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Financial protection during a divorce

Life after a divorce will be different than before the split, but it doesn't necessarily have to be scary. Even though finances will be affected, if certain steps are taken and prudent decisions are made during the negotiations, restarting life after the break-up of the marriage will hopefully mean that the person is not starting financially from scratch. New Jersey residents who are considering a divorce might be interested in learning about the things they can do to protect themselves financially.

Getting together a strong support team is one of the first steps a person needs to take when facing divorce proceedings. Advice from a family law attorney who can offer guidance about the various legal issues and ease the emotional burden of the negotiations can be vital during this time. Seeking help from an accountant to figure out finances and from a financial planner to help with future goals is another way people can protect themselves.

Even before negotiations begin, people should educate themselves about money and paying bills. Financial education needs to also include learning about their own financial situation, including assets and debts.

Divorce can be a very long and emotional process. It might be tempting to make decisions based on these emotions and to get worn down and give up assets that can hurt the person later. Being prepared with all the facts, educated about money and depending on the support offered by a divorce lawyer and other professionals might be the difference between feeling financially destroyed after a divorce and starting a new chapter of life feeling financially on solid ground.

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Newsome O'Donnell, LLC

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