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Preparing financially for a divorce

On Behalf of | Sep 25, 2021 | Family |

New Jersey couples in the process of a divorce might have a lot of questions about what they need to prepare. Finances are just one of many areas that must be addressed. Here are some tips to help you plan your financial future.

Plan your budget

One of the first steps of preparing your finances for a divorce is to track down all of the money coming in and out of your accounts. As you’re planning, try to keep track of all of your personal expenses and make notes of the ones that will still be there after the divorce.

For example, if your husband’s monthly car payment comes out of your shared account, you may not want to count that as one of your expenses. But your car payments, hospital payments, and anything else that will be solely your responsibility after the divorce should be written down.

You should also compare your list of expenses with your monthly income. It’s also important to try to plan for future expenses, like renting an apartment or finding your own health insurance.

Don’t make any decisions

Any financial gains or purchases can be swept up in the divorce process. Examples of big purchases and financial decisions can include buying or selling stock, a car, or a house.

Prepare documentation

During a divorce, you’ll legally separate all of your joint assets including bank accounts, houses, cars, and more. You’ll want to provide proof that you have a right to some of these assets.

Therefore, bring any documentation that would support your ownership or how much you’ve contributed to the marriage as well as the assets themselves. This might be the most time-consuming part of the process, and having a professional to consult during the process could be helpful.