Benefits of financial awareness for divorce in New Jersey | Lane & Lane, LLC
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Benefits of financial awareness for divorce in New Jersey

Few people give thought to what will happen if a marriage ends. Most couples who marry in New Jersey expect to spend the rest of their lives together, and are unprepared when things do not go as planned. Not having intricate knowledge into the process of divorce can have devastating results, often resulting in financial hardships for the future. For many people in this situation, having a plan in place for such a life-changing event can prove beneficial.

Often, getting a divorce does not simply mean two people decide to go their separate ways. Without a prenuptial agreement, assets will be divided according to state laws. In the event of a divorce, any debt accrued during a marriage could become the responsibility of both parties, even if one person is unaware of the debt. Performing a credit check to discover any possible outstanding debts may prove helpful in preventing future financial issues.

Awareness of financial situations can also prove helpful in this scenario. Being knowledgeable of assets can help an individual receive an equitable portion during divorce proceedings. It can be difficult to make the transition from a two-person income to life on one's own, so getting the best outcome from a divorce may help prevent an undesirable financial situation.

Major life changes such as divorce can be challenging. Knowing what to expect in these situations may prove difficult, but can be very helpful in preventing future hardships. Many people in New Jersey seek the counsel of an attorney who is experienced in family law when facing a divorce to pursue a fair and comprehensive settlement.

Source: Forbes, "How To Succeed Financially During And After A Divorce", Mark Avallone, Jan. 27, 2017

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