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How Can I Create a Financial Plan for After a Divorce?

Going through a divorce is an emotional and complicated part of a person’s life. Unfortunately, it is also incredibly common. In fact, roughly 50% of Americans get divorced in today’s day and age. That being said, if you are about to get a divorce, it is paramount that you create a comprehensive financial plan for your future as a single person. Please continue reading and reach out to our seasoned Morris County NJ divorce lawyers to learn more about things to consider when crafting your financial plan.

Creating a Financial Plan for Life After a Divorce

Rather obviously, when it comes to crafting your plan, there are a lot of things to consider. To start, you should first calculate how much you earn (or are predicted to earn) on a weekly basis. Once you know how much you have, you should also account for your expenses. Some of the most common expenses are as follows:

  • Childcare costs
  • Housing, such as your mortgage or property taxes
  • Food (you may need to consider going out to eat less)
  • Health and wellness, such as doctor’s appointments and dental procedures
  • Gifts, such as for birthdays or holidays
  • Transportation, such as car payments or gas payments
  • Personal care, such as cosmetics or dry cleaning

You should also note that, depending on your financial situation and that of your spouse, you may be eligible to receive child support or alimony, or, conversely, you may have to pay alimony and/or child support, which is important to factor in.

You should ensure that you list out each of your daily/regularly-incurred expenses and contrast that with how much you bring in each month. Unfortunately for many people getting divorced, once they have a plan in place, they realize they may need to adjust their spending habits, pick up a second job, or otherwise modify their income/spending ratio.

Ultimately, this is only a rough outline of what you’ll need to consider when crafting your post-divorce financial plan. To get a full picture of where you stand financially during and/or after a divorce, you should consult with your attorney, as well as certain outside experts, such as a personal accountant or a financial advisor.

If you have any further questions or you need an attorney who can help protect your hard earned assets from a divorce, look no further than our firm. Townsend, Tomaio & Newmark is a steadfast legal advocate for all those going through divorces in New Jersey, and we are prepared to fight for you, too. Contact us today so we can get started working on your case.