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The importance of protecting your financial future after divorce

On Behalf of | Jun 16, 2023 | Divorce |

Your divorce will inevitably affect your life in many different ways. While it is difficult to accurately predict the exact ways that you will experience changes, it is likely that you will have to make financial adjustments for a period of time. The terms of your financial order are critical for your future, and it is in your interests to know how to protect yourself and lay the foundation for long-term stability. The decisions you make during your New Jersey divorce should not be solely based on how you feel in the moment. 

Divorce is expensive. In addition to the legal fees, you will also have to adjust to living on one income, paying for a potential move, separating your finances and paying off debt on your own. This is costly, and while it is easy to become focused on your emotions in the moment, these are rarely good indicators of what will actually make the most sense long-term. Instead, focus on seeking practical, beneficial and sustainable terms. 

Steps you can take now 

Divorce is never easy. You may feel overwhelmed and unsure about your future, but there are steps you can take now that will allow you to take back control and preserve your long-term interests. Some of the positive steps you can take during your divorce to protect your finances include the following: 

  • The first step you will need to take is to determine exactly how much money you have. Access your accounts, locate important assets and find out how much your property is worth. 
  • Be upfront and honest with your financial disclosures, and make sure to speak out if you suspect that your spouse is hiding assets during your divorce proceedings. 
  • Separate your accounts as soon as possible, and close any joint credit card accounts.  
  • Work on creating an emergency fund for yourself as soon as possible, even if your divorce is still ongoing. 
  • Consider your insurance options and make adjustments. Request that the other party has insurance as well if you will be receiving support from him or her. 
  • Think about the tax implications of any decisions you make during your divorce process, especially when considering keeping the family home or accepting a lump-sum settlement. 
  • Seek fair child and spousal support orders in addition to a fair property division settlement. 

You will benefit from having experienced guidance at every step of your divorce process. An assessment of your finances and other factors can provide you with the insight you need to make beneficial decisions that will allow you to look to your post-divorce future with confidence.