Financial precautions for the process of divorce in New Jersey | Lane & Lane, LLC
Lane & Lane, LLC Lane & Lane, LLC
The Experience To Find Your Solution
Call Today: 908-524-0788
Toll-free: 888-533-9154

Financial precautions for the process of divorce in New Jersey

Whenever a person experiences a major life change, his or her financial future could be at stake. One of the more challenging changes an individual in New Jersey may ever face is divorce. The end of a marriage can be both emotionally and financially overwhelming, and the outcome can have a significant impact on what comes next. Those who are in a similar situation might find it advisable to take certain financial precautions that could prove beneficial in the long run.

Throughout the course of marriage, a couple will often accumulate numerous joint assets. If that couple decides to divorce, these assets will likely be subject to property division. Before entering negotiations, a person might want to consider obtaining documentation of current financial standings, as well as keeping a record of marital income and expenses, both of which will prove beneficial throughout the process.

While searching through accounts, a person might also wish to update information to reflect his or her new wishes, such as beneficiary information. However, if a person decides to remove his or her spouse from this list without a divorce decree, there could be some undesirable consequences. It is often advisable to maintain the current standard of living and wait until the divorce is finalized to make the necessary changes.

With countless factors that can influence the outcome of a divorce, the process can be stressful and intimidating. Those in New Jersey who wish to secure a healthier financial future following a similar situation often retain the services of an experienced attorney for guidance. A family law attorney can address a client's wishes and concerns and assist in pursuing the most favorable outcome possible during divorce proceedings.

Source: USA Today, "7 ways to ready your finances for divorce", Elizabeth Renter, May 31, 2017

No Comments

Leave a comment
Comment Information