How can you recover financially from a divorce?

The financial ramifications of a divorce can take some time for newly divorced New Jersey residents to recover from. You might have to manage your finances for the first time because your former spouse once did that or you may need to get back on good financial ground due to the actions of your ex-spouse. Either way, making a good plan is important on the front end to set you up for success.

Time Magazine suggests that for any post-divorce financial plan to be effective, you should start with a list of clearly identified goals. What exactly do you want to achieve from a financial perspective? Is paying for your kids’ college most important? What about preparing for your retirement? Maybe you want to save up to buy a new home in the next few years. Write each such goal down and use this to craft your plan.

Before you make an action plan to achieve your goals, make sure that your goals are in fact realistic. For, example, if you earn $50,000 a year and you want to buy a million-dollar home that may not be so reasonable and you may need to adjust your expectations. Once you have done this and have put in place your steps to save for what you need to pay for, make reviewing your plan and goals a regular activity. This can assist you in staying on track all the way through.

This information is not intended to provide legal advice but general information about getting a fresh financial start after going through a divorce in New Jersey.