Financial Planning For a Divorce in New Jersey

Financial Planning For a Divorce in New Jersey

Divorce is complicated. Unfortunately, divorce is almost as much a financial matter as it is an emotional one–that is why it is so important you prepare. If you are in a contested divorce, meaning you and your spouse do not agree on its terms, your assets will most likely be subject to equitable distribution. This is very frightening for many spouses, so it is crucial you retain the services of an experienced New Jersey divorce attorney who can help you plan financially for your divorce. Some of the most important assets to consider in divorce are as follows:

  • Income: Your yearly income allows you to maintain your current standard of living, as well as simply tend to matters that matter most to you. If you get divorced, your spouse may be entitled to a certain portion of your income via spousal or child support agreements.
  • Retirement assets: Oftentimes, your retirement money is not off-limits in divorce, and if you expect your spouse’s retirement payments, there is a very good chance you will have to file a qualified domestic relations order to receive them. Our firm can help you with this.
  • Owned property: If you are a financially dependent spouse, there is a very good chance you may end up with the house. However, you can expect your spouse and his/her attorney to fight this until the end, so you must hire an attorney who can do the same for you.
  • Jointly-owned businesses: These businesses can become very complicated in divorce, especially if you have never drafted a shareholder agreement with your spouse. There is nothing worse than losing something you worked so hard for, so if you find yourself in this situation, you should reach out to our firm as soon as you can.
  • Debts and mortgages: Oftentimes, a person’s mortgages and individual debts for things like credit cards, loans, business expenses and more may influence a judge’s decision when it comes time to distribute assets.

Contact our experienced Bergen County firm

At Townsend, Tomaio & Newmark, our attorneys have extensive experience helping clients to understand and protect their legal rights before, during, and after the divorce process in towns across New Jersey and Bergen County, including Hackensack, Ridgewood, Paramus, Teaneck, and Fort Lee. Our experienced divorce and family attorneys are here to help you understand and successfully navigate the various legal issues that may arise moving forward.

To speak with our team of divorce lawyers today in a free and confidential consultation regarding your divorce-related concerns, please contact us online, or through our Hackensack, NJ office at (201) 397-1750.

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