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Financial implications of divorce can be complex

On Behalf of | Apr 15, 2019 | Divorce | 0 comments

The outcome of a marriage breaking up has an impact on every aspect of one’s life in New Jersey. The largest impact may be a financial one. There are steps that can be taken to prepare for the financial effects of a divorce. The more one plans for life after divorce the better prepared one may be to handle any surprises that may arise.

One step that a person can take is to do some long-term planning. What are one’s goals for life following divorce? Is a career change part of the picture? That can be a scary undertaking, but approaching it with a plan and a definite goal in mind can ease the process. Consider the financial implications of going back to school or other required training as this can become a consideration in the divorce settlement.

This is also an excellent time to become familiar with one’s personal financial situation and make sure that all accounts and financial documents are in order. Part of the divorce settlement stems from property division, and it’s important that the financial picture is as accurate as possible. A fair and complete financial inventory can result in a fair property division for the parties involved.

Divorce can be an emotional and overwhelming undertaking. The financial implications are many and must be handled carefully. A person in New Jersey who is contemplating divorce may wish to discuss one’s financial situation with an experienced family law attorney who can assist the client with getting a handle on one’s overall financial situation.


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