Financial changes come with divorce in New Jersey | Lane & Lane, LLC
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Financial changes come with divorce in New Jersey

Any divorce can have an immediate impact on the lifestyle and financial future of both parties involved. As January sets in, otherwise known as "divorce month" due to the jump in marital splits, there are financial factors any couple heading for divorce should consider. While each New Jersey couple is vastly different from another, having these tips in mind can make the divorce process a little smoother and less of a financial disruption.

The first piece of information each couple must realize is that divorce has a cost. It simply isn't free. Preparing for that cost ahead of time and seeking alternatives, such as mediation, may help stave off the expense for those who are concerned with the initial cost. Knowing initial costs upfront can help a couple prepare for the financial changes that will undoubtedly come about after the split.

It is important for both parties to be aware of what it will take to live apart. This means having a clear idea of living expenses in general. While drawing from stocks and bonds as a source of support may be alright, tapping into retirement funds may not be a wise option. Debts accrued over the length of the marriage need to be considered and split as fairly as possible also.

There is no clear or set amount that will suit the needs of every New Jersey couple facing divorce. However, an understanding of what is available and how best to split what exist may be helpful. As parties explore lives of their own, each one should be keenly aware of the adjustments that may need to be made and what the costs now and in the future may be for the dissolution of any marriage.

Source: New York Post, "January is the biggest month for divorces", Gregory Bresiger, Jan. 11, 2015

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