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Financial planning and divorce

In many New Jersey divorces, one or both parties fail to appropriately plan financially for life after they become single. Not paying attention to certain matters can lead to financial disasters down the road. There are several planning strategies people may want to do.

It is a good idea to sit down and carefully review all of the assets, debts and taxes a person has. This will give them a better idea of what they will have to work with when their divorce is complete. Alimony should not be overlooked, either by the person who might have to pay it or the person who will receive it. People who may receive alimony need to remember and account for taxes they will have to pay on the amount in their budgets.

People who have been out of the workforce for a while may need to consider what education or training they might need in order establish their career after their marriage has ended. During the divorce, they may then want to try to negotiate an agreement with the other spouse to pay for it. Another idea may be to downsize the home to one that is more affordable. Finally, people should make certain to provide for their health coverage so they will have health insurance after the divorce.

When a person is going through a high-asset divorce, careful financial planning can help to avoid future financial pitfalls. People may want to speak with their family law attorney about the particular arrangements they might need. The attorney may then be better able to negotiate a comprehensive settlement agreement that best protects the client's interests. In the event one cannot be reached, the attorney may then litigate the matter in court.

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