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Protecting finances paramount during divorce

According to recent research, the months of March and August appear to be the most popular months for getting divorced. However, no matter when divorce papers are filed in New Jersey, it can be distressing both emotionally and financially. A couple of tips may help with addressing the financial aspect of this type of family law proceeding.

First, it is important to gather information about all shared assets. After all, there is no way of ensuring that assets are split in an equitable manner if one does not know all of the assets available for division. Ensuring that all assets are accounted for is possible by collecting tax returns and other financial data from the past five years, including statements from shared retirement savings or investments.

Second, protecting one's credit score is critical. This is possible by staying on top of debt and expense payments, including those for the mortgage and credit cards. Missing payments can make it harder to attain additional credit following the divorce, which is a time when securing more credit is likely critical for setting up a new household.

The process of dealing with finances during divorce can understandably be overwhelming. However, if two divorcing spouses are willing to work toward a settlement together, they can avoid further court intrusion, which often makes the process more stressful, time consuming and costly. Mediation and negotiation are alternatives to going to trial that can be helpful for tackling disputes involving asset division and spousal support, for example, during a divorce proceeding in the state of New Jersey.

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

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