The divorce process can be complicated, especially when it comes to the financial side of the proceedings. A divorce can have a significant effect on someone’s finances in multiple ways. Due to legal fees and other expenses, the average cost of a divorce in New Jersey is around $15,000. Throughout the legal proceedings, shared assets and marital property are equitably divided between both spouses. If you’re just beginning the divorce process in our state, you might be worried about the smartest ways you can save money during this time. No need to panic because our effective law firm is here to help! Read this blog to learn financial tips for divorce and find out how one of our Morris County, NJ Divorce Lawyers can provide high-quality counseling today.
WHAT CAN I DO TO SAVE MONEY DURING A DIVORCE?
The first step in protecting your money during a divorce is taking inventory of all of your assets and property. Because your financial status is sure to change drastically, it’s best to have a full picture of all of your finances so you can manage them more easily. Separate assets are those that you’ve acquired before marriage, and marital assets are any assets that either you or your spouse have accrued throughout the length of the marriage. This includes debts, so it’s also a good idea to pay off marital debt before the divorce is finalized. Debts are split with assets during the divorce settlement, so you’ll want to ensure you won’t be responsible for your spouse’s debt after the divorce is finalized.
CAN I STILL RECEIVE MY EX-SPOUSE’S RETIREMENT PAYMENTS?
If you were set to earn benefits from your spouse’s retirement plan during the marriage, then you’ll still be able to receive those payments after the divorce. You’ll need to file a qualified domestic relations order (QDRO) in order to still be eligible for the benefits, and a divorce lawyer can help you file this important document.
SHOULD I HIRE A DIVORCE LAWYER?
You might’ve heard that hiring a divorce lawyer is pretty expensive. Indeed, most divorce attorneys in New Jersey cost around $300 an hour for their services. This can become even more costly the more complicated your situation is because it may take longer to settle your case. Despite this, most divorcing couples can greatly benefit from hiring a divorce attorney.
Are you considering filing for divorce in New Jersey? Are you seeking a compassionate divorce attorney who has your best interests in mind? Look no further because Townsend, Tomaio & Newmark is on your side! Contact our highly experienced team today for an initial consultation.
