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Budgeting and communication essential during divorce

Few things are more unsettling than getting divorced in the state of New Jersey. Unfortunately, marriages do not always work out, and divorce is inevitable. Some tips may help individuals to protect their finances long term while going through this type of legal proceeding.

Putting together a new budget is paramount for a person who is planning to get divorced. The individual would be wise to ensure that the budget accurately reflects his or her post-divorce financial situation in terms of income and expenses. After people get divorced, it might not be possible for them to enjoy the lifestyles they previously had. This is why it is so essential that people understand their finances while going through the dissolution of a marriage.

Communicating with a soon-to-be-ex about finances is also a wise move. The more both parties communicate, the less likely one is to feel that he or she has purposely been left out of the family finances, which can breed animosity and resentment. These are ingredients for a potentially acrimonious marital dissolution process.

If two divorcing individuals can find common ground in New Jersey, they may be able to take advantage of alternatives to litigation, such as divorce mediation or negotiation. Through these methods, they can work toward a resolution of which both parties approve, and no further court intrusion is needed. If they are unable to accomplish this, a judge will have to get involved and make important decisions for them about issues such as the division of assets and property.

Source: csmonitor.com, "Three tips for managing money while separated from your spouse", Shawn Leamon, Sept. 25, 2016

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