While the marriage process altogether is simple and easy and can be the most memorable moment of your life for years to come, some couples don’t have it so easy down the line. Sometimes, the love that couples thought would last forever fades away, or negative aspects of a partner surface. When there is no longer a match and the fire starts to die down, couples normally start to question whether it is worth sticking around.
The divorce process is not an easy process, as it entails many decisions that will affect both parties in the long and short run. The process requires the guidance of lawyers and legal teams to process the formalities which includes equitable distribution of assets and the parenting of children.
We suggest that when you are contemplating a divorce, you review the budget that reflects or reflected the family budget maintained during the marriage. However, after a divorce, the standards of living for many people change. If you maintained a household on two incomes, the amount needed to maintain your separate household is to be addressed with your counsel. The goal is to be able to maintain a lifestyle comparable to that maintained during the marriage.
If you are fresh off a split, here are a few tips on keeping financial security after a divorce because let’s face it, money makes the difference in this world:
Make A Realistic Budget To Be Able To Adapt
After a divorce, the standards of living for many people changes. If you were previously used to having two incomes in the household, the jump back to one will be a bit of an adjustment. While this is not impossible to work around, it may prove difficult to start supporting your new life solo initially. Planning your budget once you are single again will help you stay afloat and in positive spirits after the difficult divorce. Work closely with a financial planner who specializes in post-divorce budgeting to determine your best course of action to close the standard of living gap.
Consider Keeping The Family Home
Our tip is to not assume that the parent with more custodial time of the children (if any) should keep the family home. Deciding on this can be an extremely tedious task, as it regards the wellbeing of your kids. If you got the short end of the stick financially, consider fighting to keep the home for yourself, and find realistic options for living spaces for your ex-partner.
Remember To Close All Joint Accounts Before Finalizing The Divorce
Do not put yourself through the hassle of sharing debt. Closing all bank accounts that have you and your partner as co-owners will help you protect your assets in the long run. While you will still have to pay off anything left in joining accounts, the sooner this is done, the sooner you can start rebuilding your own credit.
Don’t Tackle Financial Issues One At A Time
If you are thinking about taxes, capital gains, investment losses, and other things that can affect you, this is best tackled through a comprehensive picture of all finances for a fair settlement. Viewing these things separately can make you overlook important factors that come into play in terms of personal finance, which you do not want.
Always Think Of Your Long-Term Financial Stability
While some tasks require more immediate attention than others, remember that you want to be sure that your long term finances are in order. Child support and splitting assets are both extremely important but consider your future and how you will support yourself in the long run. Financial planners can assist you with this and make your picture clearer.
Sometimes, Equal Division Of Property Is Not Fair
In case you weren’t aware, assets that generate income and revenue are usually worth way more than their market value. Just because you and your ex-spouse will receive properties worth equal values in terms of money doesn’t mean you will be receiving the true share over time. Pay attention to all the small details to avoid losing out.
Remember that divorce is something serious, and this is why you will want all details ironed out and configured as soon as and even before you split up. Any complications in the future are headaches, so professional help from the best attorneys can streamline this.
At Tomasella and Vacca, L.L.C, we have years of experience in family law litigation and can assist you with the divorce process. We are located in Hackensack, NJ. Our team is aware that every case is unique, so we try to apply practical and realistic approaches that suit all your needs. Request a consultation with us for help during difficult times.