What are Some Smart Uses for Spousal Support?
Going through a divorce is never easy. Even if you find yourself in a good relationship with your former spouse, it can still be challenging to accept that you have to share custody of your children or even pay your former spouse alimony. Not every former spouse in a New Jersey divorce will wind up being awarded spousal support. It all depends on various factors that the court will examine such as length of the marriage, spouses’ income levels, and other factors. If you are awarded spousal support, the following are some smart uses for those payments.
Find a Place to Live
Unless you have been told you can remain in the marital home, you will need to find a new place to live. You might be wondering how you can afford a new residence, and that is where alimony payments can help. One of the smartest uses for alimony is to secure a new place to live. Whether it is making a down payment on a condo or single family home, paying your monthly mortgage, or paying the rent; spousal support payments can be used to help you move into a new residence once the divorce is finalized.
Reduce Your Debt
Did you exit the marriage with a lot of debt? This can include student loans, credit card debt, or medical debt. No matter what type of debt you have, it is important to pay as much of it down as possible after going through a divorce. Why? You now have either one income or none at all, at least until you find a job, and might need to apply for an auto loan. Some housing availability is also based on whether or not you have too much debt. Use the alimony you receive monthly to start paying down any debt to your name.
Go Back to School
Have you always wanted to earn a degree? Do you want to earn a second or higher degree? Do you want to learn a new skill or trade? If so, you can use the money you receive in alimony payments to help pay for tuition. Investing in your own education is one of the smartest decisions you can make in life.
Open a Savings Account for Your Child
Another smart use for alimony payments is to open a savings account for your child. The best account you can open is a 529 account. This account allows you to deposit money into it, with no limit, for your child’s future education. 529 accounts are most often used to save for a college education.
One of the ways in which you will no longer be tied to your spouse after a divorce is through insurance policies. If you were on your former spouse’s health insurance through work, you will be removed from it after the divorce is finalized. Use alimony to pay for health insurance, auto insurance, homeowners insurance, or renter’s insurance.
Speak with an Experienced Attorney Today
Are you ready to file for divorce in New Jersey? Do you know how difficult it can be to go through a divorce? The best thing you can do is to speak with an experienced New Jersey family law attorney when ready to file. Call the office of Giro Law at (201) 690-1642 to schedule a consultation.