Even for New Jersey couples who have children, money is an important concern when marriages end. Both parties want to be able to support themselves and their children after divorce. Therefore, it will be necessary to be sure that each former spouse is in the best financial position possible when a divorce is finalized.
The reality is that the same amount of resources will have to support two households instead of one. It is nearly impossible to maintain the same lifestyle that the parties enjoyed during a marriage when they only had one set of household bills to consider. However, that does not have to mean that it is impossible to find some financial security.
Before any negotiations can begin, it is important that each party has a full understanding of their current financial situation. Full disclosure of all assets and debts needs to occur in order for that to happen. In addition, each party needs to have some sort of post-divorce budget to know what it will take to live comfortably in the future. Many people make the mistake of only looking at their short-term needs; however, some consideration should also be given to long-term financial goals.
Other than being single again, most New Jersey residents who are facing divorce fear that they will end up in financial distress. There are ways to reduce the likelihood of that happening, but it will take some careful consideration, time and negotiation to do so. Considering the fact that nothing less than the future is at stake, it would not be advisable to go through this process alone.
Source: nerdwallet.com, “6 Critical Steps to Prepare Your Finances for Divorce“, Shawn Leamon, July 5, 2016