Heymann & Fletcher

Steps to help people to protect their finances in divorce

People do not get married and expect to get divorced down the road. Unfortunately, this happens all too frequently in New Jersey and other states. A few tips may help both men and women to protect themselves financially when going through the divorce process.

First, it is best to avoid going for everything. Instead, it is wise to identify potential wins -- the most important things to the individual. Then, the focus can address these goals.

Second, it is paramount that people budget when going through the dissolution of a marriage. It makes good sense to create a budget based on one's new living situation, including a plan to start saving for unexpected financial obligations. People would also benefit from collecting, sorting, cataloguing and inventorying all financial documents as soon as possible, including retirement accounts, joint bank account information, auto loan documents, credit card bills and mortgage statements. All of these documents, and more, are essential to this type of family law proceeding.

A New Jersey divorce can be unpredictable, but being able to go through the process of negotiation or mediation may increase a person's chances of feeling more in control of the proceeding. Both parties can work toward a settlement that satisfies them both without the necessity of further court intrusion. However, going through litigation may be necessary if the two cannot find common ground, in which case a judge will have to make the final decisions for them regarding matters such as property distribution, spousal support, child custody and other unresolved issues.

Source: seekingalpha.com, "5 Financial Tips For Women Getting Divorced", Russ Thornton, Sept. 18, 2016

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