What Financial Issues Should I Be Aware of in a Divorce?

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Though you may be eager to get your divorce proceedings over and done with, you must take the time to consider how you are going to handle its financial implications. That is, the cost of getting a divorce can get expensive, along with the cost of becoming financially independent for the first time in a long time. Read on to discover what financial issues you should be aware of in your divorce and how one of the seasoned Hudson County divorce attorneys at Greenberg & Walden, LLC can help you determine this.

What is the cost of getting a divorce in the state of New Jersey?

Before us all, you must understand how much getting a divorce is going to cost you. In the state of New Jersey, the average cost of a litigated divorce is anywhere between $4,500 to $5,000. This includes court fees and attorney fees, along with the costs of services by forensic accountants, appraisers, couriers, etc. What’s more, this total cost may jump up to $7,500 if you have one contested issue, and then up to $13,000 if you have two or more contested issues.

Notably, you may be able to reduce the cost of your divorce by opting for an alternative divorce method outside of court, such as mediation or a collaborative divorce. However, this may pose difficulty if you and your former spouse have not remained amicable since you decided to part ways.

What financial issues should I consider in my divorce?

It is not only important to plan for the cost of your divorce proceedings, but also to plan for the cost of living as now a financially independent individual. With that being said, financial issues that you should compute beforehand include, but are not limited to, the following:

  • The cost of housing (i.e., mortgage or rent, property taxes, home insurance, etc).
  • The cost of transportation (i.e., car payments, car insurance, gas, etc).
  • The cost of food (i.e., groceries for you and your dependents, etc).
  • The cost of personal care (i.e., grooming, clothing, etc).
  • The cost of entertainment (i.e., travel, streaming subscriptions, etc).
  • The cost of dependant care (i.e., children, pets, domestic services, etc).
  • The cost of healthcare (i.e., medical, dental, vision, etc).
  • Your savings plans (i.e., retirement accounts, emergency funds, etc).

Importantly, you should calculate your expected cost of living before you enter into your divorce proceedings. This is so you can negotiate for a fair and just alimony agreement and a child support agreement. You may want to hire a financial advisor to help you with these calculations. And then, you may want to hire one of the competent Hudson County family law attorneys to help you negotiate these payment plans. So, whenever you are ready, pick up the phone and call Greenberg & Walden, LLC.

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