--- title: Our Blog - AMF Divorce | Finances (2) description: Finances | From mortgage professionals to therapists to attorneys, the team at A.M. Financial works closely with these types of professionals. (2) --- ## 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 # Finances (2) ## [Successful Mediation Negotiation: 4 Things to Prioritize](https://amf-divorce.com/our-blog/successful-mediation-negotiation-4-things-to-prioritize) April 05, 2024 Although you likely hear about the dramatic divorce cases that end up in court, the reality is that only around 5% of divorce cases go to court and settle with a judge. Depending upon the complexity... [CONTINUE READING](https://amf-divorce.com/our-blog/successful-mediation-negotiation-4-things-to-prioritize) ## [Unemployment & Divorce: The Financial Considerations](https://amf-divorce.com/our-blog/unemployment-divorce-the-financial-considerations) March 04, 2024 Divorce is undoubtedly a challenging period, and when coupled with a significant shift in employment, the financial and emotional pressure can be overwhelming. The impact of losing your source of... [CONTINUE READING](https://amf-divorce.com/our-blog/unemployment-divorce-the-financial-considerations) ## [Establishing Goals and Priorities for Your Divorce Before It Starts](https://amf-divorce.com/our-blog/establishing-goals-and-priorities-for-your-divorce-before-it-starts) February 02, 2024 If you’ve made the [decision to get a divorce](https://amf-divorce.com/our-blog/divorce-a-catalyst-for-change), you may wonder where to start the intricate and emotionally-charged process. Beginning with a clear understanding of your goals and priorities can... [CONTINUE READING](https://amf-divorce.com/our-blog/establishing-goals-and-priorities-for-your-divorce-before-it-starts) ## [Embracing the Benefits of Working After Divorce](https://amf-divorce.com/our-blog/embracing-the-benefits-of-working-after-divorce) November 02, 2023 Divorce can be a life-altering experience, especially for women who may find themselves contemplating working after retirement age or after a period of being a [stay-at-home mom](https://amf-divorce.com/our-blog/stay-at-home-moms-learning-to-budget-post-divorce). This [transition](https://amf-divorce.com/our-blog/reentering-the-workforce-mahlen-financial) can... [CONTINUE READING](https://amf-divorce.com/our-blog/embracing-the-benefits-of-working-after-divorce) ## [College Planning Concepts: 3 Things to Be Aware of When Divorcing](https://amf-divorce.com/our-blog/college-planning-concepts-3-things-to-be-aware-of-when-divorcing) October 19, 2023 Divorce is a life-altering event that affects not only your family dynamics but also your financial plans, especially when it comes to your child's education. Navigating the complexities of college... [CONTINUE READING](https://amf-divorce.com/our-blog/college-planning-concepts-3-things-to-be-aware-of-when-divorcing) ## [Cost of Living Considerations in Your Divorce](https://amf-divorce.com/our-blog/cost-of-living-considerations-in-your-divorce) September 18, 2023 Divorce is a life-altering event that can have significant financial implications. One important factor to consider during this process is cost of living and related [economic inflation](https://amf-divorce.com/our-blog/key-ways-inflation-impacts-your-divorce). Understanding... [CONTINUE READING](https://amf-divorce.com/our-blog/cost-of-living-considerations-in-your-divorce) ## [Four Sources to Consider When Restructuring Your Income Post-Divorce](https://amf-divorce.com/our-blog/four-sources-to-consider-when-restructuring-your-income-post-divorce) September 06, 2023 If you are a non-working spouse going through a divorce, it’s important to fully understand your sources of income and determine whether you need to return to work to supplement your maintenance... [CONTINUE READING](https://amf-divorce.com/our-blog/four-sources-to-consider-when-restructuring-your-income-post-divorce) ## [22 Questions to Ask a Financial Professional During Your Divorce](https://amf-divorce.com/our-blog/22-questions-to-ask-a-financial-professional-during-your-divorce) July 24, 2023 Going through a divorce can be an incredibly challenging and emotionally draining experience. The process of untangling your life from your former partner's can feel overwhelming, especially when it... [CONTINUE READING](https://amf-divorce.com/our-blog/22-questions-to-ask-a-financial-professional-during-your-divorce) ## [Navigating Financial Transitions: Approaches for a Smooth Transition](https://amf-divorce.com/our-blog/navigating-financial-transitions-approaches-for-a-smooth-transition) July 17, 2023 The divorce process begins with a period of transition where expenses still need to be shared, followed by the need to establish new services and accounts in separate names. This includes setting up... [CONTINUE READING](https://amf-divorce.com/our-blog/navigating-financial-transitions-approaches-for-a-smooth-transition) ## [Post-Divorce Budget Planning](https://amf-divorce.com/our-blog/post-divorce-budget-planning-dont-overlook-these-8-items) June 01, 2023 While it is always important to build a budget, it’s essential when you go through a significant financial change like one that follows a divorce. Budgets should include everything from necessary,... [CONTINUE READING](https://amf-divorce.com/our-blog/post-divorce-budget-planning-dont-overlook-these-8-items) - - [1](https://amf-divorce.com/our-blog/tag/finances) - [2](https://amf-divorce.com/our-blog/tag/finances/page/2) - [3](https://amf-divorce.com/our-blog/tag/finances/page/3) - [4](https://amf-divorce.com/our-blog/tag/finances/page/4) - ##### 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" : "Although you likely hear about the dramatic divorce cases that end up in court, the reality is that only around 5% of divorce cases go to court and settle with a judge. Depending upon the complexity of your case, the professionals you choose to work with, and the method of divorce you choose, odds are high that you’ll likely find yourself participating in mediation. Meditation can be a great tool to help facilitate settlement and is often required before a court will hear a case in Colorado. However, because many couples choose to have their legal counsel present, in addition to mediator fees, the cost for the mediation session can quickly add up. This article addresses what you can do to support a productive mediation session, and ways to reach amicable agreements with a well-organized plan. By focusing on key elements, establishing goals, committing to constructive discussions, and attending with the right mindset, mediation can empower both you and your spouse to design an ideal post-divorce life. Do your homework Thorough preparation is key to ensuring informed decisions in mediation and lays the groundwork for productive dialogue. This includes gathering necessary paperwork, speaking with divorce professionals (such as mortgage lenders and financial planners), and gathering information on everything from employee compensation and benefits, to post-divorce health insurance, and having a solid understanding of where various issues stand from a legal perspective. By spending time in one-on-one consultations with other professionals, you’ll be better equipped with the information you need to both understand and negotiate toward your desired outcomes. Being proactive not only makes your mediation session more efficient, it also empowers you to