New Jersey divorce: Other financial issues to consider | Lane & Lane, LLC
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New Jersey divorce: Other financial issues to consider

Child support, alimony or spousal support, property division--these are the issues that come to mind when couples in New Jersey thing about divorcing. However, there are other issues that could adversely impact both parties during and after the divorce that can be addressed during the settlement process. Identifying these issues and dealing with them up front could better prepare both parties as they begin their separate lives.

One issue that may only be given a cursory thought by some is taxes. The simple act of going from a filing status of married to a filing status of single can have cause tax liability to increase. Then there are the tax implications that go along with either selling or transferring assets such as the family home. If there are children involved, who gets to claim them on their taxes can be a topic for discussion. Considering all of the tax ramifications of the divorce up front could help better prepare each party for what lies ahead at tax time.

Other expenses that may increase or have to be added when a couple gets divorced are childcare expenses, legal fees and insurance. Retirement accounts are also a consideration since retirement will no longer be funded by both parties or by one party on behalf of both parties. These types of expenses can stretch an already reduced income.

Getting a divorce can be overwhelming. In addition to the emotional impact of the process, it can seem as if a couple's time together is reduced to a set of assets and liabilities. This is one reason that it may be better in the long run for any couple in New Jersey that is considering divorce to make sure they consider as many issues as possible to be included in the divorce settlement. It may save frustration and bad feelings later.

Source: Los Angeles Times, "Five ways divorce will impact your finances," Stuart Pfeifer, March 28, 2013

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