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Financial considerations have an impact on divorce

| Apr 21, 2020 | Divorce

One of the most complicated parts of getting divorced is determining how to navigate the money and assets that two spouses share. This is true whether the two parties have a few assets or many assets to their names. Fortunately, a couple of tips may help to make this process a little easier during a divorce proceeding in New Jersey.

First, anyone who is contemplating divorce should ideally take into consideration how many years he or she has before retirement. The reason for this is that older individuals may not have as much time to make up any financial losses they incur as a result of the divorce proceeding. These individuals may therefore want to sell the marital home and keep half of the proceeds rather than holding on to the home and giving up other financial assets for it.

Also, individuals navigating divorce may find it expedient to downsize. A smaller home comes with less maintenance and property costs, as well as smaller mortgage payments. These are all benefits considering that, after divorce, a person who may be used to covering home costs with two incomes will now have to do this with a single income.

When it comes to tackling divorce financial matters, the best situation is for two divorcing parties to come to an agreement on how they will handle property distribution and alimony, for example. This is generally less costly and less stressful than going to divorce trial, where a judge must decide these matters for the two parties. Still, either way, an attorney in New Jersey can help his or her client to pursue the best outcome possible for him or her, given the circumstances surrounding the divorce.