A divorce is not only an emotional time for many, but it is also a legal and financially complex matter. Unfortunately, many do not consider the financial decisions they must make and their implications, which can impact their future. If you are going through a divorce, taking the time to understand the financial decisions you must make during this time is vital. The following blog explores what you must know and how a Morris County divorce & separation law firm can help you through this time.
What Financial Decisions Must Be Made During a Divorce?
A divorce is as much a financial matter as it is emotional. Because you and your spouse likely intertwined finances, there are many things you must take into consideration during these times. For example, if you are financially dependent on your spouse and have only joint bank accounts or credit cards, you must open these accounts as soon as possible. Unfortunately, if you do not open these accounts, you may not have access to the funds you need.
Additionally, you and your spouse must determine how you will divide your marital assets. Essentially, anything you gain during the marriage is considered joint property and subject to distribution during the divorce. As such, working with your spouse to the best of your ability to divide your property and funds is crucial. You’ll need to decide what assets you want to fight for and what you are willing to give up for a compromise. If you cannot come to an agreement, you and your spouse will be subject to property division by the courts under New Jersey’s equitable distribution laws.
Finally, you must consider the tax implications of divorcing your partner. You will no longer be able to file as a married spouse and must consider the benefits of filing as a single person or the head of your household. Additionally, you and your spouse will need to decide how you will handle any property taxes you must pay.
Why Do I Need an Attorney for This Process?
As you can see, going through a divorce has many financial complexities. Unfortunately, these can be challenging to navigate without the assistance of someone well-versed in divorce and family law. As such, it’s in your best interest to enlist the help of an attorney to ensure you avoid making errors that can impact your financial future.
When you are going through a divorce, Haber Silver Russoniello & Dunn are ready to help you during these challenging times. We understand how devastating it can be to end your marriage. That’s why our team is committed to helping you navigate the financial issues that may arise during this process so you can focus on the transition into the next chapter of your life. Contact our experienced family law and divorce firm today to learn how we can assist you.