Heymann & Fletcher

Being financially proactive can help during divorce

Getting divorced allows a person in New Jersey to start a brand new life on his or her own terms. However, the divorce process can be complex as well as both financially and emotionally challenging. A few tips may help people navigate the financial aspect of divorce both during the proceeding and afterward.

First, it is critical for people to examine exactly where they are financially. This involves looking up their credit scores, as one's credit score will dictate one's ability to get a loan as well as buy or rent a home. While looking up a credit score, it is wise to look for any loans that one has cosigned with one's ex-spouse; the divorce agreement can address these types of debts.

It is also important for divorcing individuals to separate their finances. This involves contacting credit card companies and banks to close any joint accounts. If it is not possible to resolve a debt on a joint account, it may be expedient to make the necessary arrangements to prevent any further spending on the account.

Even though divorce can be one of the most difficult experiences of a person's life in New Jersey, an individual may feel more in control of the situation through the process of divorce negotiation or divorce mediation. Both parties may be able to find common ground and work toward a financial settlement that takes both of their wishes into consideration. Otherwise, a judge must get involved and make the financial decisions for them regarding areas such as asset division and property distribution.

Source: chase.com, "Managing Credit After a Divorce", Marcia Lerner, Sept. 18, 2015

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