New Jersey residents may need to plan for their divorce | Lane & Lane, LLC
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New Jersey residents may need to plan for their divorce

Divorce is not always an easy process for those involved, and it can often hurt the individual both emotionally and financially. The amount of emotional pain varies with every situation, but the financial strain that is caused can often be easily diminished if certain steps are taken before and during the process. Hopefully, many New Jersey individuals who are undergoing a divorce will be able to diminish the financial pain caused.

One of the first things that an individual may want to start doing is gathering as much financial information as they can. As the divorce progresses, this information may become harder to acquire for a number of reasons, so the more an individual gathers at the beginning, the better off they may be in the end. This information could include the various debts, assets and sources of income that the individuals have.

Divorce can often be expensive as well, so budgeting is an important part of the process. An individual should know how they are paying for the various expenses and how much it will cost. Another action that individuals may want to take is acquiring their own credit card to build up their individual credit.

The emotional turmoil sometimes caused by divorce can often be extensive, but if a person is in good financial standing during the process, it could help relieve this pain greatly. Hopefully, many New Jersey residents will be able to have all of the information and actions completed that will allow their divorce to run more smoothly. This could include the actions listed above or getting assistance with any items that may confuse either party.

Source: The Wall Street Journal, "How to Plan for a Divorce", Veronica Dagher, Sept. 6, 2014

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