navigate discussions with confidence and clarity. Prepare emotionally The divorce process can often feel like an emotional rollercoaster. That’s why emotionally preparing for mediation is key to it’s success. This involves recognizing the difference between personal desires and objective interests. The former position is personally rationale and emotional and can be difficult to change. In contrast, interest-based objective negotiating outlines facts, needs, and reasons to consider another position, allowing individuals to approach discussions with a more flexible mindset, oftentimes leading to compromise. In addition, when you refrain from making decisions or judgments on behalf of your former spouse during meditation, you shift away from joint decision-making and typical marital dynamics. Instead, you move toward a post-divorce world in which you see and honor one another’s autonomy. By recognizing these principles, you can navigate mediation with greater emotional resilience and a collaborative spirit, paving the way for mutually satisfactory outcomes. Connecting with a divorce coach can also help support the emotional aspects of this process. Set Goals Setting goals for your session, and even asking your ex-spouse for input on the goals, helps everyone navigate the process with purpose. Outlining priorities and objectives frames the session with direction and focus. Once you accept that you will not get everything you need or want, it’s easier to stay focused on the most important items. During the session, you can also pause and reassess objectives as discussions unfold, adapting to unexpected changes or compromises. Being proactive in this way empowers parties to advocate for their needs and priorities, and promotes a more efficient and productive experience overall. Complete your parenting plan first Once you finally start your mediation sessions, work to complete your parenting plan first. This lays the foundation for the well-being of your children, which is far more important than dividing marital assets. Having your parenting plan confirmed can help you start to visualize your post-divorce life and could make other decisions easier. Not to mention, prioritizing this aspect of your agreement can result in more harmony for all involved, which can be helpful in reaching subsequent agreements. Assuming both parties are negotiating in the best interest of the children, completing the parenting plan first can set a positive tone for the overall mediation process. Successful mediation hinges on a strategic approach that prioritizes key elements to navigate the complexities of divorce with clarity and purpose. Mediation provides an opportunity to reach amicale agreements with the right support and guidance. With thorough preparation, emotional awareness, goal-setting and prioritizing the completion of the parenting plan, parties can reach mutually satisfactory outcomes. By embracing these tools, mediation becomes an opportunity to forge a new post-divorce path forward with confidence and resilience. Contact us to learn how we can support the financial aspects in preparation for mediating your divorce.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "05/04/2024", "datePublished" : "05/04/2024", "headline" : "Successful Mediation Negotiation: 4 Things to Prioritize", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://39875594.fs1.hubspotusercontent-na1.net/hubfs/39875594/Imported_Blog_Media/qtq80-M9uR5o.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/successful-mediation-negotiation-4-things-to-prioritize", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "Divorce is undoubtedly a challenging period, and when coupled with a significant shift in employment, the financial and emotional pressure can be overwhelming. The impact of losing your source of income not only takes a personal toll on you and your former spouse, it also affects how crucial aspects of your divorce, such as property division, spousal maintenance, and child support obligations. Keep in mind that you definitely should seek legal guidance on this topic and this article is intended to explain general concepts that can be involved in the state of Colorado. In this post, we explore factors to consider when facing unemployment or underemployment during the divorce process. Understanding Underemployment & Unemployment Underemployment refers to a situation where an individual voluntarily earns less than their full earning capacity, whether through part-time employment, choosing not to work outside the home or earning a wage well below their earning potential. In most instances of underemployment, an income will be imputed to the spouse based on their qualifications and earning potential. This imputed income is calculated including factors such as age, education level, previous work history, and marketable skills and any health issues to be considered. If parties can not agree on an income, a vocational assessment may be completed where a professional will conduct this analysis considering all factors including local employment landscape. This ensures that a fair and appropriate income is used for spousal support or child support calculations, even if the unemployed spouse's income is currently zero. The imputed income is what will be used in support calculations. If unemployment is involuntary, such as a job loss, it is important to document your efforts and attempts in finding employment. Document items such as positions applied for, potential income range, job requirements, and dates of interviews. This information will show that you are actively and sincerely looking for work. If you are receiving unemployment benefits, you will need to report it as income. Impact on Support Obligations & Overall Finances The loss of employment or a deliberate decision to quit a job can significantly affect spousal and child support obligations. Be sure to work with your attorney to understand what factors the court will consider such as the financial circumstances of both parties, historical income, and present incomes, to calculate child support. Keep in mind that regardless of the legal consequences that a loss of income can have on support, it can be financially devastating if a large amount of debt is incurred or assets liquidated. Generally divorces are financially challenging enough therefore putting in every effort to prevent a large financial hole to dig out of will certainly pay off as you move forward. Efforts to minimize the potential negative impacts such as temporary part-time employment of a position below your earning capacity until a more permanent solution is found can make a big difference in the long run. Emotional Stress The emotional toll of job loss, combined with the stress of divorce, can create a challenging situation. Emotional strain may impact decision-making and the willingness for parties to compromise during negotiations, leading to prolonged and heated divorce proceedings with high legal fees. Despite financial constraints, individuals facing divorce and unemployment are advised to maintain their expenses, including paying the minimum balance on debts. Employers often scrutinize financial histories, and overdue payments or bankruptcy could make future job opportunities difficult. Regardless of if you are or are not the spouse with job loss, it is important to discuss the dynamics of your situation closely with your attorney. Monitoring if and when strategies such as temporary support or establishing separate banking accounts would help protect you financially is essential. Navigating the intersection of unemployment and divorce requires careful consideration of financial implications, legal strategies, and resources to support your emotional well-being. Seeking guidance from a financial advisor can provide valuable insights and help navigate the complexities of this challenging period. At A.M. Financial, we offer a free consultation to help you learn more about our services and how they can support your needs.