The initial cost of a divorce can be thousands of dollars. But you must also consider the cost of becoming financially independent for the first time in a long time. Follow along to find out the costs that you should consider after your divorce and how one of the proficient New Jersey divorce attorneys at Haber Silver Russoniello & Dunn can advise you.
What costs do I have to consider after my divorce?
Even if you are granted a reasonable spousal support order and child support order, this still may not be enough to cover all of your costs of living as a financially independent individual. With that being said, you must take the time to consider the following costs you will have to handle solo after your divorce:
- The cost of your housing:
- Your mortgage or rent payments.
- Your property taxes.
- Your home insurance.
- Your utility bills.
- The cost of transportation:
- Your car payments.
- Your car insurance.
- Public transportation services.
- Uber/Lyft services.
- The cost of dependant care:
- Your children.
- Your pets.
- Your aging parents.
- The cost of healthcare:
- Your medical insurance.
- Your dental insurance.
- Your vision insurance.
- Your medical bills.
- Your savings plans:
- Your retirement funds.
- Your child’s college funds.
- Your emergency funds.
Importantly, you must consider the costs of food, personal care, entertainment, and gifts, among other extra costs.
Why should I hire a financial advisor?
You must understand that you will not receive spousal support or child support for the rest of your life. As an example, your spousal support order may be terminated if you get remarried, and your child support order may be terminated once your child reaches the age of 18.
This is why it is important to involve a financial advisor in your divorce process so that they can determine the impact of a negotiated spousal support or child support order before you agree to it. What’s more, a financial advisor may educate you on your money matters (i.e., home equity, mortgage components, insurance workings, etc), consolidate your accounts (i.e., retirement and non-retirement accounts), and invest your money in a way that meets your immediate and long-term goals.
In addition, it may be in your best interest to hire a forensic accountant for your divorce process. This is so you can ensure that your former spouse is not hiding any valuable assets in an attempt to reduce their spousal support or child support obligations.
Ultimately, we recommend that you retain the services of one of the talented divorce attorneys from our Morris County divorce and separation law firm. We will ensure that your divorce settlement agreement is fair and just, and that it will overall set you up for financial success in the future. Call us today.