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Readjust your finances for post-divorce life

People in New Jersey who are getting a divorce might be wondering how they go about readjusting their lives after their divorces, especially when it comes to their finances. This question could be especially important for people who didn't work during their marriages and may find themselves dependent on alimony payments for a period of time.

Permanent alimony, though, is not necessarily something that people can depend on for the rest of their lives anymore. Many states are beginning to question the need for permanent alimony and are beginning to discuss doing away with it. Therefore, people who view alimony as an essential part of their budgets might need to begin planning for how they're going to readjust their budgets after their divorce is finalized. The time periods for alimony are getting shorter and shorter, so people need to plan accordingly.

There are a few steps people can take after their divorce to readjust their finances. The first one is for them to beginning planning for a career. For people who receive alimony payments, a good way to view their alimony is as a subsidy that can help them obtain a better job. The next step that people can take is to downsize their home. Oftentimes, after a divorce, people do not need all the extra home expenses, in which case downsizing helps save them money. The next step is for people to create budgets to fit their new lifestyles. People's incomes might not be the same as what they were when they were married, so they might have to adjust their budgets accordingly to accommodate that. Finally, people should get serious about setting savings goals and sticking to them.

Family law attorneys might be able to help people in filing for divorce as well as help advise them on how to adjust their finances after their divorce. Additionally, they might also be able to help them with other divorce issues like child support.

Source: Fox Business, "How to Financially Readjust for Post-Divorce Life", Andrea Murad, August 02, 2013

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