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Family law proceeding of divorce has financial consequences

Divorce can be stressful, not just emotionally but also financially. After all, the consequences of a marital split-up involving the division of assets can be life-changing. A couple of tips may help people in New Jersey protect themselves financially during the family law proceeding of divorce.

Proper legal guidance from the very start is essential in order to know exactly what one's options and rights are. This is true even if it appears the divorce will be amicable. The dissolution of a marriage is a process that can be emotionally volatile, and bitterness could easily make the two divorcing individuals do something to harm each other financially since they already have each other's identifying details, such as the other person's birthdate and Social Security number.

It is also important for people to pull their credit reports. These reports reveal all of the credit accounts existing in one's name. It is wise to watch for any new accounts that are opened in one's name or for any changes in one's credit accounts during and after the divorce process. Unexpected changes may point to identify theft, which can negatively impact one's financial situation long-term.

If two people are able to see eye-to-eye on matters such as asset division and property distribution, this increases their chances of reaching a mutually beneficial settlement. If they cannot find common ground, a judge will have to decide these divorce-related matters for them. Both parties have the right to pursue their best interests during this type of family law proceeding in New Jersey.

Source: credit.com, "10 Financial Moves to Keep You Sane During a Divorce", Marilyn Lewis, Aug. 1, 2015

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