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Wise financial decisions important during divorce

One of the most stressful parts of any divorce in New Jersey is how to handle finances. In many divorce cases, the divorcing individuals are at odds about how to split their shared assets. A few tips may help a person going through the dissolution of a marriage to make wise financial decisions.

First, it is critical for people to stay informed throughout the divorce proceeding. It is important to pay attention to details such as how joint property, such as the house, is titled. Individuals should also know their account passwords and where to locate their important financial documents. Having access to details about future retirement benefits, debts and assets is also critical.

Thinking about retirement is an especially important step when going through divorce. This is true even for a person who is relatively young and will not be retiring for decades. Divorce can have an impact on what happens to any retirement funds accumulated during the marriage, no matter which person ended up earning these funds. The divorce process can also impact Social Security retirement benefits, military retirement payments and corporate pensions.

The decisions that a person makes during the divorce process can have long-term financial implications. It is for this reason that an applied understanding of the law is critical when navigating this type of family law proceeding. It is within the rights of both parties to fight for their best interests when tackling matters such as asset division as well as the distribution of property in New Jersey.

Source: Forbes, "USAAVoice: Divorcing? 6 Ways To Keep Your Financial Footing", July 29, 2015

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