The divorce process can be extremely difficult for spouses, especially when it comes to finances. Divorce has a substantial impact on a person’s life, especially since marital assets and property are divided between spouses. If you’re currently going through the divorce process, you might wonder about the common financial mistakes that spouses often make. No need to panic because our firm is here to help! Read this blog to learn how you can secure your financial future success or contact a Somerset County Divorce Attorney today for high-quality legal counseling.
WHAT ARE THE MOST COMMON DIVORCE FINANCIAL MISTAKES?
Overall, the biggest financial mistake you can make during the divorce process is failing to have a clear understanding of your finances as a whole. When making future financial decisions, you’ll need to keep in mind that your financial status will be entirely different than your status during the marriage. To avoid poor monetary planning, you should consider establishing a monthly budget by determining your income and expenses. You should also keep in mind that in New Jersey marital assets are divided equitably between spouses but not necessarily equally. In other words, you and your spouse won’t each be getting the same amount of marital assets. You might also be responsible for some debts incurred during your marriage even if your ex-spouse was the one who caused them. It’s best to get a full picture of your finances by viewing your assets, income, expenses, and debts together rather than individually.
WHAT ELSE SHOULD I KNOW ABOUT?
Not all spouses are aware of the various legal documents that could be helpful to the financial side of the divorce process. For example, have you heard of a QDRO? This is a Qualified Domestic Relations Order, which is a required document if you’re planning on still receiving payments from your ex-spouse’s retirement plan. You’ll need an attorney to help you file this legal document, so it may be helpful to hire a divorce lawyer to represent you throughout the entire process.
If you’re set to receive alimony or child support payments from your ex-spouse, you should consider asking them to obtain life or disability insurance. This secures the future of your payments even if your ex-spouse unexpectantly passes away or becomes incapacitated.
Are you considering filing for divorce or just beginning the divorce process? Are you seeking a highly experienced divorce attorney who has your best interests in mind? Look no further because Siragusa Law Firm is on your side! Contact our effective team today for an initial consultation.