--- title: Our Blog - AMF Divorce | Budgeting (3) description: Budgeting | From mortgage professionals to therapists to attorneys, the team at A.M. Financial works closely with these types of professionals. (3) --- ## A.M. Financial - [Services](https://amf-divorce.com/divorce-transition-services) - [Service Plan](https://amf-divorce.com/service-plan) - [Frequently Asked Questions](https://amf-divorce.com/frequently-asked-questions) - [Our Blog](https://amf-divorce.com/our-blog) - [About Amy](https://amf-divorce.com/about-amy) - [Contact Us](https://amf-divorce.com/contact-us) - [Services](https://amf-divorce.com/divorce-transition-services) - [Services](https://amf-divorce.com/divorce-transition-services) - [Service Plan](https://amf-divorce.com/service-plan) - [Frequently Asked Questions](https://amf-divorce.com/frequently-asked-questions) - [Our Blog](https://amf-divorce.com/our-blog) - [About Amy](https://amf-divorce.com/about-amy) - [Contact Us](https://amf-divorce.com/contact-us) [Book a Meeting](https://calendly.com/amymahlenmelander/consultdivorcefinancialplanning) Posts about # Budgeting (3) ## [Retirement Savings Plans in 2023: What to Expect](https://amf-divorce.com/our-blog/retirement-savings-plans-in-2023-what-to-expect) June 01, 2022 You may have heard about the big changes coming to retirement plans and savings options in 2023. Both changes, made by the IRS, benefit employees or those saving for retirement. These changes were... [CONTINUE READING](https://amf-divorce.com/our-blog/retirement-savings-plans-in-2023-what-to-expect) ## [10 Steps You Can Take to Protect Your Finances In the Divorce Process](https://amf-divorce.com/our-blog/a-m-financial-protect-your-finances-in-the-divorce-process) June 01, 2022 January is often called “divorce month” because more people file for divorce in January than any other month of the year. Perhaps that is due to new year’s resolutions and couples finding the... [CONTINUE READING](https://amf-divorce.com/our-blog/a-m-financial-protect-your-finances-in-the-divorce-process) ## [Handling the Holidays and a New Divorce](https://amf-divorce.com/our-blog/handling-the-holidays-and-a-new-divorce) June 01, 2022 The holidays are upon us and if this is your first year approaching them as a single individual, you may not know what to expect. Whether you have kids and a large  family to buy presents for or... [CONTINUE READING](https://amf-divorce.com/our-blog/handling-the-holidays-and-a-new-divorce) - - [1](https://amf-divorce.com/our-blog/tag/budgeting) - [2](https://amf-divorce.com/our-blog/tag/budgeting/page/2) - [3](https://amf-divorce.com/our-blog/tag/budgeting/page/3) - ##### About Amy With compassion and patience, Amy focuses on her client’s unique priorities to build a financial road map that provides clarity to make informed decisions today regarding the future. ##### Links - [Home](https://amf-divorce.com) - [Services](https://amf-divorce.com/divorce-transition-services) - [Our Blog](https://amf-divorce.com/our-blog) - [About Amy](https://amf-divorce.com/about-amy) - [Contact Us](https://amf-divorce.com/contact-us) - [Schedule a Meeting](https://calendly.com/amymahlenmelander) ©2026 Copyright. All rights reserved. A.M. Financial provides supporting financial information, evaluation and analysis to be utilized by the client and the client’s selected attorney if directed, during the process of their divorce. ervices provided in regards to this agreement are solely fee-only and do not involve investment or security advice or insurance transactions. All information is financial in nature and should not be construed or relied upon as legal or tax advice. A.M. Financial IS NOT AN ATTORNEY AND DOES NOT PROVIDE LEGAL OR TAX ADVICE. Individuals are encouraged to seek competent legal and tax advice from professionals who specialize in divorce and tax laws in their respective state. Amy Melander (CRD #4692263) is an Investment Adviser Representative of OneDigital Investment Advisors, LLC (ODIA). ODIA and A.M. Financial are independent and unaffiliated entities. ODIA does not offer or provide divorce financial planning services and any statements and/or opinions expressed by A.M. Financial do not represent the views and/or opinions of ODIA.   This website is a publication of A.M. Financial. Information presented is believed to be factual and up-to-date, but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. Content should not be viewed as personalized investment advice or as an offer to buy or sell, or a solicitation of any offer to buy or sell the securities mentioned herein. A professional adviser should be consulted before implementing any of the strategies presented. Certified Financial Planner Board of Standards Inc. owns the certification marks CFP®, CERTIFIED FINANCIAL PLANNER™, CFP® (with plaque design) and CFP® (with flame design) in the U.S., which it awards to individuals who successfully complete CFP Board’s initial and ongoing certification requirements. ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "You may have heard about the big changes coming to retirement plans and savings options in 2023. Both changes, made by the IRS, benefit employees or those saving for retirement. These changes were driven by inflation and the associated macroeconomic impacts. In this blog post, we’ll discuss what to expect in 2023 and how to handle these retirement plan changes. Contribution Changes Every type of retirement account has maximum contributions you can make annually and/or maximum income levels that allow you to contribute. For 2023, the IRS has increased the maximum you can contribute to retirement accounts. This increase is historically one of the biggest jumps that we have ever seen. Specifically: 401K employee deferrals are increasing from $20,500 to $22,500. – Those over 50 years of age can contribute an additional $6,500. – IRA and Roth IRA maximum contributions are increasing from $6,000 to $6,500. Those over 50 years of age can contribute an additional $1,000. – The max income you can have to contribute to a Roth IRA has changed from $138,000 to $153,00 for head of household or single filing status. – The maximum is $228,000 for joint filers. While this seems like positive news, you might wonder how this impacts your retirement savings strategy. As mentioned, these changes keep retirement needs in line with costs of living, considering inflation. With these changes, it is encouraged for employees to max out their 401K and IRAs if their budget permits. It’s almost always recommended that employees max out their 401K to the point of getting a full employer match (which can be 1-10%) and is important to review with your financial advisor. Everyone’s financial situation is unique and by working with a financial advisor to create a budget that takes into account all your financial obligations, from mortgage payments to student loans, you can best take advantage of this change and its related tax benefits. Employer-Mandated Retirement Plans In the state of Colorado, there is a new mandate that employers with five or more employees must provide a retirement plan to employees. This plan is called the Colorado Secure Savings Program and it is essentially a Roth IRA with no required employer match. While it might not appear to provide direct benefits to small business employees who didn’t previously have a plan, it is a step in the right direction for those employed by a small business without retirement benefits. For example, many divorcees who work for small employers may not have previously had the ability to participate in a retirement savings plan therefore they didn’t save for retirement. Some of these employees may have previously been stay-at-home moms and don’t understand how to begin a retirement savings plan. While no employer plan can provide retirement resources to women who are simply stretched too financially thin to save, this new mandated plan is a great opportunity for women who work for small businesses to have access to the resources they need to increase their retirement savings. It’s an easily accessible way for more people to save in general. As always, it is always best to review your savings strategies with your financial advisor to determine what is best for you. While there are big changes coming to retirement accounts in 2023, they may not require significant changes to retirement planning on your end. However, even minor changes can have a big impact overtime. That’s why it is important to work with a financial planner to get all the benefits of these inflation-driven updates to retirement savings limits, and the new year is a great time to start thinking about saving in new ways.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "01/06/2022", "datePublished" : "01/06/2022", "headline" : "Retirement Savings Plans in 2023: What to Expect", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://cdn2.hubspot.net/hubfs/39875594/Imported_Blog_Media/qtq80-oEckXY.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/retirement-savings-plans-in-2023-what-to-expect", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "January is often called “divorce month” because more people file for divorce in January than any other month of the year. Perhaps that is due to new year’s resolutions and couples finding the motivation to make a change during this transitional time of the year. Alternatively, many couples fail to get through the holidays in a peaceful way or just no longer see a viable path for their marriage, despite the ‘magic’ of the holidays. Other couples may choose to divorce this time of year due to a cleaner financial split where parties can use annual numbers to make financial decisions. Regardless of the reason, if you are contemplating a divorce during any time of the year, you should be thinking about financial protection. In this post, we outline ten steps you can take to financially prepare for a divorce. Identify all of your assets If you are contemplating divorce and getting close to making the decision to move forward, begin by taking inventory of all your assets, debts, and liabilities. Do this by gathering digital documents and noting credentials in a confidential place. If you have access, print hard copies of these assets, make photocopies of statements, or take images of anything you might need as your divorce progresses. Any financial document may be helpful to help put together a thorough and accurate picture of you and your spouse’s financial picture. Ensure you have account access In some cases, one party may open or solely own an account and you don’t have access. Now is the time to secure access by inquiring with your spouse about logins or getting your own credentials by contacting the relevant bank, investment firm, or other institution. As a reminder, it is very important not to hide assets or make them inaccessible to your partner during this time. You may have a head start on reviewing the finances if you are