Month: March 2018

Money Management for Newly Single Parents

Managing money when you’re a single parent is tough— especially if you don’t have any form of child or spousal support. In short, money management is tough in any situation, but especially when you’re the one handling it all. So, we’re going to give you a little bit of help. Following, you will find a guide for any single parent who is struggling to juggle it all. From starting a savings, to scheduling bills, to breaking it all down into categories. We’re here for you. So, let’s get started.

Money Management for Newly Single Parents: Getting Settled and Comfortable
Create a schedule

Make a list of every bill you have to pay month to month. From electricity, mortgage, rent, HOA fees, cable, internet— the whole nine. Write down every bill and amount you pay. Once you’ve done that, add the due dates to that list. You want to know what goes out and when. When you’ve got your list complete— add them into a calendar you look at once a day. Whether that be a computer calendar, a physical one, or on your phone. Wherever your calendar resides, add your due dates to them.

Once you’ve added your due dates— create alerts

Paying your bills on the day that they’re due is all well and good. But, cutting it close is always more stressful than doing it ahead of time. So, remind yourself a week/ a few days/ whenever you prefer. But, ahead of time. It isn’t a bad idea to set one day aside to pay all your bills. Whether it’s the first Saturday of every month, your first paycheck of the month— whenever you have the most money in your account that you will for the month, is likely the best time. You want to feel comfortable while paying bills, and that’s likely right after you get paid.

After you’ve paid your bills, throw a little in savings

Creating a budget is a great thing to do. It helps you plan for the now and the later. Your budget should always include your bills, groceries, a bit of free money, and also a savings amount. Creating a nest egg and an emergency fund are essential to lifting that stress off your shoulders in the event of an accident. Money management can be quite tough. But, writing it all down and creating a routine for maintaining what goes in and out can make it a much easier process. Good luck!

Equitable Distribution, How Equal is It?

In South Carolina, we use the law of equitable distribution as a means of determining divorce cases. For many people, this term can cause a lot of confusion. Equitable distribution does not mean that the court divides property 50/50 between the couple. Rather, the court uses principles of fairness to decide how the property should be divided. But, what are those principles? And what factors go into consideration?

Fair and Equitable Distribution: How Equal is it?

It’s important to understand how much property you have before meeting with an attorney. The court takes into account all assets between the two parties before deciding the proper, fair equitable distribution terms. So, it’s important that you’ve done a complete assessment ahead of time.

So, what kind of property should you include?

The short answer is everything. First, there’s ‘real property’. Real property refers to land and houses. Real property, generally, is the most expensive property. Personal property includes almost anything else. The first considerations for most people generally are that of cars, furniture, and jewelry. However, personal property includes all general items that aren’t considered real property. So, that can be anything from a painting to a Kitchenaid mixer. In short, personal property could be any item in the home. Which means, that there’s a lot to consider.

Considering Debt

One other factor to consider in equitable distribution is debt. Personal loans, credit cards, hospital bills, and mortgages are all debts that the court will take into consideration when they make a final decision.

How Does the Court Decide What is Equitable and Inequitable?

Now, how does a judge make a decision considering all these different types of property and debt? Well, the court looks at factual circumstances in the marriage. For example, the income of each individual spouse is a big factor. Other than that, each spouse’s individual contribution is an especially significant factor for debt. Another major factor is that of fault. If one of the spouses is considered ‘at fault’ for the marriage’s failure, that has a large potential to sway the court in one direction or another.

Finally, it is important to remember that equitable distribution does not necessarily apply to all property and debt. It only applies to property and debt the was acquired during the marriage. If you buy or acquire the property and debt outside of the marriage— it is immune to the proceedings and is yours to keep.

Team parenting: Treating Each other as Parents vs. Exes

Parenting as a team after divorce can be tricky. You have unresolved feelings, bad memories, and often, the only point of contact is the child. But, what you might not realize is that treating your parenting situation as a team effort can have a greater, and less stressful, outcome for every party involved. While it might seem tough, and it can be; learning to treat each other as co-parents instead of exes will create a more healthful environment. Team parenting is no easy feat, but with time, and a bit of patience— you’ll be ready to become the best divorced parents on the block. So, let’s get to work.

Team parenting: Treating Each other as Parents vs. Exes
We know it’s tough

Co-parenting, or team parenting as we like to call it, is pretty tricky. Especially in the beginning, there are a lot of other emotions that come along with it. Being a good co-parent shortly after a divorce has a lot of different components. You have to put your own feelings aside to benefit your children. While that is the job when it comes to parenting, that doesn’t mean it isn’t challenging.

But, it’s even more rewarding

Where there is challenge, there is the potential for triumph. There might be growing pains, but finding your groove and treating each other as parents— and with respect, has a lot of potential for upside. You’re teaching your kids proper problem solving, how to respect those around you, and how to adapt to change. You might feel as if you’re failing sometimes, but you’re not! These adjustments take time, and a lot of effort. Cut yourself some slack.

You’re teaching your children how healthy divorce can be

A divorce doesn’t have to be a bad thing. Marriage is great, and no one is saying that the system is doomed. But, one day your children will become adults, and it’s healthy for them to understand that no one or thing is perfect. Marriage is fantastic, but in some cases, divorce can be too. Ask yourself this: would you rather your children use an unhappy marriage as the basis for their understanding of it? Or, would you rather let them witness a divorce that 1) makes both of the parents more happy, and 2) goes down in a respectable manner? Divorce will not ruin your children’s lives. If anything, how you handle it could be a really healthy learning experience for them.