Divorce gets a bad rap in a lot of respects, but nowhere more than how it has the potential to negatively impact the financial wellbeing of former spouses. While this certainly can be the case without proper legal counsel, many family’s financial situation actually improves after a divorce. There are two primary ways to both protect and improve financial health during a divorce: reaching a beneficial divorce settlement agreement and using good money management tactics moving forward. Thankfully, both of these are reasonable goals and well within the control of individuals going through a divorce.
Today, our divorce attorneys will review how to protect your financial wellbeing before, during, and after divorce by signing a favorable settlement agreement and planning for your financial future.
Harding, NJ Divorce Financials Attorneys
The vast majority of divorce proceedings in New Jersey involve signing a divorce settlement agreement. Settlement agreements will settle the issues of your divorce like child custody, child support, alimony, division of marital assets, and much more. Our Harding divorce financials attorneys believe that the foundation for a solid financial future after divorce begins with reaching a tenable settlement agreement. The following terms may have a large impact on your money situation moving forward:
Equitable distribution of marital assets – the division of your owned real estate, businesses, and even your marital debt can be a huge factor of your financial health in the coming years.
Alimony and spousal support – many divorces include terms of alimony to provide for spouses in need of support to maintain their lifestyle or to pay for necessary expenses after a marriage.
Child support – for co-parents, the expenses of raising children is a huge factor in overall financial health. Whether you are a custodial parent seeking child support or a non-custodial parent trying to reach a fair agreement, child support may impact your bottom line for decades.
Financial Wellbeing After Divorce in Morris County
One a divorce has been finalized, your new life will begin. At this point, there are many steps which can be taken to protect your family’s financial wellbeing moving forward. Your Morris County divorce attorney may recommend working with a qualified financial planner for more individualized advice. With that in mind, here are some ways that divorce can actually improve your money situation:
- You have total control over your finances and monetary decision making
- Planning for retirement is simpler and more straightforward for an individual vs. a couple
- Your children may qualify for additional financial aid after divorce
- Fewer expenses and a simpler life overall
- Social security payouts may be greater for individuals who were married ten (10) or more years, even after a divorce
The bottom line is that after a divorce, individuals are in total control of their future. This extends to their financials as well. Rather than view this as a burden, we recommend to our clients that they view this change as an opportunity to better themselves and the lives of their families for years to come.
Questions About the Finances of Divorce? Contact our Morristown Divorce Attorneys Today
The divorce attorneys of Townsend, Tomaio & Newmark have decades of experience helping clients through the divorce process throughout Morris County areas including Morristown, Chatham, Mendham, Chester, Morris Township, Harding, and all of Northern New Jersey. Our firm is large enough to handle even the most complex and demanding divorce cases while retaining the intimate and personalized experience you will find at smaller firms. Our attorneys are proud to offer alternatives to traditional divorce, including mediation, arbitration, collaborative divorce, and more.
To learn more about how to remain in good financial standing during and after divorce, please contact us online or call our Morristown, Nj offices at (973) 840-8970 today for a free and confidential consultation.
