see where you currently are financially.
Once you have done this, you should put each credit card into its own column. While you have a credit card that you keep paying on, you want to make sure that you are only getting a portion of your money back each month. Even if you get a lower interest rate, you should only be paying about ten percent of the amount you actually owe. That is enough to cover the cost of a few meals out a month.
Put all of your regular bills into a separate column. While these might include things like utilities, cable, phone, etc., they should all be on a separate column, which means you will be paying the same amount on each column as you do now. It is important to remember that you need to pay bills from each column on time. This will ensure that you get all of your money back.
Another important step is to check off each item on your list that you are supposed to pay off. At this point, you may be shocked at how much money you owe. With a Divorce Financial Planning Worksheet, you will be able to make adjustments as needed. So don’t forget to make sure that you keep track of every bill that you need to pay!