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "04/03/2024", "datePublished" : "04/03/2024", "headline" : "Unemployment & Divorce: The Financial Considerations", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://39875594.fs1.hubspotusercontent-na1.net/hubfs/39875594/Imported_Blog_Media/qtq80-BiVPMT-768x512.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/unemployment-divorce-the-financial-considerations", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "If you’ve made the decision to get a divorce, you may wonder where to start the intricate and emotionally-charged process. Beginning with a clear understanding of your goals and priorities can significantly impact the outcomes and ease the journey ahead. This post provides guidance on how to establish this clarity before your divorce proceedings begin. Get Clear on Priorities Uncertainty can complicate the divorce process. If you're unclear about your priorities, it becomes challenging to articulate your needs and negotiate effectively. Taking time to get specific, realistic, and clear-headed about your priorities is pivotal for successful negotiations. Consider using this worksheet as a framework to document what’s most important to you during this time, including your priorities around: Property Finances Children Completing this before the divorce begins, during a less emotional period, provides a solid foundation for decision-making. If you can also understand your spouse’s top priorities, you may be able to reach agreements faster. Establish Goals Understanding what truly matters to you is key to establishing goals for your division of property, investments, debts, and parenting plans. Focus on critical aspects that align with your long-term well-being rather than attempting to attain everything or focusing too much on your short-term needs. For example, while ensuring that your spouse is paying the mortgage this month might be top of mind for you, work with professionals to consider what you need in the parenting plan long-term to ensure your children continue to have a meaningful relationship with both parents. Take your goals a step further by understanding, to the best of your ability, what each of your goals entails and how you can reach them. For example, if refinancing or purchasing a home is your goal post-divorce, understanding requirements for mortgage lending and building a future budget will be important. By having a few clear goals, you can identify what is non-negotiable and what you're willing to compromise on during legal negotiations.Working with a financial professional can also help you understand what long-term financial wins truly mean and how to balance those with short-term financial needs. Align on Strategy Collaborate with your attorney and other professionals to develop a strategy that aligns with your goals. As mentioned, flexibility is key during negotiations, so craft an approach that emphasizes deeper interests rather than rigid stances. For instance, if you are seeking spousal support until your children reach a certain age, explore alternative ways to bridge any income gap rather than assuming it's solely your ex-spouse's responsibility. Navigating the complexities of divorce becomes more manageable when you establish clear goals and priorities from the outset. This clarity empowers you to make informed decisions, negotiate effectively, and work towards a future aligned with your long-term vision. By approaching your divorce with clarity and purpose, you pave the way for a more stable and empowered future.To support the process, use our worksheet as a starting point for setting and prioritizing your interests during divorce. For more personalized guidance, reach out to us for a free consultation.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "02/02/2024", "datePublished" : "02/02/2024", "headline" : "Establishing Goals and Priorities for Your Divorce Before It Starts", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://39875594.fs1.hubspotusercontent-na1.net/hubfs/39875594/Imported_Blog_Media/qtq80-Ue7fIJ.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/establishing-goals-and-priorities-for-your-divorce-before-it-starts", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "Divorce can be a life-altering experience, especially for women who may find themselves contemplating working after retirement age or after a period of being a stay-at-home mom. This transition can be intimidating because you may be entering the empty nest stage and facing the task of redefining your identity, or juggling the new demands of single parenting alongside a new career. However, it's essential to recognize that there are numerous upsides to working post-divorce, ranging from financial and healthcare benefits to social enrichment, personal empowerment, and fulfillment. In this article, we'll explore the positive aspects of working after divorce. Social Connections and Personal Fulfillment One of the most significant benefits of working after divorce is the opportunity to expand your social circle and find a new sense of purpose. Many women, especially those who have been stay-at-home moms, may experience a sense of isolation during and after divorce. Returning to the workforce can provide a platform for building new friendships, reviving old ones, and strengthening your social network. This social enrichment can lead to improved mental and emotional well-being, and help you feel a new sense of identity following a big life change. Learning Opportunities and Career Growth Working after retirement age can offer valuable opportunities for continued learning and personal growth. Whether you're acquiring new skills, adapting to modern technologies, or embracing new challenges, your work can keep your mind active and engaged. This ongoing education not only benefits your career but also enhances your cognitive abilities and keeps you mentally sharp. These qualities can lead to a sense of empowerment and affirm that you have the potential to take care of yourself, no matter what happens in your life. Financial Upsides Earning a post-retirement income can have a positive impact on your financial well-being. Not only does it provide additional financial security, but it can also extend your investments and assets. Earning a regular salary, in addition to any child support or maintenance payments, increases the likelihood of not running out of money during your retirement years. In addition, working may increase your Social Security income, either by raising your initial benefit due to a higher income compared to historical earnings or by deferring benefits, which can increase your initial benefit by 8% per year up to the age of 70. Healthcare Benefits Maintaining access to quality healthcare is crucial, especially as you age or take on the responsibility of healthcare for your children. Continuing to work can provide you with employer-sponsored