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How divorce may help save money

Few New Jersey couples look forward to getting divorced. It can be an emotionally draining time for themselves and their children. However, once a divorce is finalized, there may be no one to scrutinize another person's spending or other financial habits. Those who like to save are free to do put their paycheck in the bank or otherwise secure their financial future on their terms.

In addition to gaining control over their money, they may also gain greater control of their investments. This may make it easier to see greater returns in both the short and long-term. Parents of children who are about to go to college may get additional financial help paying for tuition. This is because only the income of the custodial parent is considered when determining how much aid a student may be entitled to.

However, custodial parents who receive alimony or child support must include that when filling out the FAFSA form. If a person was married to his or her spouse for 10 years or more, that person may be entitled to claim Social Security benefits based on the ex-spouse's work record. This will not influence how large of a benefit that the former spouse may receive when he or she is ready to start collecting it.

In some cases, divorce proceedings may be influenced by financial issues such as how alimony or child support a person may receive. An attorney can often be of assistance in negotiating an overall settlement agreement that takes these and other related matters into account and which can be submitted to the court for its approval.

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Newsome O'Donnell, LLC
200 Campus Drive, Suite 205
Florham Park, NJ 07932

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