Financial considerations for those facing divorce in New Jersey | Lane & Lane, LLC
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Financial considerations for those facing divorce in New Jersey

The end of a marriage can have a substantial impact on a person's financial future. Most individuals marry with the intent of remaining together throughout life. When facing divorce, one might want to consider seeking guidance on the crucial steps to take throughout the process.

While property division can be a stressful and daunting process, it may also have a significant impact on the outcome of a divorce. When pursuing a favorable outcome, an individual may wish to take preparatory measures before entering negotiations. One of the first steps is to identify all marital assets and obtain the value of each in turn, as well as the recent income of each spouse and all marital debts.

One may also find it advisable to track current living expenses and monetary obligations, such as mortgages or rent payments. This could help an individual gain an understanding of how his or her financial standing may change following a divorce. When forming a post-divorce budget, one may also want to factor in any potential support payments. However, with numerous crucial factors to consider, it's easy to feel somewhat overwhelmed and in need of guidance.

An individual who is facing the end of a marriage may wish to protect his or her financial future, but the process can be challenging to navigate, especially alone. Those who experience similar circumstances could speak with a family law attorney for advice in covering every important aspect of divorce. An attorney in New Jersey can address a client's concerns and needs and assist in pursuing an equitable portion during subsequent proceedings.

Source: kare11.com, "Navigating divorce while keeping finances straight", Kim Insley, Sept. 13, 2017

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