health insurance or the financial means to purchase reliable coverage. Regular access to healthcare can help you stay on top of preventative care and medical needs, reducing your overall medical expenses in the long-run. Volunteer Experience Many stay-at-home moms or near-retirement women have extensive experience volunteering in schools or other communities. These valuable skills and experiences should be highlighted on resumes as they have helped you cultivate valuable skills that are important to businesses, such as project management, organization, and leading with influence. Working after divorce helps you recognize what a tremendous asset you are for employers who value your dedication and community involvement. It can be rewarding and empowering to see your volunteer efforts translate into paid employment. Working after divorce may seem daunting, but it's essential to remember the numerous advantages of this choice. While the financial benefits are evident, working post-divorce also enriches your social life, helps you continue to grow as an individual, and supports a renewed sense of purpose. By embracing the opportunities that come with working after divorce, you can craft a fulfilling and financially secure future, reclaim your identity, and embark on a new chapter of your life with confidence and optimism. To learn how we support the financial aspects of your divorce and post-divorce planning, schedule a free consultation with Amy Melander, CFP®, CDFA®, and independent wealth manager.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "02/11/2023", "datePublished" : "02/11/2023", "headline" : "Embracing the Benefits of Working After Divorce", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://39875594.fs1.hubspotusercontent-na1.net/hubfs/39875594/Imported_Blog_Media/qtq80-aAL1RB.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/embracing-the-benefits-of-working-after-divorce", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "Divorce is a life-altering event that affects not only your family dynamics but also your financial plans, especially when it comes to your child's education. Navigating the complexities of college planning during and after divorce can be challenging, and by educating yourself on the dynamics, you can still make a meaningful contribution to your child’s college education. In this article, we discuss three considerations to navigate college planning during and after your divorce. 1. Managing 529 Plans State-sponsored 529 plans are a popular option to save for a child's education. While the account balance is considered a child's asset and typically not subject to division in the marital estate, several important questions and considerations may arise during divorce, including: Account Management: Who will manage the 529 accounts after the divorce? Will it be one spouse or a joint effort? Decision Making: Who has the authority to decide when and how the funds will be used? Is it one spouse's sole decision, or will it require joint agreement? Unused Funds: What happens to the 529 plan funds if they are not fully utilized by the child? Can they be transferred to another sibling, or will they be withdrawn, possibly incurring penalties? In most cases, both you and your ex-spouse will want to continue making contributions to a 529 and benefit from state income tax deductions (where applicable). Therefore, you will need separate accounts, each listing the child as a beneficiary. 2. Considering Financial Aid Implications If your child intends to apply for financial aid, it’s important to understand the implications of divorce on the Free Application for Federal Student Aid (FAFSA) and the College Scholarship Service (CCS) profile. While both the FAFSA and CSS Profile require financial information from parents, the FAFSA considers only the parent with the majority of overnights, while the CSS Profile evaluates need based on financial information from both parents. This is significant if there is a large income discrepancy between the parents because the less-financially-advantaged parent would typically qualify for a more compelling financial aid package. If you are concerned that your ex-spouse may be reluctant to provide financial information in the future, consider including agreements in your parenting plan stating that both parents will cooperate to the best of their abilities. Additionally, you’ll be required to provide financial information for the two years prior to the academic year you're applying for. For example, if you are applying for the Fall 2024 or Spring 2025 school year, you'd report financial details from 2022 onward. In the case of a new divorce, if you were married in the base year (2022, in this example) but are now divorced, you’ll need to disclose this change in circumstances in your financial aid applications. Laws regarding divorced parents' obligations for their child's college education vary by state. In some states, like Colorado, including college contributions in your divorce agreements makes them legally binding. In other states, there may be legal requirements for parents to financially support their child's college education. 3. Being Aware of Timelines When applying for financial aid through the FAFSA and CSS Profile, it's essential to be aware of specific timelines and information requirements, which are earlier than you might expect. The FAFSA and CSS Profile open for applications on October 1st for the following academic year. For instance, you would apply in October 2023 if your child plans to start school in the Fall of 2024 or Spring of 2025. Navigating college planning during and after divorce requires careful consideration of these factors. Consider seeking legal and financial guidance to ensure you make the right decisions as they pertain to saving strategies, to benefit both you and your child's educational future. Rules and regulations do vary by state, so consult with professionals who are knowledgeable about the specific laws in your area to create a plan that suits your family's needs post-divorce. To learn more about how we can support these important decisions during your divorce, contact us for a free consultation.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "19/10/2023", "datePublished" : "19/10/2023", "headline" : "College Planning Concepts: 3 Things to Be Aware of When Divorcing", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://39875594.fs1.hubspotusercontent-na1.net/hubfs/39875594/amfinancial-blog-hero.