Divorce is often not an easy process when it comes to finances. Along with splitting up assets and determining child custody, you will also have to budget for life after your divorce. This can be challenging, especially when you are accustomed to having two incomes. In this blog post, Rozin | Golinder Law will provide tips on budgeting for life after separation.
The first thing you should do to budget for life after divorce is to assess your current finances. This includes taking inventory of all your assets, such as savings accounts, retirement funds, and property ownership. You will also want to have an understanding of your debts and liabilities, such as credit card debt, mortgages, and car loans. After gaining a clear picture of your situation, you can budget for your new life.
Now that you know your financial circumstances, you can create a budget for your life after your divorce. Start off by listing all of your income avenues and expenses. Be sure to include all essential costs, such as housing, food, transportation, and child care. You will also want to consider any debts you are responsible for, such as credit card payments or student loans. After developing a complete picture of your budget, you can begin to make adjustments.
If your budget reveals that you spend more than you bring in each month, you will need to make some adjustments. One option is to reduce your monthly expenses by cutting back on non-essential costs, such as entertainment and dining out. You may also want to consider increasing your income by working overtime, if possible, or taking on a part-time job.
In some cases, budgeting for life after divorce may require more than just cutting back on expenses. If you struggle to make ends meet even after budgeting, you may need to seek monetary assistance from your former spouse. This can be done through child support or spousal support payments. You will need the assistance of an experienced attorney who can help you file the necessary paperwork to receive these payments.
There are several different types of spousal support payments in New Jersey.
You must apply with the state to obtain child support payments in New Jersey. The amount of child support you receive each month will depend on several factors, such as the number of children you have, your income, and your spouse’s income. In addition to monetary support, the non-custodial parent may also be required to provide health insurance for the children.
While budgeting for life after divorce is crucial, sometimes it is necessary to have additional support. The team at Rozin | Golinder Law can help review your case and determine if alimony or child support adjustments are necessary.
To schedule a consultation with one of our attorneys, call us at (732) 377-3367 or visit us online.
