Staying in control of finances after divorce | Lane & Lane, LLC
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Staying in control of finances after divorce

Divorce can prove to be a hard and trying time in the lives of those involved. New Jersey residents and others may be familiar with the challenging effects of divorce. Besides divorce being a mental and emotional strain, it can also cause a financial strain as well. The strain can be eased by taking measures to maintain control of pre and post-divorce finances.

When facing a divorce, it is important to take appropriate steps to put accounts in one's own name. It may prove best to close any account that is jointly owned. Both parties can obtain their credit report to check for incorrect information and to assess how much debt is owed jointly. Any account that is jointly owned will affect both the husband and wife for the duration of the account's existence.

When people divorce, they typically go from a two income household back to a one income household. Each person is paying more in expenses and is often left with less disposable income after taking care of necessary expenses. Careful budgeting may increase the amount of disposable income one may have. A budget helps maintain spending habits and aids in setting spending limits. Understandably, the key is to save more and spend less.

There are a myriad of issues to confront in divorce proceedings, but many couples are able to dissolve their marriage with a minimum amount of rancor. Luckily, New Jersey residents and resident elsewhere do not have to face these problems alone. Couples who are divorcing can seek assistance in all aspects of their divorce (i.e. custody, child support, finances, and property division). Having a helping hand in the matter eases the stress and negative emotions associated with divorce.

Source: mainstreet.com, "Divorce and Finances: Gaining Financial Control," Michelle Zudeck, May 07, 2013

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