Planning and Preparing Financially for Divorce

Planning and Preparing Financially for Divorce

Divorce Attorneys in Bergen County, NJ

Preparing Financially For the Divorce Process

When a married couple files for divorce, financial adjustments are some of the most significant changes they must face. However, before the financially dependent processes such as child support, alimony, or marital asset division can begin, you and your divorce attorney must first understand the assets held by your marriage, their values, debts which may exist, each party’s income, taxes, and many other factors.

Whether you choose to resolve your divorce disputes through litigation, negotiation, mediation, arbitration or collaborative methods, having a firm grasp of your current financial standing is a critical first step to the divorce process.

At The Law Office of Townsend, Tomaio & Newmark, our firm practices exclusively family and divorce law, allowing our attorneys to focus on the many specific and complex issues divorcing individuals face in towns across New Jersey and Bergen County, including Ridgewood, Hackensack, Paramus, Teaneck, and Fort Lee. With our three founding partners holding NJ Supreme Court Certified Matrimonial Law Attorney Certifications, and a host of attorneys regularly nominated to the Super Lawyers* List as it relates to family law, we are ready to provide you with the insightful, effective, and attentive legal counsel that you need and deserve when preparing for your divorce, and navigating the entire divorce process to a successful conclusion.

Call our office to discuss your individual needs and concerns when it comes to your financial preparations for divorce in a free and confidential consultation with our legal team today.

Divorce Lawyers Help You Establish Your Current Financial Situation

The first step in preparing for the financial realities of a divorce is to accurately establish your current financial standing. There are a few pillars of individual financials which usually play an important role when determining child support, alimony, and how marital property will be divided between spouses.

Owned Property and Assets – This may become a complex issue if either party is a business owner or the property was purchased before the marriage.

Debts and Mortgages – Many homeowners are still paying off their mortgage at the time of divorce. Mortgages and any other debts related to credit cards, business expenses, loans, and more frequently play an important role in divorce settlement agreements.

Income – This may be as straightforward as digging up W2s for a salaried employee or as complicated as determining the salary and potential for earning for a small business owner.

Retirement Assets Retirement Assets are not so easy to value or to divide between two parties. If retirement assets are on the table, one of the parties may need to file for a “qualified domestic relations order” or QDRO in order to receive their share.

Existing Marital Agreements – If you have any kind of marital agreement in place, i.e. a prenuptial agreement or postnuptial agreement, our Ridgewood divorce lawyers will need to thoroughly review and assess how your marital agreement will impact your financials, so be sure to have a copy of this agreement on hand.

Costs of Raising a Child – If children are involved in a divorce, we recommend covering your bases by calculating the cost of their education, basic needs, health care, clothing, etc. Depending on the nature of your child custody agreement, child support may be an option to help with the financial aspect of this lifestyle change.

NJ Divorce Lawyers Help You Prepare for Your Financial Future

Beyond preparing and examining your current financial affairs, you should also plan for your financial future after divorce. This is why our firm works closely with a number of different financial advisers who specialize in financial planning surrounding divorce, growing wealth, and maintaining the lifestyle to which you accustomed. 

With a trusted financial adviser and our divorce lawyers on your side, you can feel confident making tough decisions, like whether to keep or sell a family home after a divorce. We use the example of the family home vs. liquid assets to show that equally valued assets do not mean equal upkeep. If a husband elects to stay in the family home valued at $500,000, and the wife is given $500,000 in cash and stock value, the husband may find that after the divorce is complete, he is struggling to keep up with insurance and upkeep on the home. On the flip side, the home may actually be worth the trouble of keeping for sentimental, logistical, or even other financial reasons under the right circumstances.

Looking ahead may also include changing your will, medical emergency contact, insurance policy beneficiary information, etc. It may not seem like a pressing issue, but our experience has shown that clients have the propensity to forget to make these changes. It is always best to be as meticulous as possible throughout the divorce process.

Contact our Hackensack Divorce and Family Finance Attorneys Today

At Townsend, Tomaio & Newmark, our attorneys have over 75 years of combined family and divorce law experience and have helped many clients to prepare for, and successfully conclude the divorce process.

By helping you obtain a clear understanding of you and your family’s financial situation, as well as your potential options moving forward, we strive to make you feel more confident reaching positive and constructive resolutions to your divorce agreements like child support, alimony, and marital asset division, and allow you and your family to set the stage for continued stability and success moving forward.

To speak with our knowledgeable team of divorce attorneys today in a free and confidential consultation regarding how we can help you to prepare for and resolve your divorce, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.

*Our attorneys have received the honor of being included in the Super Lawyers and/or Super Lawyers Rising Stars list(s) published by Thomson Reuters, relative to being divorce attorneys. Their dates of inclusion are noted on the individual attorney pages. The qualifications or requirements for being included on said list can be viewed here.

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