There is a Discussion going on within LinkedIn's Collaborative Family Law Group regarding the process of living on less money after going through a divorce. I think this is a discussion that anyone could find useful, as divorce rates in Massachusetts are increasing and the economy is still at a low.
How do you help your clients figure out how to live on less money after the divorce?
The process is not hard. the execution of course is. First the client needs to have a very detailed budget on what is coming in and what is going out.This is the starting point. Next they need to see which expenses are fixed and recurring. There is probably little they can do about this group.
Next category is variable expenses but not essential. go through and prioritize by number from 1-10. this will help the person see what can be cut. Introduce the concept of wants versus needs. Continue Reading»
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It is common for a divorcing couple to decide about dividing their property and debts themselves (with or without the help of a neutral third party like a mediator), rather than leaving it to the judge. However, if a couple cannot agree, they can submit their property dispute to the court, which will use state law rules to divide the property. Division of property does not necessarily mean a physical division. Rather, the court may award each spouse a percentage of the total value of the property. Each spouse will get personal property, assets, and debts whose worth adds up to his or her percentage.
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