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Finances require attention when going through divorce

When going through a marital dissolution in New Jersey, some major financial decisions have to be made and then executed. This naturally can cause stress, especially if children will be affected by these decisions, too. A couple of tips may help with attending to some particularly time-sensitive financial matters as quickly as possible during divorce.

First, it is critical to check an existing life insurance policy. Divorcees may benefit from updating their policy beneficiaries so that their ex-spouses do not end up getting their life insurance money when they pass away. Perhaps they may prefer to change their coverage completely for themselves as well as for their children.

Second, building a budget is essential following divorce. Budgeting includes creating an itemized list detailing the most important daily expenses, ranging from the mortgage to the groceries and other bills. It also includes listing any debt that is outstanding. Once both debt obligations and expenses have been met, it will be clearer how much money is truly available for discretionary items, including travel, sporting events, entertainment and dining. Streamlining spending or reducing loan payments may be necessary to maintain the lifestyle one enjoyed prior to getting divorced.

Going through a marital split-up can be overwhelming, even if the related legal proceeding is relatively amicable. After all, many matters have to be addressed in detail, ranging from the distribution of retirement funds to child support and even spousal support. An attorney in New Jersey can help with navigating these financial issues and make sure that one's best interests are pursued at each stage of the divorce proceeding.

Source: tdameritrade.com, "Caring for Your Finances When You're Suddenly Single", Jennifer Waters, May 8, 2017

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