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Tips for addressing finances during divorce

On Behalf of | Oct 26, 2020 | Divorce

When people go through a marital dissolution, they are naturally overwhelmed by the emotional aspect of the process. However, addressing the financial issues associated with divorce is just as critical due to their potential long-term impacts. Here are some pointers for making sure that one’s financial best interests are protected going forward in New Jersey.

First, it is important for people who are getting divorced to determine the amount of money to which they are entitled. This may involve, for example, identifying any assets that produce income. This is important because this information can help with determining alimony and child support issues. In addition, it impacts how the two parties’ marital estate will be divided.

Second, divorcing individuals would be wise to protect their savings. This may involve asking their banks to require not just their signatures but also their future exes’ signatures before any withdrawals can be made. Otherwise, one party may end up withdrawing large sums of money unbeknown to the other party while the divorce process is taking place.

Finances can certainly be confusing to navigate, especially during divorce. However, an attorney in New Jersey can explain to a divorcing individual how the state’s divorce laws treat various types of assets as well as liabilities. Then, the attorney can provide practical advice for addressing divorce issues such as property division and alimony in a matter that reflects his or her client’s best interests. The family law attorney will take the necessary steps to secure a fair and comprehensive settlement agreement on behalf of the client.