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Inventorying assets important during divorce

Recent research shows that filings for dissolving marriages appear to peak during the months of March and August. However, no matter the time of year, filing for a divorce can be both emotionally and financially overwhelming. A few tips may help with protecting one's best interests during this type of legal proceeding in the state of New Jersey.

First, it is critical to protect credit scores. This means staying on top of payments on shared expenses and debt during the divorce proceeding, such as utilities bills, mortgage payments, payments for credit cards and even bills associated with a Netflix account. After all, making payments on time is critical for having strong credit scores.

Taking inventory of all assets shared between the two spouses is also important. It is not possible to get a fair share of marital assets if it is not clear what all is available for splitting. Figuring out the extent of assets is possible by examining financial statements, such as those for retirement savings and shared investments, as well as tax returns dating back five years.

When embarking on the path of getting divorced in the state of New Jersey, it is natural not to know where to start and what to expect. However, an attorney can offer guidance on how to pursue one's fair share of assets through negotiation or mediation, for example. Still, if these alternatives to traditional divorce litigation are ineffective, a judge will end up having to get involved and making property division-related decisions for the couple.

Source: ajc.com, "Victim of Divorce Season? Protect Your Finances", Kevin Voigt, March 29, 2017

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