Preparing for the financial aspects of divorce in New Jersey | Lane & Lane, LLC
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Preparing for the financial aspects of divorce in New Jersey

Individuals in New Jersey and elsewhere may put a great deal of thought into the decision to end a marriage. Perhaps one of the most significant concerns for an individual considering divorce could pertain to his or her financial future. The division of property and assets will inherently have an impact on this area of life, but one may find that taking measures to prepare for every possibility before entering negotiations could prove beneficial to life moving forward.

When facing divorce, one might find it beneficial to obtain a correct valuation of all marital assets before entering the process. In addition, identifying the costs of upkeep on assets such as a home may also prove beneficial to making informed decisions during negotiations. If retirement accounts are a factor, one may also want to consider the potential tax consequences, and how they might impact the overall outcome of a divorce settlement.

For those experiencing such a major life change, it may also be a good idea to consider forming a budget. Transitioning from a two-person income to life on one's own could be overwhelming, especially at first, and having a budget in place could prove beneficial to adjusting to a new situation. When planning a post-divorce budget, an individual may also want to account for monetary obligations, as any marital debts may also be subject to the division of assets.

With a great deal to consider during the end of a marriage, a person might want to consider the benefits of seeking guidance. By speaking with a family law attorney, an individual in New Jersey could obtain some much-needed advice on covering every crucial aspect of divorce. An attorney can address a client's concerns and wishes and assist in pursuing the most favorable outcome possible during divorce proceedings.

Source: mvtimes.com, "Finance 101: Divorce?", John Kageleiry, Aug. 21, 2017

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