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Despite the impact of COVID-19, we are open and continuing to meet the needs of our existing clients and new clients without interruption or change in the quality of our services. Please do not hesitate to contact us with any concerns, questions or requests for information about your matter. At this time we are offering appointments via telephonic and/or video conferencing.
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How married individuals can avoid future money regrets

by | Jan 15, 2020 | Divorce |

New Jersey residents who have gone through a divorce can attest to the fact that emotions and expenses run high during the divorce process. However, individuals and their bank accounts can eventually bounce back. A study done by Fidelity Investments shows that it usually takes about five years to recover financially after a divorce.

The same study revealed some of the biggest financial regrets that people have after a divorce. Eighty percent of respondents said that they regretted not being more involved in their daily finances when they were married. These individuals took a longer time than others to recover financially after divorce. Another regret was not being involved in long-term planning and retirement investing.

Individuals who may go through a divorce in the future can protect their future self by paying attention and getting involved in their finances now. Both spouses need to understand and be involved in basic family finances. This means having access to bank accounts, looking over tax returns and making decisions together about big financial moves.

Couples often find that it is difficult to communicate about money. However, the study from Fidelity Investments revealed that about 14% of respondents uncovered debts in their divorce that they did not realize they had. It is important for couples to have financial transparency. Another option is for couples to sign a prenuptial agreement before getting married or a postnuptial agreement while married in order to protect their assets in case of a future divorce.

When it comes to finances and divorce, knowledge is power. An individual may decide to talk with an attorney to have their questions about divorce, spousal support, child support, property division and other legal issues answered. An attorney may also help a person draw up important documents like a postnuptial agreement or the papers needed to file for divorce.

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