Maintaining financial stability following divorce in New Jersey | Lane & Lane, LLC
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Maintaining financial stability following divorce in New Jersey

There may be a great deal of factors to consider upon making the decision to dissolve a marriage. For many individuals in New Jersey who are facing a divorce, the uncertainty of how the process might affect them financially could prove somewhat intimidating. Those who are going through a similar life event could find it helpful to gain an understanding of the steps they can take to help them prepare for the subsequent process.

When it comes to preparing for the financial side of divorce, one could consider taking a variety of precautions. Once a person has filed for divorce, it might be advisable to close joint banking and credit accounts and open individual accounts. While identifying and obtaining the value of all marital assets, a person may also find it beneficial to make a list of current marital incomes and expenses, as these could also have an influence on the process.

Changing from a two-person to a single-person income can be challenging at times, and those who are going through a divorce could also benefit from forming a budget to assist with the transition. In some cases, a similar life change could affect one's credit in various ways, and keeping watch over this aspect could prove vital. Once the divorce is finalized, a person may need to take additional steps to protect his or her finances, such as updating information on retirement accounts and estate plans.

Divorce can be a stressful and trying experience, and looking toward the future during a potentially emotional process can be challenging. Those who wish to protect their financial futures could benefit from speaking with a family law attorney early on for guidance on what to expect from the process. An attorney in New Jersey can provide a client with advice on every aspect of divorce and subsequently assist him or her in pursuing the best outcome possible during legal proceedings.

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