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/college-planning-concepts-3-things-to-be-aware-of-when-divorcing", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "Divorce is a life-altering event that can have significant financial implications. One important factor to consider during this process is cost of living and related economic inflation. Understanding how your divorce may be impacted by the cost of living in your local area can alter your financial decisions and these considerations are essential when planning for the future. In this post, we outline three things that will significantly impact your cost of living and how you can prepare for these changes post-divorce. Housing Costs in Colorado One of the most significant costs you will incur post-divorce is affording housing on your own. Unless you have a sizable down payment for a new home, significant equity in your current home, or plan to drastically downsize, a new mortgage or rental payment is going to cost between $2,500 and $3,000 per month minimum - if you have children living at home. When securing a loan or determining your budget, your housing (mortgage or rent) should not be more than 25-30% of your total income. That means you need between $7,500 and $12,000 per month in total income to live in Colorado comfortably, without a contributing roomate. Therefore, it’s important to determine where your income streams will come from and the reliability of those income sources so you don’t get in over your head with a large mortgage payment. The Details of Your Settlement Working closely with an attorney and financial advisor during your divorce can help you develop a settlement strategy that aligns with your financial goals. For example, if you know that housing will be your biggest hurdle in managing the cost of living in Colorado on your own, you may design your settlement in a way that allows you to retain the marital home in exchange for other assets that may be less impactful to your existing situation. While you want to avoid short-term thinking, the way you design your maintenance and divide your retirement assets could also help you solve for cost-of-living needs and give you more time to get back on your feet. The details of your settlement and the advisors that support your financial strategy during this time can greatly impact the way you manage cost of living challenges post-divorce. Income and Tax Considerations When you consider all sources of income, from child support to maintenance, to earned income and passive income, you’ll be able to design a budget that illustrates whether you have the resources to recover and eventually thrive based on the cost of living in your area. Based on your income from all these sources, you’ll likely have new tax filing considerations post-divorce, which may or may not work to your benefit. It’s best to work with a financial advisor who can help minimize your tax liability, identify new deductions or exemptions, and prepare you for any changes in tax payments post-divorce. You may also decide that it’s essential to go back to work full-time or invest in career training to improve your financial situation in a high-cost-of-living environment. The cost of living considerations and economic inflation in a divorce require careful evaluation. Work with a team of professionals to consider everything from housing expenses to the specifics of your asset division, and sources of income along with the related tax implications. Seeking professional advice from divorce attorneys, real estate lenders, financial advisors, and tax professionals can help you navigate these considerations and make informed decisions for your future financial well-being. At A.M. Financial, we answer top questions you might have about your financial future and model different scenarios to structure what you need so you can recover and eventually thrive in a high cost-of-living state like Colorado. Contact us for a free consultation.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "18/09/2023", "datePublished" : "18/09/2023", "headline" : "Cost of Living Considerations in Your Divorce", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://39875594.fs1.hubspotusercontent-na1.net/hubfs/39875594/Imported_Blog_Media/qtq80-gTgZu3-1536x1024.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/cost-of-living-considerations-in-your-divorce", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "If you are a non-working spouse going through a divorce, it’s important to fully understand your sources of income and determine whether you need to return to work to supplement your maintenance payments and other income-generating assets. Even if your former spouse made a good living, the combination of a high cost of living in Colorado and your preferred lifestyle might mean it may be in your best interest to return to full-time employment and/or enroll in career training to become employable. In this post, we’ll outline the top four sources of post-divorce income to consider as you evaluate and restructure your finances during the divorce process, and what these income streams mean for future financial needs. 1. Income from Child Support If children are part of your divorce, you’ll likely be awarded child support until your children reach the age of 19 in Colorado. This payment is based on the number of overnights you have with your children, each parents’ income (including maintenance, if any), the age of the children, childcare needs, healthcare needs, and other potential costs. This child support payment can fluctuate if there are changes in the child’s living situation or income changes for the parents. Logistically, this income should be used to provide the same standard of living to the child as the other spouse, and because this income stream is temporary, it’s best to rely very little or at all on this contributing income for your lifestyle. Therefore, doing your best to a build a budget that does not require this income to pay your bills, qualify for loans, and pay for your own lifestyle choices is the most financially prudent direction from a long-term perspective because at some point this income will stop. 2. Income from Maintenance Finalized as part of your divorce settlement, Maintenance income is the result of income disparity between spouses. Maintenance, sometimes called rehabilitation support, can be structured several ways. The goal of Maintenance is to provide support for the lower-earning spouse to re-enter the workforce so that they can eventually provide for themselves financially, ideally by the time the maintenance payments end, or retire. In Colorado, the duration of Maintenance is usually based on the length of the marriage whereas the amount of Maintenance is based on each party’s annual income. Therefore, like child support, this income stream could change but at some point in the future, will end. The duration of Maintenance, along with your age, plays a large role in how this payment will impact your future. For example, if you receive Maintenance until you are eligible for retirement benefits, you may not need to return to the workforce. On the other hand, if you are 45 years old with a maintenance award of 10 years, you should work on your career and ways to supplement your maintenance income unless you have adequate assets to live off of for the rest of your life, essentially retiring early. Adequate retirement planning, no matter your age, could provide insight on whether you need to re-enter the workforce and at what level. 3. Income from Earnings If you do decide to work on your career and re-enter the workforce, you’ll undoubtedly have more power and control over your income. This stream of income can last forever and has ancillary benefits, such as retirement savings, healthcare, and other professional financial perks. Skills you acquire through going back into the workforce and the associated income you’ll earn with those skills can’t be taken away from you. Even if you get laid off, you’ll likely receive some sort of severance along with maintaining the skills you need to be employable elsewhere. Therefore, your earnings are an extremely valuable and empowering asset for a stable financial future. If you are raising kids, balancing a great number of priorities, and not accustomed to also working on top of these responsibilities, it can feel overwhelming to imagine full-time employment. If you are considering career training, evaluate the types of jobs that might fit your lifestyle. For example, while your children are young, consider careers that more commonly provide work-from-home options to help you balance your existing responsibilities. Since COVID, there are many more employers who offer work-at-home opportunities. Your earnings are the most flexible and abundant source of income and can be the most dependable asset in your financial future. 