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What Financial Mistakes Should I Avoid During A New Jersey Divorce?
Handling the financial side of a divorce in New Jersey can be a tricky task. Inevitably, the divorce process has a substantial effect on a spouse’s finances. Not only is marital property divided between spouses, but there are also legal fees and other expenses to worry about. For these reasons, many people going through the divorce process worry about the most common financial mistakes that spouses make. No need to worry because our highly experienced firm is here to help! To learn more, read on or reach out to an Ocean County Divorce Attorney today.
WHAT ARE THE MOST COMMON FINANCIAL MISTAKES DURING THE DIVORCE PROCESS?
Divorce is naturally an emotional process, but it’s important to make financial decisions based on logic and not just emotions. Many divorcing spouses try to keep their family home after divorce because it holds sentimental value. However, this can be detrimental to your finances if you are unable to afford rent or mortgage payments post-divorce. The best way to avoid this is by carefully planning your finances by tracking your monthly income, expenses, and spending. You should look at your financial issues as a whole (rather than individually) to get a full picture of your finances. Establishing a monthly budget can help you determine what property you can afford. Sometimes, it’s a better financial decision to sell the family home, even if it’s a difficult choice emotionally. You’ll also need to consider long-term financial security and your liability for marital debts.
WHAT ELSE DO I NEED TO CONSIDER DURING MY DIVORCE?
There are many aspects of the divorce process that some spouses may not be aware of without the help of a divorce attorney. For example, if you were supposed to get a portion of your spouse’s retirement plan, you’ll need to file a Qualified Domestic Relations Order (QDRO). Essentially, this is a legal document that ensures that you’ll receive the retirement payments that you’re entitled to, and you won’t be able to access these payments with a proper QDRO set in place. You might also want to ask your spouse to get life or disability insurance if you’re relying on them for alimony or child support. If they don’t have insurance and an unfortunate accident occurs, you won’t be able to receive the support that you’re entitled to.
If you’re considering divorce or have just begun the divorce process, you’ll need an effective divorce lawyer on your side who has your best interests in mind. Thankfully, the Law Office of Sarina Gianna, LLC is on your side! Contact our firm today for an initial consultation.