What Financial Decisions Need to Be Considered During a Divorce?

separating property during a divorce

There are plenty of financial decisions that need to be made during a divorce, and it is in your best interest to consider all of these things carefully. You want to make sure that you get a fair deal and you also want to be on good financial footing once you leave the divorce. Letting emotions take over or rushing through the process without heeding the advice of our Bergen County divorce attorneys could be bad ideas.

Who Gets to Keep the House During a Divorce?

The family home is always one of the most hotly contested assets during a divorce. If you and your spouse bought the house together, how can it be fairly split? Some couples can abandon their attachment to the home and sell it to split the proceeds. Others agree to let their spouse take the home and take other assets valued at the same amount for their own. We can help you figure out which option works best for you.

What Can Be Considered My Separate Property During a Divorce?

There are some assets that do not get split up during a divorce, but they must be considered “separate” property. That means that the property belongs to just one spouse. If you owned a home, vehicle, or another asset before you were married, it should go right back to you in a divorce. The same is true for any inheritance or gift that was clearly just meant for you.

Will I Get Child Support or Alimony?

If you are the custodial parent of your children, you should get child support from your spouse. You may also get alimony for a certain period of time, but arrangements where one spouse collects alimony forever are rare in New Jersey. Most of the time, alimony is meant to help you transition from married life to post-divorce life, or it can help pay for schooling or certification needed to join the workforce yourself. So do not plan your financial future and just assume that alimony will always be a factor.

How Can I Secure My Own Finances After a Divorce?

There are not often many upsides to divorce, but one is that it gives you the chance to take a good look at your finances. You can now make plans for the future and figure out what else you need to do to get on good financial footing. You can also take time to figure out which of the marital assets you would really want to secure for yourself after the divorce.

For example, you might want the family home, but you could end up realizing that taking the equivalent of its value in other assets sets you up better for the future. Our lawyers can help you explore all of your options.

Talk to Our Experienced Family Lawyers

If you are getting a divorce, contact Townsend, Tomaio & Newmark. We can advise you during a divorce and as you approach the big financial decisions. Let our experienced and compassionate attorneys help you out during this difficult time.

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