Divorce planning can address most financial issues in advance | Lane & Lane, LLC
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Divorce planning can address most financial issues in advance

When a marriage breaks up, the emotional challenges are typically overwhelming, and this may cause a person to lose sight of the important financial decisions that have to be made. A New Jersey individual who is considering ending a marriage may find it beneficial to attend to most of the financial matters before filing for divorce. It is a process that may be best navigated with the help of a seasoned divorce attorney.

Issues that are important to address include debts, estate planning and insurance. While debts may be divided during the property division process, problems can arise if a jointly held debt is allocated to the other party who may fail to keep payments current. The creditor will continue to hold both parties responsible and may come after the other spouse. It may be best if joint debts are paid off before the divorce or refinanced into individually held accounts if they cannot be settled, including refinancing a mortgage if one spouse intends to keep the family home.

Insurance policies can be revised, especially if one parent will have child custody. If anything should happen to the parent who will be paying child support, an insurance policy may provide financial protection. It is also important to review and modify estate planning documents to change beneficiaries and powers of attorney -- both financial and medical. Getting clarity about the tax implications of a divorce may also be beneficial.

A consultation with an experienced New Jersey divorce attorney may provide the answers to questions about divorce planning. With the support and guidance of a skilled family law attorney, the process of divorce may be less traumatizing. A lawyer can protect the client's rights by providing assistance with all the legal, financial and emotional issues involved.

Source: wtvm.com, "7 ways to protect yourself financially in a divorce", Andrew Housser, Accessed on Aug. 19, 2016

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