Financial Planning For Divorce

Financial Planning For Divorce

Divorce is a very complicated issue, and if you are about to get divorced, you have a lot to consider. One of those things is your finances. When getting divorced, it is imperative that you have a comprehensive financial plan in place to ensure you can live on your own. Please continue reading and reach out to our experienced Bergen County divorce attorneys to learn more about financial planning for divorce and how our firm can help you through every step of the process ahead. Here are some of the factors you should consider:

  • Income: First and foremost, you have to consider how much you make on a yearly basis. You will no longer have another paycheck for support, so you must evaluate how much you make and ensure that it is enough to uphold your standard of living. You should also note that when getting divorced, oftentimes you will lose a portion of your income in equitable distribution.
  • Owned property: In most cases, the financially dependent spouse is the one who gets the house in a divorce. That being said, getting the house is far from automatic. That is why if you wish to keep your house, the most important thing you can do is retain the services of an experienced Bergen County divorce attorney.
  • Debts and mortgages: If you or your spouse have certain debts, or a mortgage that you must pay off, judges will consider this when deciding the outcome of your divorce. For example, judges will examine whether you or your spouse have certain debts on credit cards, loans, and more.
  • Retirement assets: When people get divorced, they oftentimes have to give up a portion of their retirement payments. If you are someone who needs your spouse’s retirement benefits, you will have to file a qualified domestic relations order to get them. Our firm has helped many individuals do so throughout the years, and we can do the same for you.

If you have any additional questions about financial planning for divorce, please do not hesitate to give our experienced team of Bergen County family law attorneys a call today. We are here to help you through every step of the process ahead. All you have to do is ask.

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

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