So, what happens after a divorce. The reality is there is always good and bad to every situation. But, and foremost, after a divorce, generally the parties now have to support two residences, so there is generally not as much disposable income as there was during the marriage, especially if the parties also have children to support. The parties may have to get used to a different standard of living that they are not accustomed to after a divorce. As with any financial planning, your overhead for a residence, transportation and basic necessities must be addressed before you can determine how much you will have for unnecessary although perhaps quality of life expenses. At Green & Associates, we can assist you in planning for your divorce and what you may expect monetarily going forward. Please call us at 732-390-0480 or 201-242-1119 for a free consultation so that we can help advise you as to what to expect after a divorce.
Child support is paid to help pay for a roof over the children's head, clothing and food. The Rules of Court also include basic extracurricular expenses for the children as part of basic child support. Alimony by public policy was originally intended to create a comparable lifestyle to that during the marriage, but in reality, that is generally not entirely possible. Often, once the parties determine their basic overhead, they are better able to determine what unnecessaries they can afford.
Often retirement accounts that are split by the parties or equity in the marital residence from the proceeds of a sale of a marital residence may supplement the income of the parties after the divorce. In addition, social security will be additional income that will assist in later years to supplement income lost through a divorce.
Before a party determines whether they wish to waive alimony, or the other parties retirement accounts or pensions, they must seriously consider what income they will have going forward after the divorce. It is generally unwise to make the decision that you do not want the other party's assets that are marital in nature, just so you don't have to contest those issues. You have earned whatever marital assets accrued during the marriage and it is your right to receive your marital portion of those assets.
Call us at Green & Associates to learn more about what you can expect after a divorce regarding child support, child custody, alimony and equitable distribution of assets, including retirement accounts, tax deferred accounts, 401ks, IRAs, and pensions.