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Financial planning for divorcing spouses

Going through a divorce is often difficult for New Jersey residents, and some of them may find the process easier to navigate when they are able to differentiate between emotional and practical matters. It is often said that marriage is about love while divorce is about money, and spouses may find it easier to cope with the emotional challenges of a new life when they feel more confident about their financial situation.

Most divorces will involve some form of financial adjustment, and many people find it difficult to maintain their former lifestyles when only a single income is coming in. Spouses considering a divorce would be wise to assess their incomes and expenses, but they should also bear in mind that many things are likely to change. Two separate auto insurance policies will cost far more than a single policy covering multiple vehicles, and growing children can strain even the most careful budgeting plans.

Some spouses plan to return to work after going through a divorce, and they may seek temporary spousal support to help them cope financially as they look for a job or update their skills. Spouses could also be awarded alimony on a more permanent basis in certain situations. However, they should bear in mind that alimony payments are usually treated as taxable income by the IRS.

Experienced family law attorneys will likely understand that many spouses coping with the emotional upheaval of a divorce find it difficult to focus on practical matters. Negotiations over spousal support and property division can become contentious, but accepting a poor settlement in order to avoid conflict can have serious consequences. A family law attorney may be able to help a client to reach an amicable compromise even when such an outcome appears unlikely, but legal counsel could also advocate vigorously in court when such a solution remains elusive.

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