Untying the financial knots during divorce in New Jersey | Lane & Lane, LLC
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Untying the financial knots during divorce in New Jersey

When two individuals in New Jersey or elsewhere are married for a certain amount of time, their finances often end up intertwined as a result. In the event they decide to part ways, untangling these finances can often prove difficult at best. Considering how the process of divorce can impact one's future might be beneficial in the long run, and seeking assistance in making informed decisions throughout this period may be advisable.

Perhaps one of the most significant concerns in many marriages is the family home. With many couples having a great deal of their wealth tied up in their home, the decisions regarding this particular asset will likely have a significant impact on the overall outcome. With only a few options available, a couple may have to weigh the possibilities of either a potential buyout, co-ownership or even selling it outright and splitting the profit.

Other potentially crucial factors to consider include joint accounts and investments. Closing joint credit card accounts, even if there is still a balance, could help a person avoid a potential disaster down the road. As for investments, these are often complex assets that require a more delicate approach, and obtaining guidance before making adjustments might be in a person's best interests.

Making informed decisions during a potentially emotional period can be challenging for anyone. When seeking to unravel the financial ties to a former spouse during divorce, a person will often consult a family law attorney for advice on every aspect involved in the process. An attorney in New Jersey can address a clients concerns and wishes and assist in pursuing the most favorable outcome possible during divorce proceedings.

Source: nerdwallet.com, "How to Untangle Your Finances in a Divorce", Bev O'Shea, Hal M. Bundrick and Dayana Yochim, June 23, 2017

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