Law Offices of David T. Garnes, LLC

Schedule Your Free Consultation

(856)324-4593 | (267)838-9713

contact Menu

Familiarity with the financial situation can ease a divorce

The idea of a divorce in New Jersey is never easy to contemplate. A frequent contributor to stress is brought on by concern about post-divorce finances. While that is certainly a valid issue, having an understanding of what is involved with one's finances can be helpful.

Finances can be broken down into four main categories: assets, liabilities, income and expenses. Assets consist predominantly of funds that have a cash value. Examples include checking and savings accounts, retirement accounts, stocks and bonds, and retirement accounts, to name a few. When dividing assets one may want to take into consideration the tax implications of different accounts.

Retirement accounts are typically taxed when withdrawals begin. So if one spouse takes a $100,000 money market account and the other spouse takes a $100,000 retirement account, it may appear to be an even split of assets. But the retirement account will be taxed later, and if the recipient is paying a 25 per cent tax rate, he or she will only realize $75,000 from the asset.

When a person in New Jersey is contemplating a divorce, he or she could benefit by having a firm understanding of the financial situation going into the proceedings. An experienced family law attorney can review a person's financial status and help to put one at ease regarding finances. A knowledgeable professional can advise a client on steps that may be taken to better prepare for financial stability following a divorce. An experienced lawyer can also bring a calming and detached presence to what can be a very emotional situation.

No Comments

Leave a comment
Comment Information
  • Excellent Attorney

    “I have used David Garnes on many occasions for multiple matters. He has assisted me for about 4 years and I will continue to seek his counsel as the need arise. His office is both very professional and attentive.”

    Matthew R. 2/12/15
  • I highly recommend Mr. Garnes

    “Mr. Garnes was such an amazing attorney, and he has an amazing staff! Mr. Garnes was truly there for me during my time of need. He truly gets the job done, and was available for me on both nights and weekends! ”

    B B. 2/12/15
  • Awesome

    “ Mr. Garnes was just great. He help change my life for the better. Thanks again”

    B B. 2/12/15
Email Us For a Response

How can we help you?

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy


Cherry Hill Office
3 Executive Campus
2370 Marlton Pike West
Suite 255
Cherry Hill, NJ 08002

Phone: 856-324-4593
Fax: 856-282-1159
Map & Directions

Philadelphia Office
One Liberty Place
1650 Market Street
36th Floor
Philadelphia, PA 19103

Phone: 267-838-9713
Philadelphia Law Office Map

Review Us
map map