4. Income from Other Assets It’s possible that you’ll divide assets in your divorce that provide monthly income. These assets might include investment dividends and interest, rental property income, passive business income, and more. Depending on how these assets are managed and structured, they could provide steady income for a long period of time or disappear completely. It’s important to work with your financial advisor to evaluate the level of risk and reward you might encounter with these less common forms of income to make sure they last for as long as possible or are used in an appropriate manner that reflects your goals and priorities. If you don’t earn as much as your former spouse, consider conserving these assets or taking steps to reduce your risk. For example, rental property income can be fruitful until you can’t find consistent renters or need to make significant improvements to the rental home, which you may not have the funds to address. Similarly, these types of assets can lose substantial value and you may want to liquidate or withdraw the assets for specific purposes. Your financial advisor can help you retain and stretch the assets for as long as possible. At A.M. Financial, we provide support to individuals going through a divorce by designing budgets that align with financial goals, discussing asset division strategy, and modelling retirement plans. We offer a free consultation to learn more about your unique situation. Contact us to schedule yours today.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "06/09/2023", "datePublished" : "06/09/2023", "headline" : "Four Sources to Consider When Restructuring Your Income Post-Divorce", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://39875594.fs1.hubspotusercontent-na1.net/hubfs/39875594/Imported_Blog_Media/qtq80-1fBtOD-300x200.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/four-sources-to-consider-when-restructuring-your-income-post-divorce", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "Going through a divorce can be an incredibly challenging and emotionally draining experience. The process of untangling your life from your former partner's can feel overwhelming, especially when it comes to making crucial financial decisions. Having trusted professionals to lean on during this difficult time can make all the difference. In particular, a financial divorce professional, such as a Certified Divorce Financial Analyst (CDFA®) or a Certified Financial Planner (CFP®), can provide invaluable guidance and expertise to help you navigate the complexities of your divorce. In this blog post, we will outline essential questions to ask your financial professional and explore key topics to consider as you assess the impact of your divorce on your current and future financial situation. By arming yourself with the right knowledge and support, you can approach the financial aspects of your divorce with confidence, and make informed decisions for your future. Protecting Finances Protecting your finances during a divorce can significantly improve your financial stability and future well-being. Being proactive in safeguarding your assets, income, and financial interests is crucial in this process. The sooner you start thinking about protecting your finances and taking action, the better. In fact, taking steps toward financial protection can even occur before you file for your divorce. By engaging a knowledgeable financial professional with experience in divorce cases, you can gain valuable insights and guidance on how to navigate the financial aspects effectively. To understand whether you're on the right track, consider asking the questions such as: What steps should I take to protect my finances during the divorce process based on my unique situation? How will my retirement savings be affected by the divorce, and what steps should I take to secure my future retirement? What steps can I take to document and establish the value of my assets to prevent any undervaluation? What options should I consider if I am worried my ex-spouse will overspend during this time? What options should I consider if I don’t want to incur any more debt during the divorce process? How should I handle joint bank accounts and shared credit cards to protect my assets? What should I do now to start establishing my own financial identity? By seeking expert advice and asking the right questions, you can make informed decisions that safeguard your financial well-being during and after the divorce process. Division of Assets The division of assets is a critical aspect of the divorce process, as it determines how property and possessions acquired during the marriage will be divided between the parties involved. Generally, marital property is divided equitably and includes assets acquired during the marriage, such as the family home, vehicles, investments, and joint bank accounts. On the other hand, separate property is usually awarded to one party and typically consists of assets owned before the marriage or acquired through inheritance or gifts. Determining what assets are marital versus separate may require assistance from an attorney. Is a Divorce in Your Future? Get Prepared with These Essential Tips. Assets may be divided equally or in a way that is deemed fair and equitable based on various factors including your state of residency. Consulting a financial advisor who specializes in divorce can be invaluable during this process. Some questions to ask regarding the division of assets may include: How will the division of assets and liabilities affect my long-term financial goals? Can you help me analyze the long-term financial impact of keeping certain assets versus accepting alternative options during the divorce settlement? What are the financial implications of keeping or selling the marital home? What should I consider when determining the value of investments, including stocks, bonds, and other assets? How can I protect my investments and how are any pensions, retirement accounts, or other employer benefits earned during the marriage handled during the divorce process? What should I know about any outstanding debts or joint liabilities with my ex-spouse? Are there any potential risks or consequences I should be aware of when transferring assets to new beneficiaries? How can I protect my retirement accounts, such as pensions or 401(k)s, from being unfairly divided? By seeking expert advice, you can navigate the complexity of asset division with clarity and protect your financial interests throughout the process. Tax Implications Divorce can bring significant changes from a tax liability perspective, and it's crucial to understand the implications on your financial situation. Following a divorce, your filing status will likely change from married filing jointly to single or head of household. This change can affect your tax bracket, deductions, and credits, potentially altering your overall tax liability. It's essential to comprehend how divorce decisions, such as the division