Because divorce can be a considerable upheaval for some New Jersey residents, the idea of such a drastic change can be stressful. Individuals may feel emotionally raw from the ending of a relationship, and they may also face financial issues as assets are divided and household income is likely lessened. In order to potentially avoid being blindsided by financial issues during and after divorce, individuals may want to take certain steps.

The first step that could prove beneficial is to understand the individual finances and the finances of the household. This means finding out who holds which accounts and whether one party could restrict the other’s access to any accounts. This restriction is particularly a concern if individuals have been sharing a joint account or have shared an account that was only in one person’s name.

Another vital step is to ensure that there is documentation detailing information regarding bank accounts, credit cards, tax returns and other similar financial aspects. Gathering these documents can help parties during court proceedings by potentially being used as evidence and in an effort to ensure that all account information is being disclosed by both parties. Having these documents ahead of time may also help a party avoid having to ask for copies after the divorce.

Finances are a primary concern for many individuals during their divorce proceedings. If New Jersey residents are particularly concerned over how assets and funds will be divided or the possibility that their soon-to-be ex-spouse may be hiding information, discussing the situation with a family law attorney may be helpful. Parties may be able to gain more knowledge on steps they can personally take to ensure their process moves forward as smoothly as possible.

Source: The Huffington Post, “4 Steps to Being Financially Prepared for a Divorce“, Sarah Chang, Oct. 5, 2015