Dealing with finances during and after a divorce

| Feb 19, 2016 | Property Division |

When a New Jersey couple gets divorced, it is not just their relationship that changes. For many people, financial upheaval is also likely since individuals will not only be splitting up their assets but will no longer benefit from two incomes. It is important for people to take inventory of their assets and debts and separate any joint accounts shared with their spouse to help them prepare for life after their marriage ends.

One of the first steps that people should take when they know they are ending their marriage is to take stock of both their assets and debts. Both are eligible for property division during a divorce, so people should find out if their spouse has any debt because they may have to pay some of it off.

It is also important that people find out if they have any joint accounts with their spouse and, if so, separate them. This can be a fairly simple process for bank accounts, but some credit cards or loans may require extra paperwork and effort to remove a person from an account or close it. However, it is important to do this as quickly as possible because debt accrued after a divorce may be both people’s responsibility if it is added to a joint account.

The division of property obtained during the marriage can often be more of the more complicated aspects of the divorce legal process, and in some cases it can become contentious when estranged spouses battle over sentimental items. A family law attorney can at times be of assistance in negotiating an equitable settlement.



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