WATCH: Understanding Your Income During Divorce
Understanding your income during divorce is crucial to gaining control of your finances – and life. The first step to prepare a written, detailed, up-to-date budget. Here’s how.
The first step to gaining control of your finances – and life – during divorce is to prepare a written, detailed, up-to-date budget. “Gather documentation to ensure that your budget is objective and not the product of guess-work,” says Diana Shepherd, a Certified Divorce Financial Analyst® and the Editorial Director of Divorce Magazine. “First, you need to identify your sources of income, which includes revenue from full- and part-time employment, investment return, and self-employment income. Add up all the income from different sources to come up with total income.”
Here’s what you need to do to understand your income during divorce.