Understanding how a divorce could affect one's financial future | 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

Understanding how a divorce could affect one's financial future

The end of a marriage can be a stressful and intimidating process that could have a substantial impact on the future of those involved. When facing divorce, many individuals in New Jersey may have concerns about how the outcome thereof will affect them financially. Those who are experiencing a similar situation may consider this area of life to be essential, but they may be uncertain where to turn for guidance on how best to protect it.

There may be numerous crucial aspects to consider prior to entering negotiations, each of which could have a significant impact on the outcome of the situation. For those who are pursuing ownership of the family home, understanding the financial ramifications of such a decision could prove vital. Should a person obtain possession of the home, he or she may need to refinance the mortgage, and taking on a substantial amount of debt after transitioning from a two-person income to one can be intimidating.

Another concern for many facing the end of a marriage pertains to the division of marital debts. While one party may agree to responsibility for certain amounts of these debts, should he or she fall behind on payments, creditors may seek to hold the other individual accountable. Following divorce, a person may find it beneficial to keep watch over his or her credit score, which may help avoid a potentially devastating outcome.

With numerous factors to consider, those who are facing divorce might benefit from seeking guidance in the early stages of the process. By speaking with an experienced attorney, one may be able to obtain advice on making informed decisions regarding his or her financial future. A family law attorney in New Jersey can address all a client's concerns and needs and assist in pursuing the most favorable outcome possible during subsequent divorce proceedings.

Source: marketwatch.com, "What a divorce can do to your credit", Josh Smith, Dec. 28, 2017

No Comments

Leave a comment
Comment Information