Though a divorce can be incredibly complex and emotional for those involved, it is also a serious legal matter. The dissolution of your marriage will not only be an emotional time, but you must also consider the financial implications of this process. You will need to make many financial decisions regarding your divorce, and preparing yourself for these matters can help make this as smooth as possible. The following blog covers the most common considerations you must make regarding your finances and how a Somerset County divorce attorney can help you through these difficult times.
What Important Financial Decisions Arise During a Divorce?
To begin, you’ll first need to consider your own assets. This includes all your financial accounts, like bank statements, credit card debts, pensions, tax returns, and insurance policies. Gathering these assets can help make the divorce process less complicated, as you will be well prepared.
One of the most critical decisions regards your marital property. In many instances, this is cause for contention, as both spouses may feel entitled to certain assets. Generally, anything obtained during the marriage is considered marital property, while assets owned before the union are separate. If you and your spouse cannot come to an agreement, the courts will follow the equitable distribution doctrine to split assets based on each spouse’s needs and contributions to the marriage. As such, things like the family home should be considered, as it will likely be deemed marital property. However, you and your spouse may want to work out who will keep the home, especially if you have children and want to prevent them from moving school districts.
Another consideration you must make is where to open up new accounts after your divorce. In many instances, you may share joint credit cards or bank accounts with your spouse. If you do not have personal ones, you should open them immediately to ensure you have access to funds before and after your divorce.
Finally, you must determine how you and your spouse wish to split the pension plan. This can help provide financial security, so this decision must be made lightly. Additionally, you should tx-adjust it before valuing it to ensure the division is fair.
Do I Really Need a Lawyer for this Process?
Though it may not seem necessary to enlist the help of an attorney during your divorce, it is in your best interest to do so. As you can see, there are a number of critical financial decisions you must make during this process, and one error can jeopardize your financial future. However, an experienced attorney who is well-versed in these matters can help ensure your finances are protected during the dissolution of your marriage.
If you are going through a divorce, the Siragusa Law Firm can help. Our compassionate team understands that this is a highly emotional time. As such, we can help handle the legal complexities that arise so you can focus on healing. Contact our office today to learn how we can be of assistance to you.