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Approaching life after divorce with a financial strategy in hand

WEINER LAWInsightsDivorceApproaching life after divorce with a financial strategy in hand

Divorce Thursday, October 5, 2017

The end of a marriage will inevitably bring about change in the lives of everyone involved. If you are going through a divorce, you probably have enough stress on your plate as is, and concerns about how the outcome will impact your financial future may do little to ease the situation.

You may be searching for every possible way during this time to prepare for life moving forward. While divorce will likely affect your financial standings, this could only be temporary, and there are resources readily available to you that can assist in the transition to life on your own.

Forming a financial strategy for the future

The end of a marriage can be fraught with emotional highs and lows, which could inhibit your ability to focus on what is important. Researching your options concerning financial strategies for divorce could prove crucial to life moving forward, and some tips to help you along the way include the following:

  • Identifying marital assets:  One of the first steps in divorce is to identify and value all marital assets. This can not only help you prepare for subsequent negotiations, but may also help better plan for your financial future.
  • Forming a budget:  Transitioning to life on your own can be intimidating, but less so if you take the time to form a budget for your new life. Things to keep in mind may include the costs of housing, saving for the future and providing for kids if you have them.
  • Factoring in support:  When forming a budget, you might want to factor in any potential spousal or child support payments, as well as how to handle taxes concerning these payments.
  • Long-term investments:  Regardless of your age, you might place a high priority on saving for the future, and if you are going through a divorce, you may need to revisit your investment plans and make adjustments where necessary.

If you are divorcing later in life, you may also want to consider your options concerning Social Security, especially if you believe there is a chance of a future marriage, as it might have an impact on the amount to which you’re entitled to receive.

Safeguarding your financial future

When facing the end of a marriage, you may wish to protect your financial future, but with numerous aspects to cover, you are probably feeling somewhat intimidated by the process. However, you don’t have to go through it alone, and seeking guidance from someone with extensive knowledge in New Jersey state divorce laws could prove invaluable. By obtaining advice and assistance, you may place yourself in a much better position to pursue a favorable outcome and to shift your focus to a brighter future.