Heymann & Fletcher

Financial steps necessary after divorce process

Ending a marriage can be painful, not just emotionally but also mentally, psychologically and physically. During the divorce process in New Jersey, a person must be prepared to make critical decisions on matters such as asset division and property distribution. However, important moves must also be made following divorce.

First, it is important for a person to revisit his or her insurance broker. This is necessary for the person to update his or her umbrella liability coverage. This involves screening an existing list of assets that have been scheduled on the person's homeowner's policy to make sure that he or she is not still paying premiums for any assets he or she no longer owns.

Another important step following divorce is to apply for a brand new credit card. In some situations, this may be wise to do before canceling any joint accounts. This is especially the case for those who have marginal credit and do not have emergency cash reserves. A credit card may be helpful in providing a temporary bridge of funds for a person while he or she is working on financially rebounding from the divorce process.

When a person is dealing with the emotional aspects of a divorce, it can be easy for him or her to overlook essential details that can have long-term impacts. Not understanding one's rights when dealing with property division may also negatively impact a person. With appropriate legal guidance, a person going through divorce in New Jersey may pursue his or her fair share of assets and achieve a personally favorable outcome while still considering the other spouse's needs.

Source: The Huffington Post, "7 Financial Management Tips For Anyone Who Just Went Through A Divorce", Toby Nwazor, June 13, 2016

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