Divorces can be financially draining. Additionally, if you were financially dependent upon your spouse, you may find yourself in a very different financial situation now that you are single. This is a common matter that many people face after a divorce. Below are some of the most important ways to improve your finances after a New Jersey divorce. Read on to learn more.
How to Improve your Finances After a Divorce
After a divorce, you may be wondering how you can improve your finances. Some of the best ways to do so include:
Create a budget: If your ex-spouse handled most of the finances, you may feel overwhelmed when it comes to paying the bills on your own. One of the best ways to tackle your bills is by creating a budget. Listing out your monthly expenses can help you ensure that everything is paid on time and you know exactly how much money is going where.
Have a garage sale: For many, a divorce is a fresh start. As a result, you may want to clear out your home of many of the items you and your spouse acquired together over the years. Hosting a garage sale or selling these items online is a great way to clear out your space while also making some extra cash.
Build your credit: Credit is important when it comes to making large purchases like a house or a car. After a divorce, you may need to begin building your own credit, in your own name. This is an incredibly important step to take.
Explore new avenues of income: With newfound time and freedom on your hands, this may be a great time to begin exploring new avenues of income, whether it be a side gig, turning your hobby into a career, or chasing after your dream job.
Financial Benefits of Divorce
While a divorce can be financially stressful, there are a number of benefits, including:
- You have total control over your finances and monetary decision making
- Planning for retirement is simpler and more straightforward for an individual vs. a couple
- Your children may qualify for additional financial aid after divorce
- Fewer expenses and a simpler life overall
- Social security payouts may be greater for individuals who were married ten (10) or more years, even after a divorce
If you have any questions or concerns about improving your finances after a New Jersey divorce, reach out to our firm of experienced attorneys today.
CONTACT OUR FIRM
If you need an experienced legal team to guide you through your divorce, contact Townsend, Tomaio & Newmark L.L.C today.
