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Financial mistakes could impact New Jersey divorce

It is understandable for New Jersey residents to feel a sense of relief and possibly accomplishment when they make the decision to end an unhappy and/or unhealthy marriage. However, this big decision will likely cause a chain reaction of dozens of other important decisions that will need to be made. If individuals do not pay particular attention to all aspects of the divorce process, they could find themselves facing unfortunate results.

As with many procedures, timing can have a substantial impact on divorce. If individuals believe that they can simply file at any time and have the same effect, they may wish to think again. Because many couples share retirement, checking and other accounts that will likely be divided during divorce, waiting to file could mean that there will be more to lose. Accounts that are continually being contributed to could end up accruing more funds for a potential split than if the filing had taken place earlier. 

Furthermore, paying attention to financial information in general may be key during a separation. Finances can play a considerable role in how alimony, child support and other aspects are determined, and if an individual simply guesses on how much money may be in an account or how much certain property could be worth, he or she could be damaging the chances of a fair settlement. Therefore, parties will likely want to find out as much as they can about their personal finances in order to relay correct information.

Though it is common for individuals to make mistakes, doing their best to prevent those mistakes could help individuals face better outcomes during divorce. In order to bolster their chances of achieving the results they desire, New Jersey residents may want to ensure that they are informed on areas that concern them. Additionally, consulting with experienced family law attorneys could help parties gain an advocate to work toward their best interests.

Source: The Huffington Post, "Filing For Divorce In Spring? Avoid These 6 Perilous Mistakes!", Bari Zell Weinberger, April 25, 2016

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