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Common myths about divorce and finances

On Behalf of | Oct 9, 2020 | Divorce

When individuals in New Jersey decide to dissolve their marriages, they may understandably worry about how to handle their finances. Unfortunately, it is not uncommon for people to think erroneously about how finances impact the divorce process. Here are a couple of frequently believed myths about the connection between divorce and money.

For starters, many individuals believe that a spouse can keep cash from his or her spouse by storing this cash in another account. However, when two people get divorced, they must fill out an affidavit acknowledging that the information they have provided is accurate. This means that they must disclose the amount of cash they have saved elsewhere, as this money must be divided along with other marital assets in the divorce.

In addition, some people believe that they do not need to be concerned about the debt on their spouses’ credit cards. However, if two people’s names are on a card, then both of them are responsible for repaying the debt on that card. Unfortunately, if this debt is not paid, then both parties’ credit scores can be negatively affected.

Navigating the monetary aspects of divorce can no doubt be overwhelming, even when two people seem to be amicable at the start of the divorce proceeding. However, an attorney in New Jersey can provide the guidance needed to tackle monetary matters, such as asset division and alimony, with confidence. The attorney will pursue a fair settlement for his or her client while simultaneously making sure that the client’s rights are protected in the long run.