Many New Jersey residents will likely face financial concerns at some point in their lives. There are various situations that could lead to individuals needing to make important decisions regarding their finances, and divorce is one of those situations. Concerns over child support, property division and other agreements are understandable. By focusing on the future and understanding how present decisions can impact the future, parties may be better able to come to beneficial terms.
If one parent gains primary custody of his or her children, it is likely that that individual will wish to maintain ownership of the home. However, it is important for these individuals to understand that the ownership of a family home can come with its own financial burdens. Making house payments on a single income, even with additional support from a non-custodial parent, may prove to be overwhelming when added to providing for the needs of children.
As mentioned, even with child support, parties may have difficult times financially. Nonetheless, it is important that parties receive the support to which they are entitled. Therefore, parties may wish to discuss options that could help ensure that payments will be made, such as taking out insurance policies for certain situations.
Parenthood is an experience that many New Jersey residents enjoy, but they may also understand that being a newly single parent can be difficult both emotionally and financially. By addressing child support payments and ways to ensure that those payments are made, custodial parents may have less to worry about in the future. Information on options for support agreements and other divorce proceedings may help concerned parties move forward more confidently.
Source: unionleader.com, “Money Sense: Financial mistakes to avoid during a divorce settlement“, Marc A. Hebert, May 2, 2015