Crucial steps to avoid financial disaster during divorce | Lane & Lane, LLC
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Crucial steps to avoid financial disaster during divorce

The end of a marriage can affect an individual in various ways. Many people find the process of divorce stressful and daunting, often leading to emotional periods that are challenging to overcome. While time may heal emotional wounds, the financial side of divorce can have a lasting impact. When facing divorce, a person in New Jersey may want to take steps to protect his or her financial future.

Many individuals across the country consider their credit score to be essential for the road ahead. While debts may also be divided during a divorce, a person may find it advisable to keep up with any and all payments during this period to avoid a negative impact to credit. Checking credit reports is also imperative during this period, and can assist an individual in uncovering any assets or debts that were previously hidden.

Keeping track of all assets is also crucial when entering divorce proceedings. Having awareness of the value of each specific asset can prove beneficial when seeking to obtain a fair and equitable portion. Assets such as retirement funds and/or investments can be complex, and having full awareness of how such assets are divided in the process is imperative.

Since New Jersey is an equitable distribution state, the division of assets must be deemed fair, but is not always equal. When facing divorce, an individual may choose to speak with an experienced attorney for assistance in this difficult process. A family law attorney can assist an individual in covering every aspect of his or her divorce, which can go a long way in securing a better financial outcome during proceedings.

Source: startribune.com, "Don't let divorce season upend your finances", Kevin Voigt, April 1, 2017

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