The financial aspects of divorce can involve a wide array of legal issues and may impact you and your family immediately and well into the future. The first step towards securing your financial future is preparing for your divorce proceedings. Amongst the many ways to prepare financially for divorce are the document gathering process, establishing realistic expectations, setting goals, and avoiding common financial mistakes.
The financial preparation divorce attorneys of Jacobs Berger have extensive experience helping our clients secure financially beneficial outcomes to their divorces in across Morris County, New Jersey. Our firm views each divorce case we take as an opportunity to build, rebuild, or reinforce our client’s future. We offer dynamic and personalized legal solutions to protect your family’s financial wellbeing during and after divorce.
Gathering Documents is the Best Way to Start Financially Preparing for Divorce
Gathering financial documentation can be a great place to start the financial process of a divorce. This can be done even before speaking with our Denville financial preparation attorneys, and will serve as the backbone of your legal standing moving forward. Documents to collect can include but are not limited to:
- Tax returns for individuals, businesses, etc.
- Pay stubs or other relevant proof of income for you and your spouse
- Statements for investments and retirement accounts
- Prenuptial agreements or postnuptial agreements if any exist
- Mortgages or other outstanding debts
- Deeds to owned real estate
- Proof of expenses pertaining to childcare or other child related needs
- Much more
What Should I Expect Financially During the Divorce Process?
Each divorce is different. There is no way to accurately predict what to expect financially without discussing your unique situation with a Morris County divorce attorney. In very general terms, it is a wise idea to begin to track your expenses if you are not already doing so. Along those lines, making a family budget which will work on a single income can be beneficial as well.
There are a litany of issues which have the potential to impact your finances during and after divorce, including child support, alimony, and the equitable division of marital assets. Speaking with a divorce lawyer about what you can reasonably expect based on your circumstances will allow you to plan for the future.
Having a high level understanding of what to expect financially during a divorce is a critical step towards building a solid financial foundation. This also comes with the fringe benefit of being able to avoid the “sticker shock” of divorce, which often include ongoing expenses such as owing spousal support, child support, and more. The longer you have to prepare and the better you understand your financial reality, the better off you and your family will be in the long run.
Avoiding Common Mistakes
Everyone seems to have advice for those going through a divorce, but that advice can sometimes be damaging. Our family law attorneys in New Jersey can help you avoid common financial pitfalls when going through divorce, including:
Attempting to hide marital assets – you should ignore anyone who tells you to hide assets, accrue debts during divorce, overpay taxes, or any other form of financial manipulation. Not only is this illegal, it also may have a direct impact on your divorce proceedings and hurt you financially in the long run.
Making major financial changes – it may make logical sense that you should change names on wills, trusts, life insurance beneficiaries, and so forth, doing so after filing for divorce. However, these actions may or may not be advisable depending on your unique circumstances. Please consult with your attorney before making such changes.
Making large withdrawals or purchases – the fact of the matter is that any drastic action you take during the divorce process can be an unnecessary complication and in fact may hurt your financial bottom line. It is generally wise to maintain your financial status quo as much as possible until your divorce has been finalized.
Contact our Morristown Financial Preparation and Divorce Attorneys Today
At Jacobs Berger, our divorce attorneys take pride in helping Morris County clients prepare financially for their divorce in towns including Madison, Randolph, Denville, Morristown, Dover, Morris Plains, Rockaway, East Hanover, and all of Northern New Jersey. We view our role as architects, and aim to provide financial blueprints to each of our clients going through a divorce. Our firm is built on the idea that one size fits all legal solutions do not work, and we take pride in offering multidimensional and highly personalized legal service to get you and your family where you need to be.
If you have any questions or concerns about the finances of your divorce, please contact us online or through our Morristown office by calling (973) 718-7705 today for a strategic planning session with a member of our qualified and experienced legal team.