of assets, can impact your taxes. Tax liability can change the amount of money available to you after your divorce, as certain scenarios may result in unexpected tax burdens or opportunities for tax savings. When consulting with a financial professional during your divorce, it's important to ask specific questions related to taxes, such as: What are the tax implications of the settlement options I am considering? Are there any tax strategies I should consider during the divorce process? What specific tax considerations or liabilities should I be aware of when dividing assets and liabilities with my ex-spouse? How will my filing status change during and after the divorce, and what are the tax implications associated with each filing status? What are the tax implications of paying/receiving alimony or child support payments, and how should I plan for these payments? Are there any tax deductions or credits I may be eligible for as a result of the divorce, such as the child tax credit or child care credit? If so, what do I need to know about how to structure agreements to qualify and maximize tax credits? Should I consider adjusting my withholding or estimated tax payments due to changes in my financial situation during and after the divorce? Seek guidance from a knowledgeable financial professional, so you can make informed decisions that minimize your tax burden and maximize your financial well-being post-divorce. In the complex and emotionally-charged process of divorce, seeking guidance from a qualified financial professional is paramount to safeguarding your financial future. By asking the right questions and addressing key areas such as protecting your finances, dividing assets, and understanding tax implications, you can navigate the divorce process with confidence. At A.M. Financial, we can help you make informed decisions that align with your long-term goals. Contact us today to schedule a consultation.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "24/07/2023", "datePublished" : "24/07/2023", "headline" : "22 Questions to Ask a Financial Professional During Your Divorce", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://cdn2.hubspot.net/hubfs/39875594/Imported_Blog_Media/qtq80-oBtQaY-300x200.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/22-questions-to-ask-a-financial-professional-during-your-divorce", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "The divorce process begins with a period of transition where expenses still need to be shared, followed by the need to establish new services and accounts in separate names. This includes setting up utilities, streaming services, Amazon Prime accounts, cell phone plans, car insurance, managing child expenses, making individual car payments, opening new bank accounts, transferring rewards points accounts (such as hotel memberships), and more. This phase of financial transition is often fraught with stress, tension, and frustration for several reasons. The logistical load of managing these changes, coupled with the emotional toll it takes on you and your former partner, can make untangling shared accounts and finances a challenging endeavor. In this blog post, we explore strategies that can help alleviate the burden of transitioning finances during a divorce. By implementing these strategies, you can navigate this process with greater ease, and focus on rebuilding your financial independence. Proactively make a plan A proactive approach is key when it comes to transitioning finances during a divorce. Couples who anticipate potential issues and create a plan ahead of time often experience a smoother transition. This entails working together to identify shared expenses through a thorough expense review. Start by creating a list of shared of expenses and the plan for moving forward. Decide whether it makes sense for one party to retain the original account and the other to open a new account or if the account should be closed and both parties open new accounts. By setting deadlines for transitioning high-priority items first and then creating a list of lower-priority items, you and your former spouse have a clear understanding of expectations and the income required to cover future expenses. Research is often necessary to navigate the transfer of expenses, accounts, and subscriptions. For example, you may need to reach out to insurance or cell phone companies to determine the costs of separate plans. Is a Divorce in Your Future? Get Prepared with These Essential Tips. These deadlines may align with the start of support payments, temporary orders, when the divorce is finalized, or occur at the time of one party moving out of the marital home. Taking these proactive steps allows for a more organized and informed approach to financial transition during divorce, reducing stress and resulting in a smoother process. Collaborate with a professional A financial professional can help facilitate the process of transitioning finances during a divorce. This expert can provide a comprehensive review of current expenses and identify specific expenses that require attention. Involving a financial professional can help provide a more objective approach, help diffuse conflicts, and assist in setting clear expectations for all parties involved. They can draft new budgets that allocate the new expenses to each individual, taking into account their respective financial situations. Communication is key to planning and implementing your transitions while seeking to maintain a good working relationship with your spouse. For couples who are experiencing high conflict during this process and account transitions are not possible, you may want to seek legal advice. In these cases, a financial professional can assist in setting up a system to track and reimburse expenses, whether in the short- or long-term. Additionally, they can help establish a consensus on a timeline that aligns with significant milestones such as moving out, finalizing the divorce, or the start of support payments, resulting in a practical and mutually agreed-upon plan for all parties involved. Navigating the financial aspects of divorce is undoubtedly a challenging and emotional journey. While it can be a time of excitement and newfound independence, it can also bring about high levels of tension and frustration. By combining these strategies with open and honest communication, as well as a willingness to put in the necessary work and research, you can help alleviate some of the strain during this transitional period. Leveraging expert guidance to navigate complex financial transitions can lead to greater satisfaction with the outcomes, and a sense of control over your financial future while establishing a respectful relationship with your ex-spouse. At A.M. Financial, we understand the importance of financial stability during and after divorce. Contact us today to learn how our experienced team can assist you in working through the financial aspects of your divorce.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "17/07/2023", "datePublished" : "17/07/2023", "headline" : "Navigating Financial Transitions: Approaches for a Smooth Transition", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://cdn2.hubspot.net/hubfs/39875594/Imported_Blog_Media/qtq80-TKNLfr.