29 Jul Adjusting To Single Income After A Separation: Tips From Affordable Family Lawyers In Sydney
Going through a divorce or separation can bring a number of stresses and challenges in its wake. One of those stresses can be the shift from a dual-income household and the need to adjust to a single income. At Lapointe Family Law, we are a team of affordable family lawyers in Sydney that offer our clients world-class family law services as well as access to wellness professionals such as financial wellness specialists to help them through the separation process.
Get A Good Idea Of Your New Income
Take a proper look at your finances. Look at your salary and other income sources. Next, look at your current monthly debts and obligations. If you find that there is not much left over, your current living situation may not be sustainable. You may need to make some lifestyle changes or consider taking on a part-time job for some extra income.
Determine The Financial Feasibility Of Keeping The House
When a couple owns a home together, deciding what to do with it during a divorce can be complicated. Often, the home is sold and the profits divided equally, or one party buys the other out of their half. If you want to keep the house, it’s important to look at whether you can afford to buy your spouse out of their part, whether you need to refinance the home in just your name, and whether you can afford the monthly repayments and upkeep on the home.
Consider Renting While You Find Your Feet
If you’re not planning on keeping the home, don’t rush into buying straight away. While you work things out, it could be worth renting an affordable place for yourself until the separation has been finalised and you have a better idea of your financial situation.
At Lapointe Family Law, we aim to support our clients through their legal stresses. We take a holistic approach to family law with the understanding that a divorce or separation can bring financial and emotional strain to our clients and their children. By collaborating with a team of highly trained wellness professionals, including life coaches, psychologists, counsellors, financial wellness specialists and more, our clients have access to more than just legal advice. With Lapointe Family Law, you have access to the best family lawyers along with the right people to guide you through your personal challenges.
If you need advice regarding a separation or need help adjusting to a single income after one from affordable family lawyers in Sydney, call Lapointe Family Law today at (02) 98445492.