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Seven Tips to Financial Independence After Divorce

A primary task at hand in the aftermath of a divorce most people is to maintain or regain financial independence. Understanding this reality, there are seven tips to financial independence after divorce:

  • Reevaluate your financial goals
  • Reevaluate your life insurance
  • Craft a realistic budget
  • Consider engaging services of financial planner
  • Consider your employment options
  • Make sure joint accounts are eliminated
  • Evaluate your credit score
Reevaluate Your Financial Goals

The first tip to bear in mind when it comes to financial independence after divorce is the necessity to reevaluate your financial needs, goals, and objectives. The reality is that a person’s current financial status is nearly always altered by a divorce. Moreover, resources available for a person’s financial future may be altered as a result of a divorce. This all warrants a serious reevaluation of where you would like to be financially going forward into the future. You need to reevaluate what you can and cannot do to reach these revamped future objectives.

Reevaluate Your Life Insurance

Following a divorce, you will want to review your live insurance. You need to consider whether or not the coverage you have in place is appropriate to your new circumstances. For example, if you have children, you need to make certain that there is sufficient insurance to cover their needs if you were no longer here to care for them. (Ideally, there is coordination with the other parent in this regard.)

Craft Realistic Budget

Budgeting during and at the conclusion of a divorce case is important. You need to create a reasonable, realistic budget that is both comprehensive and relatively detailed. Establishing a financial roadmap of this nature is a key to progressing towards true financial stability following the end of your marriage. In the absence of such a budget, you really do end up operating blindly. You can end up facing financial problems that could have been avoided via proper budgeting in the first instance.

Consider Engaging Services of Financial Planner

You don’t have to go it alone when it comes to addressing financial issues after your marriage ends. Consider retaining the professional services of a reputable financial planner to aid you in rebuilding your economic strategies following a divorce.

Consider Your Employment Options

Financial independence after divorce may demand that you consider your employment opportunities, including the prospect of moving into a new job setting or career. In the final analysis, you may need to move to a different position of employment that offers more in the way of compensation and benefits to restore a sense of balance and forward movement to your financial life.

Make Sure Joint Accounts are Eliminated

Another tip to consider when it comes to financial independence after divorce is to make sure any accounts held jointly with your former spouse are closes or eliminated. In fact, account separation is something that is best undertaken as soon as possible during divorce proceedings. There can be situations in which disputes arise regarding addressing joint accounts. With that said, such a matter can be addressed by the court when an agreement cannot be reached if necessary.

Evaluate Your Credit Score

If you are like many people, you may not pay much attention to your credit score on a regular and recurring basis. Oftentimes, in the aftermath of a divorce, a party to a marriage dissolution case will experience a credit score change. In a good number of instances, a person’s credit score moves downward (at least somewhat) following a divorce. To ensure financial independence and health following a divorce, you will want to evaluate your credit score. You will want to ascertain what can be done to improve the rating if it is not at a level that is suitable to your needs, goals, and objectives.

Financial issues associated with a New Jersey marriage dissolution case and are challenging to resolve. This is one of the reasons why retaining the professional services of a skilled, experienced attorney from the legal team at the Law Offices of Peter Van Aulen is an advisable move. You can reach the firm by calling 201-845-7400.

Client Reviews
Peter has integrity, and values his relationships with his clients beyond his financial relationship with them. For me to say this about any lawyer is really saying something. He is compassionate, straightforward and knowledgeable. I would easily recommend him to anybody. Lewie W.
Peter Van Aulen handled my case with great diligence and integrity. He is also a compassionate individual who realizes what a difficult time divorce can be emotionally. Peter works hard and doesn't take any shortcuts in preparing for a case… I highly recommend Mr. Van Aulen and his staff. Chuck Solomon
Peter is an exceptionally great attorney. He handled my child custody case and was able to ease any of my concerns with honest answers. He always took the time to explain the pros/cons and was always available to answer any questions that I had… I would highly recommend this attorney to anyone who is looking for one. Jessica Cruz
Peter Van Aulen is a very compassionate, honest and straightforward person. He was there for me at my lowest point with a genuine concern not only for my situation, but for me and my child's well being above all… He is fair and he is strong and when push comes to shove he is there for you. Cathy Dodge
Our cousin used Peter's law office to help with a sticky custody situation. He was extremely responsive, very nice and most importantly did an awesome job with the court! He is awesome. Lawrence Polsky

*Results may vary depending on your particular facts and legal circumstances