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Focused financial planning can help you prepare for alimony

On Behalf of | Nov 3, 2018 | Alimony

As your divorce is underway in New Jersey, you face the need to make many important decisions regarding your future as an independent person. For example, you may need to negotiate a child custody agreement, participate in mediation for the separation of any assets you shared with your spouse and prepare to pay alimony if it is required. At Robin Jill Schneider, we have helped many people to organize their affairs in preparation for getting divorced.

As you prepare to separate from your spouse, one of the most critical steps you will need to take involves organizing your finances and reassessing your budget to plan for alimony and child support. According to Entrepreneur, you should begin budgeting for alimony as soon as divorce discussions begin. Before thinking worst-case scenario, remember that you may be able to negotiate a temporary plan where your obligation to pay alimony will expire once certain conditions are met. Often, you may be required to pay alimony if your spouse stayed at home with your children during the marriage or is disabled and unable to maintain employment.

Other suggestions that can help put you in a better financial position include downsizing your residence or other possessions and living a more modest lifestyle until you get back on your feet, being careful about the career path you choose to follow and keeping a detailed document that shows where all of your income is going.

Doing these things can help you to build a stronger financial foundation than you would otherwise have if you just continued to live the way you did when you were married. For more information about divorce, visit our web page.