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Preparing for divorce may be smart

When New Jersey couples get married, they usually believe that they will always be together. However, it is possible that the marriage could end, which means it may be practical to prepare for such an eventuality. Regardless of whether an individual is married or not, it may be a good idea to learn basic fiscal literacy that includes learning how to budget or how to save money for retirement.

Doing so may reduce the odds of being unprepared financially after a divorce. Therefore, it may be prudent to have a strategy to acquire assets that may be used to help soften the blow of life after divorce. On the other hand, it is important to not think too much about a potential divorce.

Trying to hard to think of an individual's own financial future may make it harder for a couple to retire as comfortably as they could. However, planning for the end of a marriage at any time could be a sign that a divorce could happen for real in the future.

A variety of divorce legal issues will have to be confronted when a marriage breaks down. The feelings of financial insecurity can overwhelm a person who is confronting a divorce and who realizes that living on just one income - if that - is in the near future. As a result, a person who is in this situation may want to meet with a family law attorney to see how this can be addressed. In many cases, an attorney can negotiate a settlement agreement that contains a provision for alimony for a period of time until the recipient can return to the work force.

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Newsome O'Donnell, LLC
200 Campus Drive, Suite 205
Florham Park, NJ 07932

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