preparing or anticipating a divorce, but making it difficult for your partner to discover and access accounts will be frowned upon by judges and attorneys once the divorce process has started. Check that your name is on titles and co-owned assets Double-check any co-owned properties, vehicles, timeshares, and more to ensure you are listed on the title. This can save you time and headaches if you find out that you are not an official “co-owner” and have to get added to these documents during the divorce process. Being on title protects your wishes by requiring your authorization to initiate any changes. Run a credit report A free service can help you understand what your lending power will look like in the future and any changes you might need to make to improve your score. It will also help you understand what your options might look like to take out your own home and vehicle loans in the future. Running a credit report before and during the divorce process can also let you know if someone has taken out credit in your name (or jointly) without your authorization which can dramatically affect your ability to attain credit when needed at appropriate interest rates. Open new accounts in your name only Since you’ll no longer co-manage accounts with your spouse, it’s important to establish your own financial identity sooner than later. This means opening up new checking, savings, and credit card accounts. Be sure to choose new usernames and passwords to ensure your spouse can’t access these new accounts as you begin your transition to financial independence. Open a PO Box and new email account A private way to receive mail during your divorce process that you might not want your spouse to see, a PO box can serve as a confidential destination for sensitive mail and can give you added privacy during this time. Chances are, your spouse knows how to access your email after years of marriage, so opening up a new one is a smart move. Not to mention, having a new email address can feel like a fresh start. Hire a financial planner A Certified Financial Divorce Analyst (CFDA) is the most qualified specialist to help you sort through your finances during the divorce process. From outlining a current and future budget to helping guide you through tough financial decisions, a CFDA can educate you throughout the divorce process and help you achieve the financial outcomes you desire. Review spousal social security and health care requirements Depending on how long you were married, it is important to understand if you would qualify to receive social security benefits or if delaying the divorce may provide the qualifications required. Similarly, you may need to secure your own health insurance. Knowing what to expect before you file by reviewing and considering future health, social security, and life insurance needs will help you better prepare. For instance, you may be eligible for Cobra health insurance and life insurance may be easier to secure while married and ‘getting along’. By planning ahead and researching options, you can protect future support payments that may be hard to get with an ex-spouse if your situation becomes high conflict. Start thinking about the big decisions and document details From parenting plans, to what you want to do with the house, to spousal support needs, and how you’ll tell the kids, your families, and everyone else, there is no shortage of big decisions to contemplate during this time. Alongside weighing the pros and cons of the big choices, don’t miss the details. Write down any details you can during this, while your spouse is still communicating with you, especially prior to filing. A dedicated notebook with details about what your partner may have mentioned regarding an asset or comments he or she made that are notable could be helpful as you progress through the divorce process. Use this to make lists of to-dos and thoughts on important decisions so it’s easier to recall certain details that you may need in the future. On a related note, interviewing divorce coaches could be helpful during this time. Also, don’t feel like you need to make all of these decisions as the professionals you hire will help support you in making the best decisions for you and your family. Interview attorneys Now is the time to find an attorney who is a great fit for your needs and desired outcomes. Asking the right questions as you interview attorneys can make all the difference in your settlement. From inquiring about their experience to communication styles, most attorneys offer a free consultation where you can dive deeper into the details of your situation and find someone who you feel can truly help. At A.M. Financial, we provide expert guidance on the financial side of divorce and guide you through important steps to protect your finances. As a Certified Financial Divorce Analyst, we have a deep understanding of the financial decisions required in the divorce process and financial planning needed to reach long-term goals. Contact us for a free consultation.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "01/06/2022", "datePublished" : "01/06/2022", "headline" : "10 Steps You Can Take to Protect Your Finances In the Divorce Process", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://cdn2.hubspot.net/hubfs/39875594/Imported_Blog_Media/qtq80-fMmFqc.