In addition to the emotions involved in a New Jersey divorce or separation, there are also financial implications to consider. At Levine & Levine, we understand that if you have trouble making ends meet as a couple, those problems could become exacerbated following a split.
According to a 2012 study from Kansas State University, arguing over money is the top indicator that a couple will divorce. Those struggles can reverberate through a relationship no matter what the pair’s financial situation may be. Failing to focus on any money troubles can lead to unnecessary problems during and after a separation.
There are several things people should do in order to avoid further money issues, such as the following:
- Disclose all financial records.
- Determine your expenses and develop a realistic monthly budget. This will play a key part in property division and possible support payments.
- Work with a professional to establish the true value of property, especially for assets that may be taxed or may have depreciated.
- Understand your liability for any unsecured debt that your spouse may have acquired.
Even with all the proper planning, many people will still face overwhelming challenges. At Levine & Levine, we have helped divorcees through Chapter 7 and Chapter 13 bankruptcy. In some cases, it may be better to file jointly with a spouse prior to a divorce. No matter what your situation may be, it is imperative to know all your options so you set yourself up for a better financial future.
For more information about this topic, please visit our page on financial issues during divorce.
