Avoid these common money mistakes amid divorce

On Behalf of | Jul 8, 2022 | Divorce |

A New Jersey divorce has the potential to cost you quite a bit of money, but it does not always have to be that way. There are a number of efforts you may want to make while your divorce is ongoing to help set yourself up for a successful and secure financial future later on. There are also certain things you may want to avoid doing while working through your divorce that could hurt your bottom line in the long run.

Per Business Insider, it may serve you well in the financial sense to avoid making the following money mishaps amid divorce.

Thinking alimony lasts forever

New Jersey does not recognize permanent alimony. Thus, even if you do receive an alimony award in your split, it is at some point going to come to an end. Make sure you have a backup plan in place for when this occurs.

Fighting for a home outside your budget

Sometimes, former couples find themselves fighting over who gets to keep the family home. If you wish to do so, make sure you are able to afford everything that comes with doing so before making an effort to keep it. Consider maintenance costs, property taxes, homeowner’s association fees and so on when figuring out if keeping the home is within your budget.

Failing to adjust your lifestyle

No matter what happens in your divorce, your financial big picture is going to look different after a split than it did beforehand. Wherever possible, make your lifestyle more affordable to make single life easier to manage.

Contrary to popular belief, divorce does not have to mean financial ruin. By watching where others have erred before and avoiding their mistakes, you may be able to minimize the financial toll your divorce takes on your life.