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Financial wellness is possible following divorce

On Behalf of | Apr 22, 2019 | Divorce

Finances remain a central area of concern in every New Jersey divorce. This is because two parties who are going through divorce must identify and then split their marital property. They must also allocate their debt, which can make the process even more stressful. However, a few tips may help those facing these issues to maintain financial wellness going forward.

First, it may be beneficial for divorcing individuals to define their post-breakup goals. For instance, they may want to make career changes, which should ideally be done thoughtfully instead of urgently. It might behoove them to speak with financial advisors to figure out how they want their financial lives to look in the future and how they can get there.

Second, the sooner that divorcing individuals can organize their finances, the better. They will have to list all of their assets and debts as part of the formal discovery process during divorce proceedings, and having organized paperwork and documents is critical for ensuring a smooth process. The more organized a divorcing individual is, the better his or her attorney can advocate for him or her during the divorce process.

Dealing with money can understandably be a stressful part of the divorce process, but it cannot be avoided. Fortunately, an attorney can provide the direction needed to make wise decisions regarding such matters as property division and spousal support. The attorney’s ultimate goal during a divorce proceeding in New Jersey is to make sure that the client’s best interests, financial and otherwise, are upheld from start to finish.