How Do I Create a Post-Divorce Budget in NJ?

For many going through a divorce is an incredibly emotional process. However, there are many financial aspects that must be taken into consideration as well. One of the most important aspects of filing for divorce is planning for your life after your divorce. As such, it’s imperative to ensure you begin post-divorce budget planning to help set you up for success. The following blog explores what you should take into consideration during this process and why it’s in your best interest to connect with a Morris County divorce lawyer to help you through this process.

Why Do I Need a Post-Divorce Budget?

One of the most important aspects of preparing for life after your divorce is to create a post-divorce budget. Unfortunately, many people do not take the time to plan for their financial future, which can lead to issues for years following the divorce. Failure to take your finances into consideration during this period can help set you up for failure. This allows you to prioritize your needs and helps ensure financial stability. This is incredibly important to plan for life as a single adult, especially if you and your spouse are used to splitting bills and relying on

Post-divorce budgeting not only helps set you up for success following your divorce by ensuring you can live within your means, but it can also help you determine matters like alimony and child support. By calculating your expenses and determining your finances, you can have a better idea of the support you need from your spouse to help support you or your children following your divorce.

What Should I Take Into Consideration?

It’s important to create a comprehensive budget to help protect yourself. Generally, the first thing you’ll need to consider is your income. This includes your wages and any support you receive from your spouse. Next, you’ll need to factor in your expenses, like rent, utilities, groceries, and child-related expenses. In addition, you’ll need to factor additional expenses into your budget, including hidden expenses. This includes health insurance premiums, auto insurance, and homeowners/renters insurance. You’ll also need to consider your additional expenses, like monthly subscriptions and transportation

Unfortunately, it’s imperative to ensure you take this process seriously, as rushing through this process can have negative impacts on your life following your divorce for years. Failing to accurately compile your budget can lead to less support and increased financial struggle. As such, it’s in your best interest to connect with an experienced attorney to help you navigate this complicated matter.

At Haber Silver Russoniello & Dunn, our legal team understands how difficult these matters can be to navigate, which is why our team is here to help. We can help you transition into the next chapter of your life to help you set yourself up for financial success. Contact us today to discuss your circumstances.