How to stay financially fit after a divorce

| Oct 14, 2016 | Child Custody |

Those in New Jersey who are thinking about getting a divorce may want to do some financial planning. Doing so may help an individual come out of a marriage in relatively good financial shape. For instance, it may be a good idea for separating spouses to take a look at account balances or bank statements to get an idea of how much their joint assets may be worth.

However, those going through a divorce should try to not get emotional about specific assets. For instance, many people have an emotional attachment to the family house or want to win a specific item as a way to score a victory over a former spouse. The better option may be to think about the tax implications as well as the long-term cost of owning a home after a divorce.

As an individual may have to pay their own expenses after a divorce, it may be a good idea for unemployed spouses to start looking for a job immediately. Delaying the process could cause an individual to miss out on valuable contacts or time spent gaining new skills and experience. Finally, it may be a good idea for a divorcing spouse to purchase insurance in order to provide a financial safety net.

Anyone who is going through divorce may wish to speak to an attorney. A lawyer may be able to talk more about how an individual may obtain a maximum share of joint assets or be entitled to alimony and child support. If an individual is a child’s primary caregiver, they may be entitled to a large share of marital assets as this may help meet the best interests of the child.



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