Will I be financially ruined if I get divorced?

When you and your spouse in New Jersey have discussed the potential for getting a divorce, the topic of money most likely came up in some manner. Talking about money is never easy, especially between spouses who are experiencing significant marital challenges, often brought on or exacerbated by money. If you are worried that a divorce will leave you in financial ruin, you should get the facts about your financial situation today and use that to guide your divorce negotiations and your planning for your post-divorce life. 

USA Today explains that many people do not fully understand just how much it really costs them to live. You should look beyond just your mortgage and utility payments when assessing housing costs, for example. Make sure to calculate in taxes, insurance, maintenance and repairs as well. Health care costs should be tracked by any employment pay deductions, copay costs and general out-of-pocket expenses.

Making sure you have access to all of your bank accounts and credit card or other accounts is a must so you see your asset and debt profile clearly. Review the same factors when looking ahead to your costs after a divorce so you can determine just how much you really need to live and make choices to live within your means.

This information is not intended to provide legal advice but is instead meant to give New Jersey residents information on the importance of proactive financial reviews before they embark on a divorce so that they have a better understanding of their post-divorce financial situation.

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