Charting out one’s anticipated income and expenses is a critical part of a New Jersey divorce. For spouses who expect to receive alimony or child support, it’s critical to understand that those payments might not begin coming in as quickly as anticipated. In fact, it’s not uncommon for the paying spouse to balk at making those payments, especially in the weeks and months after a filing. Having a plan in place can make it easier to cover living expenses during this period of time.
A new credit card can act as a type of financial security blanket as a spouse prepares to file for divorce. Having a line of credit available ensures that it will be possible to pay for deposits on new living arrangements, cover initial legal expenses, and generally just cover one’s need in the weeks and months after filing for divorce. It can also help spouses feel more secure as they move forward into a process filled with uncertainties.
Opening a new credit card can also be a great way to establish credit in one’s own name. That can make it easier to purchase a car, home or other items after a divorce. Many spouses fail to consider how entwined they’ve become with their partner and how that could affect their financial standing as an individual after divorce. Bolstering one’s credit score is a great way to achieve the independence needed to move forward.
Working with a skilled divorce attorney is a great way to get an idea of what to expect in terms of alimony, child support and property division. Having that information is essential to planning for the future. Opening a new line of credit can serve as a type of financial back-up plan and is definitely something for New Jersey spouses to consider.