Heymann & Fletcher

Bouncing back financially after a New Jersey divorce

For many New Jersey spouses, concerns about finances are a primary source of stress during the end of a marriage. It is difficult to predict the future, and hard to know how easy it will be to make ends meet once the divorce has been made final. Planning is key, but it is also necessary to have a plan for the unforeseeable. That means being ready to make serious financial changes to create a foundation for future stability.

Most spouses will walk away from the marriage with a share of marital assets. They want to preserve that wealth, however, and many will look for ways to do so. One way that many spouses can save money after a divorce is by making adjustments to their discretionary spending. That may mean cooking meals at home rather than eating in restaurants, or watching something on television rather than going out to a show.

At the same time, spouses who are facing high levels of remaining debt after their divorce can benefit from setting small goals to address those obligations. Paying off small credit card balances and making progress on larger accounts can be very motivational and can have a snowball effect. Setting aside money for an emergency savings account is another great option.

By a combination of cutting expenses and making progress on debt reduction, New Jersey spouses can move beyond a divorce and toward a stronger financial future. Best of all, these measures can help to preserve the assets gained through the property division process, which is a benefit that can last for many years to come. Making short-term sacrifices is an important step toward any significant goal, including reaching financial stability after a divorce.

Source: USA TODAY, "Divorce wiped me out financially. Here's how I bounced back.", Tamara Holmes, May 25, 2017

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