The end of your marriage has the potential for a certain amount of financial confusion, even financial turmoil. Even if you feel you obtained a fair settlement or judgment in your New Jersey marriage dissolution case, you may still have some issues related to divorce finances. There are a trio of keyways in which you can handle your finances following a New Jersey divorce.
You Must Take Budgeting Seriously
A good percentage of married couples admit that they are not particularly diligent when it comes to regularly making and keeping to a budget. In some instances, the failure to budget may seem like it did not have a huge impact on your financial status while you were married.
When you divorce, you need to become far more serious about budgeting. The fact is that your financial status likely will or has changed because of the end of your marriage. And such an alteration very well may mean that you have less money coming in. With less money available, the necessity of budgeting seriously becomes highly serious and needs to be a priority in your life.
The bottom line is that you cannot follow what really is common practice among people across the country. That is taking some time to come up with a budget but not making a commitment to follow it.
Reduce Debt, Increase Savings, Live Within Your Means
Associated with the necessity or making a keeping to a budget is the associated divorce finances trifecta:
- Reduce debt
- Increase savings
- Live within your means
Oftentimes, when it comes to divorce finances, a person exits a divorce with a cumbersome amount of debt. A relatively commonplace scenario involves a married couple that has accumulated a significant amount of marital debt. In point of fact, debt and other financial issues oftentimes are underlying or contributing factors to the disintegration of a marriage.
In addition to a notable amount of accumulated marital debt, the divorce process itself can result in a party to a marriage dissolution amassing even more debt for a variety of reasons. The point is that when post-divorce life commences, reducing debt becomes a necessary, fundamental endeavor.
Moreover, in regard to divorce finances and post-marriage dissolution life, increasing savings is also a highly recommended course of action. Following a divorce, a person oftentimes has only his or herself to rely upon for a proverbial emergency fund.
As has been noted in the budgeting discussion, living within your means following a divorce is another crucial step to take. Causing unnecessary financial distress in your post-divorce life can have unwieldy implications.
Accept Available Assistance if Needed
Finally, when it comes to divorce finances and getting your life back on track following the end of your marriage, the time may be at hand. You need to tuck your own sense of pride away to at least some degree. By this it is meant that you may find yourself with financial challenges and at the same time have a trusted family member or friend who is willing to extend assistance to you in one form or another.
The reality is that if a need for at least some financial help arises, and if you do have someone in your life who you trust and who can and is willing to assist, you have to give appropriately serious consideration to accepting assistance. Certainly, this can be done with an eye to repaying the individual or individuals who are willing to assist you during a more challenging moment in time.
Protect Your Vital Legal Interests with a Skilled, Experienced New Jersey Divorce Attorney
The first step in protecting your important legal interests if you are facing a divorce case is to schedule a free initial consultation . and case evaluation with a New Jersey lawyer you can trust. You can schedule a case evaluation and preliminary appointment with an experienced New Jersey divorce attorney at the Law Offices of Peter Van Aulen by calling (201) 845-7400. A free initial consultation can be arranged any time that is convenient for you.