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Financial considerations for divorcing spouses

by | Jan 21, 2016 | Divorce |

After the holidays have passed, many people in New Jersey who were considering divorce decide to file the paperwork. Although most divorcing spouses would like the process to be over as quickly as possible, it is important not to rush through it.

Mistakes that people make during a divorce can leave a lasting impact on their financial lives. For example, people who fail to consider how a divorce settlement will affect their income bracket may end up with assets that they cannot afford to pay taxes on. For some people, keeping the family home after a divorce is not realistic due to the cost of the mortgage payments and property taxes.

Before a divorce is finalized, it is important to make sure that all of the jointly held assets are accounted for and separated. If both spouses’ names are still on a single checking or savings account, one spouse could potentially liquidate the account of all of its funds. A jointly held credit card account can also cause problems if one spouse fails to make on-time payments. Both spouses’ credit scores will be affected by a joint credit card account regardless of who agrees to pay it off.

When a divorcing couple has a lot of assets or debts, negotiating a divorce settlement can be complicated. An attorney may be able to help a spouse to work out a fair settlement through divorce negotiation. If a person suspects that their spouse has hidden assets, an attorney may be able to help investigate financial records to determine the full value of the marital estate.

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