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Financial considerations before you get a divorce

| May 27, 2021 | Divorce |

While a divorce may be a very emotional time, you need to consider the financial implications of ending your marriage. A lot of things will change once you become single, so it is important that you plan ahead. Here are some things to keep in mind regarding your finances before you file for divorce in New Jersey.

Personal finances

If you are in a marriage where your partner makes more money than you and pays the bills, then you need to think about how you will handle your personal finances. If you are going to live by yourself, you need to figure out how to pay all of your own bills, pay for your groceries and fund any other expenses that you will need.

Many people forget to think about this, which leads to them struggling once they become single and possibly regretting the divorce. Figure out how to support yourself before trying to live on your own.

Estate plan

If you created an estate plan while you were married, it is likely that things in it pertain to your spouse. Since you are planning to end your marriage, it is imperative that you make any changes necessary as soon as possible. These changes can include adjustments to your will, your retirement accounts, any joint real estate or joint financial accounts, and authorizations you may have given your former spouse to access your personal accounts such as your email, your bank account or your social media profiles.

Debt

If you made any purchases as a couple that created joint debt that you need to pay, you both will still need to pay off your debt after you get divorced. You should try to sort out with your spouse a payment plan for these debts because even if you pay your half, if your former spouse doesn’t pay theirs, it will still negatively affect you.

While your post-divorce finances may be the last thing on your mind in the middle of divorce proceedings, you need to consider your future. Put your emotions to the side, sit down with a financial consultant and family law attorney, and make plans with their recommendations.