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Track expenses for optimal property division outcome

When addressing their financial needs, one of the most powerful steps that a Colorado resident can take is gaining a comprehensive understanding of his or her expenses. This is true during all phases of life, but never more so than during the course of a divorce. In order to achieve a favorable property division outcome, it is absolutely necessary to have a firm grasp on the full range of current and projected expenses.

The best place to begin is by making a list of all current expenses. This includes the more obvious costs associated with housing, food, utilities and fuel. However, be sure to include expenses that occur on a less frequent basis, including insurance premiums, auto maintenance and expenses related to raising a family.

Next, sit down and take the time to consider how those expenses are likely to change following a divorce. For example, spouses who are able to secure insurance through their partner's employer will most likely have to find their own policy once a divorce is made final. That can mean a significant increase in monthly budgeting. Another expense that many people overlook involves child care. When one spouse regularly provides the bulk of child care duties, it may be necessary to hire sitters or enter daycare after a divorce.

Understanding the full range of financial obligations prior to entering the property division process is the best way for Colorado spouses to ensure a fair and favorable outcome. Budgeting is a skill that can be attained and improved like any other. In the months leading up to a divorce, gaining a comprehensive understanding of personal financial matters should be a top priority.

Source: nerdwallet.com, "7 Ways to Ready Your Finances for Divorce", Elizabeth Renter, May 30, 2017

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