A divorce can be quite an expensive legal process to go through. What’s more, the finalization of your divorce will likely be the first time in a long time you will have to be financially independent. Overall, money worries may be at the top of your mind during your proceedings. Continue reading to learn what money issues you should consider in your divorce and how one of the experienced Sparta divorce attorneys at Paris P. Eliades Esq. can help you make these considerations.
What money issues should I be aware of in my divorce?
A common misconception that individuals have upon entering their divorce proceedings is that they will be granted permanent spousal support. On the contrary, this order will have a certain expiration date. More specifically, a post-judgment modification may be ordered if you obtain a significant inheritance, if you get remarried, or if you experience any other significant life change. This is not to mention that these spousal support payments may be significantly less than what your former spouse offered to you while you were still married. Notably, this is a similar concept to that of child support.
And so, the lesson in this is that you must plan for what you need from a divorce settlement agreement instead of reacting to what you are offered. This is because, once the New Jersey family court makes its decision, it will be difficult if not impossible to have them go back on it.
What other financial issues should I consider?
To reiterate, you must plan to fight for a divorce settlement agreement that will best fit your future needs. And so, you must sit down and calculate the true cost of living as a financially independent individual after your divorce. So, before negotiating your divorce-related terms, you must calculate the costs associated with the following spending categories:
- Housing (i.e., mortgage, property taxes, home insurance, etc).
- Transportation (i.e., car payments, car insurance, etc).
- Food (i.e., groceries, dining out, etc).
- Personal care (i.e., grooming, clothing, etc).
- Entertainment (i.e., travel, streaming services, etc).
- Dependant care (i.e., children, pets, etc).
- Healthcare (i.e., medical insurance, dental insurance, vision insurance, etc).
- Gifts (i.e., donations, holidays, etc).
- Savings (i.e., education funds, emergency funds, etc).
With all that being said, it may be in your best interest to hire a financial advisor to guide you through the entire divorce process, along with continuing to support you once you are financially independent. In addition, we recommend that you retain the services of a skilled Sussex County, Sparta divorce and separation attorney. We will do everything in our power to cut costs down in your proceedings and retrieve the maximum amount of spousal support and child support possible. So pick up the phone and schedule your free initial consultation at Paris P. Eliades today.