no-script-img
Restarting Your Finances After Divorce

Restarting Your Finances After Divorce

When you get a divorce, it is normal for your financial situation to change. You might be paying or receiving alimony and child support, adjusting to life as a single parent, and changing your living situation, among other things. As you enter this new phase of your life, it is important to understand exactly what is shifting for you financially and to plan accordingly. A skilled divorce lawyer can help you with starting over your finances after a divorce, helping you pursue the payments you need and make plans that work for you in the long run.

Budgeting after Divorce

It is important to keep track of your expenses and spending when starting fresh with finances. Having a budget based on monthly or annual expenses can be key to ensure everything is within reach and manageable. Can you make long-term goals with your finances? Can you be financially stable? Do you need to wait to get back on your feet before that big purchase? These are all valid questions to ask yourself.

Keeping or Selling the Family Home

Because divorce is often highly emotional, people often fear letting go of what is familiar to them. It is not uncommon for those undergoing a divorce to feel uncertain about what to do with their family home. One common arrangement is for one parent to keep the family home to keep a sense of stability for the children. If this happens, the other spouse often will buy out their share or negotiate offsetting the value against other assets of value.

On the other hand, there are many couples undergoing divorce who decide to sell the house. This may be the best option for some parents to ensure that they can remain financially comfortable. Whatever choice you make, make sure the outcome benefits you just as much as your children and ex-partner.

Having Support is Essential

Lastly, although you have become a team of one, it does not have to feel that way. It is always helpful to have a friend, relative, or loved one take a second look at your finances and your long-term budget plans. Additionally, having an experienced attorney in your corner during the divorce process can ease things along and make starting your finances over after divorce less overwhelming. Attorneys may sometimes send their clients to a financial adviser for additional help in adjusting to finances after divorce. Contact our office today to learn more about how we can assist you during your divorce.

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]

    How High-Asset Divorces Impact Your Investments 10Dec
    How High-Asset Divorces Impact Your Investments Posted by Harper
    Setting Boundaries: Effective Strategies for Dealing with a Partner Who Won’t Let Go Dec
    Setting Boundaries: Effective Strategies for Dealing with a Partner Who Won’t Let Go Posted by Harper
    Prenuptial Agreements in New Jersey vs. Across the Country 06Dec
    Prenuptial Agreements in New Jersey vs. Across the Country Posted by Harper
    Issues That Could Arise When Divorcing Under 25 05Dec
    Issues That Could Arise When Divorcing Under 25 Posted by Harper

    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. Consultations are offered for those who retain the firm.

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

    Contact Us

    Error: Contact form not found.