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Being proactive may help with retirement planning post divorce

On Behalf of | Feb 5, 2020 | Divorce

Getting divorced can quickly put a wrench in individuals’ retirement plans in New Jersey. However, having a firm grasp on their finances can help them to deal effectively with the financial setback that comes with divorce. Here are a couple of tips for feeling in control and empowered financially following the divorce process.

First, it may be helpful to recalculate one’s budget while going through the divorce process. A person’s household income following divorce will likely be drastically different from his or her pre-divorce income, which means that a new budget must reflect the new reality. Developing accurate budgets can help divorcing individuals to avoid expensive miscalculations.

In addition, saving for the future is critical, especially following divorce. Newly divorced individuals may think they cannot afford to keep saving for their retirements or for emergencies. However, saving even just $50 per month can be helpful in the short term and the long term. If necessary, people who have gone through divorce may want to work longer or complete extra jobs to stay on track to achieving their retirement goals.

Figuring out how to plan for retirement can be especially challenging during and after the divorce process. However, making expedient decisions about financial divorce matters, such as property division, may give divorcing individuals the best chance of staying afloat monetarily and ultimately retiring on their own terms. A family law attorney in New Jersey can help divorcing spouses to pursue divorce settlements that reflect their best financial interests in the years ahead.