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high net worth divorce new jersey nj

What Expenses Should I Expect After My Divorce?

Once your divorce is finalized, this may be the first time in a long time that you are financially independent. While this may be a freeing feeling, it may simultaneously be a daunting feeling. Continue reading to learn what expenses you should expect after your divorce and how an experienced Ocean County contested divorce attorney at the Law Office of Sarina Gianna, LLC can help you make a plan.

What expenses should I account for after my divorce?

There are many costs of living, some more obvious than others, that you must account for after your divorce. Examples of such expenses include, but are not limited to, the following:

  • The cost of housing: mortgage or rent payments, utility bills, property taxes, home insurance, etc.
  • The cost of transportation: Car payments, car insurance, public transportation or Uber/Lyft payments, etc.
  • The cost of food: grocery shopping, meal prep or delivery services, etc.
  • The cost of dependent care: children, pets, aging parents, etc.
  • The cost of healthcare: medical insurance, dental insurance, vision insurance, medical bills, etc.
  • The cost of personal care: grooming services, grooming supplies, clothing, etc.
  • Savings: retirement accounts, college funds, emergency funds, etc.
  • Extra expenses for entertainment: travel, dining out, streaming services, gifts, etc.

Of note, many individuals find it helpful to hire a financial advisor during this financially burdensome time in their lives. A financial advisor can educate you on your home equity, consolidate your bank accounts, and create investment plans on your behalf, among other things.

How can I save money in my divorce?

As you can likely conclude, the cost of living can add up quickly, especially when you are first starting. What’s worse is that even though you may be granted spousal support or child support, this may not last forever.

For these reasons, it may be helpful to try to minimize the cost of your divorce proceedings as much as possible. Notably, in the state of New Jersey, a litigated divorce can cost upwards of $3,000 between court fees, attorney’s fees, and processing fees. This is why some couples attempt to remain amicable even after they decide to part ways so that they can successfully go through an alternative divorce method, such as mediation or a collaborative divorce.

With all that being said, you should seek the guidance of a skilled Ocean County divorce attorney. We will do everything in our power to cut costs and set you up for financial success in your life post-divorce. Call us today.