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Being prepared financially can help during divorce

Although the emotional aspect of a divorce in New Jersey can understandably be difficult to cope with, the financial aspect of this type of proceeding can also pose challenges. Making one mistake during a divorce proceeding can unfortunately have negative long-term effects for an individual. A few tips may help a person to stay financially sound if his or her marriage is coming to an end.

It is essential to assemble all critical financial documents at the very beginning of the divorce process. These documents include the yearly reports that credit card companies provide to their customers as well as tax returns and statements on dividends and interest earned. It is wise to place hard copies of these documents in a safe place; for instance, they can go to a trusted family member or a close friend. Divorcing individuals may even want to pay for safe deposit boxes for these documents. Having them readily accessible enables a person to avoid the inconvenience and expense of having to get new copies of them at a later time if they cannot be found when they are needed.

Knowing one's credit is also essential when going through divorce. Without good credit, a person will have trouble renting or buying a home as well as buying a vehicle. It is expedient to pull one's credit report as quickly as possible and to make a note of any error one may spot.

If two people getting a divorce are able to find common ground when it comes to financial matters, they may be able to achieve a mutually agreeable settlement. If they cannot, however, a judge must make these important financial decisions for the pair. Each spouse has the right to pursue his or her own best interests during this type of family law proceeding in New Jersey.

Source: The Huffington Post, "4 Steps to Being Financially Prepared for a Divorce", Oct. 5, 2015

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