The financial side of the divorce process can be daunting for spouses who don’t know what to expect. A person’s financial status can completely change by the time their divorce is finalized. Shared assets and debts are divided between spouses. For these reasons, many divorcing couples wonder about the best ways they can protect their money during the divorce process. Thankfully, our compassionate law firm is here to help! Read this blog to learn financial tips for your divorce, or contact an Ocean County Divorce Attorney today for individualized legal counseling.
HOW CAN I PROTECT MY MONEY DURING A DIVORCE IN NEW JERSEY?
One of the best ways of protecting your money during this process is figuring out exactly how much you have. There are generally two different types of property in a New Jersey divorce: separate property and marital property. An attorney can help you take inventory of both your separate and shared assets. This will help you get a clearer view of your finances as a whole, which can make financial decision-making much simpler. You’ll need to keep in mind that you’ll get all of your separate assets and debts post-divorce, but the marital assets will be split. You and your spouse can decide on a settlement yourselves by hiring a mediator or other legal professional for help. Otherwise, the court splits assets and debts based on a large number of factors, such as the length of the marriage and each spouse’s income.
WHAT ELSE DO I NEED TO DO?
If you were sharing a retirement plan (like a 401k) with your spouse, you’ll need to take action to ensure you still receive these payments even after the divorce has been finalized. A qualified domestic relations order (QDRO) allows divorce spouses to continue to share the retirement plan when their marriage has ended. You won’t be able to receive payments from your spouse’s retirement account without a QDRO. Make sure to speak with a lawyer to learn more about what specifically you’re entitled to.
SHOULD I HIRE A DIVORCE LAWYER?
You might’ve heard that hiring a divorce lawyer is quite expensive. Indeed, the average cost of a divorce lawyer in New Jersey is around $300 per hour. This means that the more complicated your divorce is, the more expensive it can become. Divorce can be a lengthy process. While hiring a lawyer can be costly, it might actually save you money in the long run. Excellent divorce lawyers will have the experience, skills, and knowledge you’ll need to protect your best interests. They can also provide individualized advice for the steps you’ll need to take to save money.
Are you considering filing for divorce in New Jersey? Are you seeking a dedicated divorce attorney who has your best interests in mind? Look no further because the Law Office of Sarina Gianna, LLC is on your side! Contact our highly experienced team today for an initial consultation.