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Being financially ready for divorce


Now that spring has come most people in New Jersey do some sort of spring cleaning activity. Whether it's cleaning of the house, garden, or financial matters, it always feels good to have things in order. For those who are considering a divorce this year there are steps that can be taken to be prepared financially.

If a divorce is in the future there are some steps that can be taken to help make sure financial matters are organized. The first step is to make sure all financial documents are in order. Gathering all important financial documents and making copies can help save time and headaches later on in the divorce process. Second, it is important to know one's credit score. A good credit score is important in obtaining loans and managing household expenses after a divorce. Third, obtaining bank accounts, both checking and savings accounts and credit card accounts in one's own name is an important step. Credit cards are important and may be hard to obtain, especially for a spouse who doesn't work outside the home. New Jersey residents should consider applying early in case there is difficulty. Fourth, understanding the tax situation is essential. At this time next year there may be spousal support, property division, and other financial matters to consider. Working with a financial planner can help ensure that tax implications of divorce settlements are taken into consideration. Fifth, put together a divorce team that may include an attorney, financial planner and therapist. And finally, even though the end of a marriage can be a trying emotional time for everyone, it is important to make sure financial matters are taken care of. By taking the necessary financial steps, newly divorced parties can emerge with a good financial foundation.

Those who are considering divorce may want to consult with a legal professional who is skilled in divorce. These attorneys can help a person navigate the divorce process and offer advice throughout the process. Attorneys can also be part of the entire divorce team who will work together to ensure a fair outcome.


Source: Forbes, "Six steps to financial spring cleaning for divorce," Jeff Landers, April 1, 2014

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