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Creating a thorough financial strategy when facing a divorce

On Behalf of | Jun 24, 2023 | Divorce

While there might be a multitude of scenarios in which dissolving a marriage might be the best path, facing a similar change in life can still prove stressful and intimidating. Going through a divorce may rarely be easy, and you might encounter a variety of complex topics and challenging decisions along the way.  

With so much at stake, you may have understandable concerns about how the outcome of your divorce might impact your financial future. While divorce will inherently affect this aspect of your life, there may be certain steps you can take to help protect your interests and help you approach the next chapter of your life with confidence. 

Financial topics 

While the factors to address may vary depending on your situation, there may be certain financial topics that might prove helpful to address in virtually any scenario, such as: 

  • Financial documents:  One of the first steps to take could involve obtaining documentation of all marital incomes and assets. This could include anything from joint bank account statements to tax return documents. 
  • Identifying assets:  Gathering such documents could help you prepare to identify and value all marital assets. Being thorough with this step could help you gain insight on what is at stake. 
  • Addressing debts:  Reviewing all forms of marital debt may also be integral to protecting your interests, as types of joint debts will likely be subject to the property division process. 
  • Post-divorce budgeting:  Creating a detailed list of marital expenses is another example of a vital step to take. This information could prove essential to helping you create a budget for the coming transition in life. 

It may also be helpful to refrain from making changes to your spending and saving habits until after you finalize your divorce, as the presence of such behaviors could affect the outcome of your situation. 

Seeking advice in creating a strategy 

This might only be a few examples of vital financial topics to address when facing the end of a marriage. While facing such a scenario can be stressful, you don’t have to navigate this process alone, and seeking advice in addressing your situation could prove beneficial in various ways. In doing so, you may find yourself in a much better position to create a strategy that best meets your goals and needs as you prepare to enter a new stage of your life in New Jersey.