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Are you ready to be financially independent after divorce?

On Behalf of | Sep 11, 2020 | Uncategorized

Many New Jersey parents are making lifestyle changes this year. For some, such changes include filing for divorce. Those who are parents may encounter numerous challenges as they negotiate child custody, property division and related financial matters.

It is a good idea to take a financial inventory before heading to court. Especially if a person is used to spending at will without documenting expenditures, he or she may want to track personal spending and start creating a budget for a post-divorce lifestyle. Another issue that will no doubt have an impact on finances in divorce is whether the spouse in question will be staying in the home shared during marriage or moving out.

If he or she has to find a new place to live or has to get a new job, it will definitely have financial implications. Whether child support is needed to provide for the financial needs of one’s children after divorce is another important question that should be answered before navigating court proceedings. Every state has its own guidelines regarding child support, and the judge overseeing a particular case may use his or her discretion to determine the amount and frequency of payments.

Finally, it’s always a good idea to closely review credit card accounts, bank statements, tax information and other finance-related documents to gain a clear idea of one’s immediate financial standing. Full disclosure is required on both sides when listing marital assets and liabilities. Any New Jersey spouse who has legal questions about financial issues in divorce may request a meeting with an experienced family law attorney for support.