Inevitably, a divorce drastically impacts many different aspects of a person’s life. Because marital property is divided between spouses during the process, a divorcing spouse’s financial status can be entirely different by the time the divorce is finalized. It’s no surprise that many couples struggle with the financial side of this already complicated process. For these reasons, you might be wondering about the best ways that you can protect your money and property if you’re considering filing for divorce. Thankfully, our knowledgeable law firm has all the answers you need! Continue reading to find out how a Somerset County Divorce Attorney can provide individualized counseling today.
WHAT ARE THE BEST WAYS TO PROTECT MY MONEY DURING THE DIVORCE PROCESS?
The first step to protecting your money during this process is by taking inventory of all of your assets, income, inheritances, and more. In order to make smart financial decisions, you’ll need a clear picture of the entirety of your finances. Since you won’t be sharing assets anymore, you’ll need to make sure you open separate accounts in your name and build your credit score if you haven’t already.
While many spouses wish to keep the family home for sentimental reasons, it’s usually best to sell the shared home and get your own place. After assets have been split, you might not be able to keep up with rent or mortgage payments. If you have any shared debts with your spouse, you should pay these off before the divorce process begins.
If you were on your spouse’s retirement plan during the marriage, you’re still entitled to retirement plan payments after the marriage has ended. However, you won’t be able to receive these payments without a qualified domestic relations order (QDRO). You’ll need this legal document to earn what you’re entitled to.
SHOULD I HIRE A DIVORCE LAWYER?
If you’re trying to save money, you might consider not hiring a divorce lawyer. In New Jersey, the average cost of a divorce attorney is around $300 per hour. The more complicated your divorce is, the more time you’ll need to sort out all the details, which can make hiring a lawyer at an hourly rate quite expensive. Despite the price, most legal experts agree that you can greatly benefit from having a lawyer on your side throughout the legal proceedings. It’s extremely difficult to figure out the process on your own. A divorce lawyer will have the knowledge, skills, and experience you need to ensure this experience is as least stressful as possible. While a lawyer can be costly at the time, they can actually save you money in the long run.
Are you considering filing for divorce in New Jersey and worried about the financial process? You’ll need a dedicated divorce attorney on your side. No need to worry because Siragusa Law Firm is on your side! Contact our highly experienced team today for an initial consultation.