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/navigating-financial-transitions-approaches-for-a-smooth-transition", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ``` ```json { "@context" : "http://schema.org", "@type" : "BlogPosting", "articleBody" : "While it is always important to build a budget, it’s essential when you go through a significant financial change like one that follows a divorce. Budgets should include everything from necessary, known expenses to measurable, planned expenses and also include estimates for items that are often overlooked or harder to predict. Planning future financial needs is crucial in your divorce because it helps you illustrate the details of your financial situation and helps you build a case to receive maintenance. During and following your divorce, budgeting can give you peace of mind and security during a time of uncertainty. In this post, we outline standard expenses to include in your budget, as well as eight items that are often overlooked as you plan your financial situation. Standard Budget Items Some expenses are easy to plan for post-divorce because they are predictable, easy to estimate, and known financial commitments. These items include: Mortgage or rent Car payments, gasoline, and insurance Food Entertainment Utilities Clothing However, splitting your household into two and taking on the sole responsibility for some expenses can lead to costs being underestimated, overlooked, or not well-defined. That’s why it is critical to include additional budget estimates for items that are harder to predict. 8 Items Often Overlooked Building an accurate budget means understanding whether you’ll have enough money to comfortably live and respond to the unexpected. Here are eight critical budget costs that are often overlooked, especially during and after a divorce. Insurance Costs If your health insurance was covered through your spouse’s employer, you may be surprised about your out-of-pocket costs post-divorce. Usually, decent plans are offered by many employers at minimal costs to employees because employers help pay monthly premiums. When you are on your own, these expenses quickly rise. One option includes filling out COBRA, which is an extension of your current insurance plan through your ex-spouse’s plan where you are required to pay for the full monthly premium (available for up to two years after divorce). Another option is your state’s health insurance exchange (in Colorado, this is called Connect for Colorado). If you need specific coverage for prescriptions, check how your new insurance covers those prescriptions. On the auto and home insurance side, if you buy a new home or car as you start to rebuild your own life, you may incur higher insurance costs that you didn’t anticipate. Childcare Costs Following your divorce, you may no longer be able to build a schedule in which you don’t need childcare, even if you previously worked out a schedule with your spouse or other family members. Typically, your need for childcare will increase as a single parent. This is critical to calculating as it is included in your sworn financial statement. Child care is also included on the child support worksheet in Colorado and influences obligation amounts. Therefore, it is critical to have a clear expectation of these costs during the year (and how the costs may vary during the school year and throughout the summer). Especially if you are expected to work more hours than you did during your marriage, it is important to get ‘credit’ through child support from the other parent. Also, consider pet care. If you plan to rejoin the job force, for instance, you’ll need to pay for services for your animal while you are working, even though your spouse and you may have been able to share these responsibilities and build work schedules around them in the past. Emergency Savings Account Having up to six months of living expenses in an emergency fund provides peace of mind. You may need to rebuild this by putting money aside each month to create an emergency fund for things like job loss or a significant home repair. Retirement Savings Many divorcees need to rebuild their retirement savings. Participating in an employer retirement plan can make this easier as they often provide matches to help you reach your retirement goal. If you have been out of the workforce for a long period of time and you are trying to support a case for maintenance, it is important to include necessary retirement savings needed on your sworn financial statement in order to reasonably retire if your current assets and growth are not sufficient to do so. Memberships Often, memberships to everything from fitness clubs to Amazon Prime include a family rate. After a divorce, you’ll take on 100% of these costs as you secure your own memberships and subscriptions to important experiences and opportunities. Plan accordingly because small costs can add up quickly. Gifts and Special Occasions When your budget is tighter, you may feel the impact of holiday gift giving or a vacation a lot more than you did with two incomes. Consider setting aside some month each month in your budget to pay for these experiences and gifts. Home and Car Maintenance While it is easy to plan for monthly car and home payments, and even approximate gas and electrical costs, budgeting for unexpected repairs is trickier. Without extra money set aside, you could find yourself significantly dipping into your emergency savings fund for things like this. Consider the total cost you want to spend on home updates in a year and budget accordingly, on a monthly basis. For auto issues, plan for at least one significant expense a year and set aside money monthly to fund this emergency repair. Future child expenses If you have young children, some of the following items might not be on your radar yet, but they should be addressed in your parenting plan and future budget when they become applicable. Planning for and having agreements outlined in your parenting agreement reflecting how some of the following items will be handled can be extremely helpful. You are not obligated to agree to these expenses, but being proactive and setting expectations is key to successfully funding these future costs, lowering future stress and can provide the framework for a better co-parenting relationship. You can define these expenses as part of your divorce decree and parenting plan agreements: Cell phone costs Car insurance College savings/costs Future Budget Planning Creating a successful budget is critical to your financial future. At A.M Financial, we help ensure that you are set up for future success after your divorce with thorough planning and advanced financial expertise. Capturing 100% of your expenses, no matter if you are a single parent or past retirement age and on a fixed income, helps reduce stress and create more certainty about your finances. Contact our team to learn how we can help with this critical part of your financial planning.", "author" : { "@type" : "Person", "name" : "Amy Mahlen", "sameAs" : "", "url" : "https://amf-divorce.com/our-blog/author/amy-mahlen" }, "dateModified" : "01/06/2023", "datePublished" : "01/06/2023", "headline" : "Post-Divorce Budget Planning", "image" : { "@type" : "ImageObject", "height" : 400, "url" : "https://cdn2.hubspot.net/hubfs/39875594/Imported_Blog_Media/qtq80-TPHjzr.jpeg", "width" : 750 }, "mainEntityOfPage" : "https://amf-divorce.com/our-blog/post-divorce-budget-planning-dont-overlook-these-8-items", "publisher" : { "@type" : "Organization", "logo" : { "@type" : "ImageObject", "url" : "" }, "name" : "A.M. Financial", "url" : "amf-divorce.com" } } ```