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/a-m-financial-protect-your-finances-in-the-divorce-process", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "The holidays are upon us and if this is your first year approaching them as a single individual, you may not know what to expect. Whether you have kids and a large family to buy presents for or are concerned about not having a place to spend Christmas with others, it’s important to start planning this season earlier when you are divorced. It’s also critical to consider how the holidays will impact your budget, spending, and financial situation. In this post, we cover what to consider as a newly-divorced individual from both a scheduling and financial perspective, and how you can adequately prepare for this season. Holiday Schedules Depending upon whether you still have kids living in the home, your holidays may look very different than year’s past. If you are newly divorced, take time to review the details of your parenting plan, including the exchange times and locations. By understanding exactly what time you have with your kids, you can maximize the quality of that time. Recognize that it can be very hard to be away from your kids and miss holiday rituals in the first years of your divorce. However, if you don’t have your kids on Christmas morning or during other important holiday moments, choose another day to observe them. This approach will help you create new traditions despite the day of the calendar. The same goes for Hannakah or other religious and non-religious celebrations and traditions. Because you don’t have a default relationship like you had with your spouse, plan ahead and decide where you’ll spend important holiday times so you can avoid spending too much time alone. Don’t be afraid to carve out some time for yourself during this first holiday alone. That important time of reflection can be spent focusing on this next chapter, setting goals, and reflecting on the past since you just went through a major life change. Tap into gratitude for the lessons of your divorce and the transformation that occurred. Consider new traditions for yourself as well. Volunteering is a popular way to give back during the holidays in a meaningful way. While the holidays can classically be a time of over-indulgence, consider a day or weekend of self-care around this time by treating yourself to a financially reasonable spa day, having your closest friends over for a potluck-style dinner, or attending a holiday event to get in the spirit. Lastly, you may question how to approach gifts this year. Many divorced parents will give their former spouse a gift in the early years, especially if it showcases kindness and respect on behalf of your kids. When it comes to kids, discuss gifting expectations with your ex so your kids don’t get duplicate gifts or have wildly different gift experiences based on your set budgets. Lastly, consider gifts that are experiences as you likely have less time with your kids overall now. Consider gifts that will provide a lasting memory by giving them life experiences you can share together like indoor skydiving, tickets to sporting events, weekend adventures in the Colorado mountains, and more. Holiday Finances While scheduling can be a major challenge for newly divorced individuals, the financial aspects of the holidays can also challenge your budget. It’s important to financially plan for holiday spending all year long. First, set realistic expectations around gift-giving with your family and children. This includes suggesting setting price limits for gift giving. While not always possible the first year, it’s ideal to work these costs into your budget and set aside some money each month for holiday gifts, now that you are on a tighter budget. This year, inflation will make it feel as if your dollars don’t go as far. Managing your holiday spending and avoiding debt once you are divorced is very important. Holiday expenses, including paying for holiday events, food to host a family dinner, new holiday decorations, and of course, gifts, can quickly add up. It’s hard to get out of debt with fewer financial resources and more fixed expenses, and also important to stay financially healthy in order to qualify for a home or auto loan post-divorce. Not to mention, saving for retirement should be a far greater long-term priority than creating a picture-perfect holiday celebration for your family. In order to budget effectively for the holidays all year long, and stay out of debt, work with a financial planner to set reasonable, monthly allocations to a holiday fund based on your income. This year, notice whether you are overdoing it and trying to compete for your kid’s or family’s attention by overbuying or overextending yourself with holiday events, decorations, gatherings, and more. Getting into debt as a single person can be detrimental to your long-term financial situation and it can take a lot more time to recover from debt post-divorce than you might expect. Contact Amy Mahlen, Certified Financial Planner™ at A.M. Financial, to learn more about our services and how we can help you better prepare for the financial impact of the holidays moving forward.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "01/06/2022", "datePublished" : "01/06/2022", "headline" : "Handling the Holidays and a New Divorce", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://cdn2.hubspot.net/hubfs/39875594/Imported_Blog_Media/qtq80-kCcZ1U.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/handling-the-holidays-and-a-new-divorce", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ```