Financial aspects of divorce, like alimony, can be complex

Experiencing the dissolution of a marriage can be unnerving and make it harder for an individual to think clearly. Still, being prepared for the many facets of divorce may help a divorcing spouse to feel more empowered in the situation. A few tips may help with navigating the divorce process in New Jersey and ensuring that one's best interests are protected.

First, one spouse may be entitled to receive alimony from the other spouse. The spouse who will receive alimony payments may be wise to ask how the alimony will be protected in the event of the paying spouse's death, disability or decrease in income. For instance, maybe insurance coverage is available; in this situation, the spouse receiving alimony might benefit from requesting a copy of the contract for the insurance coverage and looking over it carefully. As an alternative to receiving alimony payments, the recipient spouse may be able to negotiate the receipt of a lump sum settlement upfront instead.

Another important consideration during divorce has to do with Social Security payments. Those who have been divorced can legally collect on their ex-spouses' records if they have been married for at least 10 years. In these situations, the ex-spouses will not be told that their exes are collecting on their records; rather, this is simply between the spouse seeking Social Security and the Social Security Administration.

Divorce can understandably be a complicated ordeal. However, an attorney in New Jersey can help a spouse through each step of the process from a legal standpoint. The attorney's ultimate goal is to ensure that the client's rights are protected and that the most personally favorable outcome is achieved in the divorce proceeding.

Source: marketwatch.com, "7 ways to manage financial pitfalls during a late-in-life divorce", Melody Juge, Feb. 9, 2018

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