It is important to consider finances during a divorce | Lane & Lane, LLC
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It is important to consider finances during a divorce

The divorce process is wrought with decisions to be made and details to decipher. Any New Jersey couple in the midst of a divorce needs to take great care in thinking about how divorce will impact finances. There are certain financial decisions and maneuvers each party should consider taking sooner rather than later.

The first thing that should be done is for each party to do a credit check to see where he or she stands financially so as to be better prepared for what may come. The separation of debt is vital, as one person may end up responsible for the debt of the other if those debts go unchecked and are not dealt with. By the time the split becomes legal, the debts should be totally separate.

When it comes to 401(k)s and other retirement accounts, financial advice from a professional may be warranted. Those may be substantial assets and should not necessarily be bartered away without advisement. One substantial asset to be considered is the house. While many people may think it crucial to fight for the house, keeping it may not be the best financial move under certain circumstances.

The changes that occur during and after a divorce are vast and can vary from couple to couple. However, the more assets a New Jersey couple has, the more vital smart and contemplative financial decisions need to be. Being prepared and having a firm grasp on financial matters can make the transition less disruptive for each party.

Source: indystar.com, "Pete the Planner: Good financial decisions vital in divorce", Peter Dunn, Jan. 25, 2015

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