no-script-img
Preparing Your Finances For The Post-Divorce World

Preparing Your Finances For The Post-Divorce World

Divorce is not only emotionally trying, but can also be financially difficult. Where one family is now two, there will be the need to support two households. In a tough economy it is hard to stretch your dollars, and in your post-divorce world it will become more important than ever to make sound financial decisions. If you are receiving child support, you should earmark those funds for the needs of your child, so their lives are as unchanged as possible. For cases where alimony is an issue it is critical to know how alimony works, which means learning the duration and amount rules in place for this type of support payment. Having a clear picture of your finances enables you to plan for your future and step into a post-divorce world with confidence.

An award of alimony will be made depending upon the length of the marriage, the need of the parties, and ability to pay. Other practical advice for money matters after a divorce includes doing things such as changing the beneficiary on your life insurance and retirement funds. You should also have your will reviewed for any changes to asset distribution, or for bequests made to your now ex-spouse.

The terms of your divorce decree will also play an important role in how your finances shape up after the marriage ends. Issues like property distribution must be handled with care, so that you receive your fair share of the marital estate. Likewise, you will want to be sure any debt is apportioned between you and your ex fairly and that the party ordered to pay debts do so in a timely fashion. Your credit could be impacted by your ex spouse’s failure to pay debts that are held in both of your names, because your creditors are not a party to your divorce and are not bound to look for payment from only one spouse. There are legal tools available to you to enforce the terms of your divorce, and you should take immediate action if your spouse is not following the rules. Your financial future and independence depend on you, and you are well within your rights to enforce the orders of the Court.

For more information about finances and divorce, call an experienced family law attorney for answers to your questions. Call us today to schedule an appointment.

Contact Our Attorneys Today

Start With A Free Case Evaluation

    [utm_campaign_i][/utm_campaign_i]

    [utm_source_i][/utm_source_i]

    [utm_medium_i][/utm_medium_i]

    [utm_term_i][/utm_term_i]

    [utm_content_i][/utm_content_i]

    [gclid_i][/gclid_i]

    The Benefits and Challenges of Joint Custody in New Jersey 19Mar
    The Benefits and Challenges of Joint Custody in New Jersey Posted by Content
    Prenups: What Are They and What Should You Include in Yours? 18Mar
    Prenups: What Are They and What Should You Include in Yours? Posted by Content
    Pre-Divorce Planning: How to Protect Your Assets in a Divorce 14Mar
    Pre-Divorce Planning: How to Protect Your Assets in a Divorce Posted by Content
    Guide to Modifying Child Support in New Jersey 08Mar
    Guide to Modifying Child Support in New Jersey Posted by Content

    No aspect of this advertisement has been approved by the New Jersey Supreme Court. The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice or tax advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute, an attorney-client relationship. Please do not send any confidential information to us until such time an attorney-client relationship has been established. Results may vary depending on your particular facts and legal circumstances. Free consultations are offered for those who retain the firm.

    ©Copyright 2024Moskowitz Law Group, LLC. All Rights Reserved.

    Contact Us
    [contact-form-7 404 "Not Found"]