In order to plan your finances during divorce, you need to have an idea of what your income will be. A handy guide is the Child Maintenance Calculator.
Be aware that the amount of children you have with your Ex is not the only variable – but also how many other children your Ex lives with. So if they have a new baby or move in with a single parent and cohabit or marry, then this will effect the amount of money you get towards your children.
I know, it doesn’t seem very fair, does it?!
But getting a realistic overview of your situation is worthwhile, and rather than focus on how little you may now have to run the family home, remember that all the children need to know is that their parents are behaving with grace and setting a good co-parenting example.
Use the calculator to agree on a child maintenance amount if you’re arranging it yourselves, or to get an idea of the statutory amount the government would work out for you (including collection and application fees). Working with a financial advisor (many don’t charge for their time spent in initial meetings) will allow you to make a solid plan, and feel confident that whatever adjustments you need to make to live within your means, you will still be able to stay in control of your financial situation by following a carefully mapped-out plan, with the help of that advisor.
Click here to use the Government’s Child Maintenance Calculator: https://www.gov.uk/calculate-your-child-maintenance