The end of a marriage is never an easy experience. Both partners usually feel an overwhelming combination of emotions, ranging from happiness to longing or even anger. These complicated feelings can take priority over the more practical matters at hand during a divorce, which includes your financial interests. While money may be the least of your concerns during an emotionally taxing experience, it pays to be prepared for all aspects of your divorce. Here are some steps you can take with the best divorce attorneys to ensure the best outcome.
Get a Qualified Attorney
Sorting things out between you and your spouse in the middle of separation can take unexpected turns, and not always for the better. Talking to an attorney will give you the confidence to navigate your marriage’s legal aspects, especially as you go through the process, where they can offer advice on your rights and obligations.
Protect Your Finances and Investments
Having a joint account while you’re married is an excellent idea for many reasons, but it becomes a little bit trickier when you decide to go through a divorce. As soon as you have decided on the divorce, open up a new bank account under your sole name immediately. Closing joint accounts may not always be possible right away due to regular payments, but it should be a priority. If you maintain a joint account with your ex-partner, then any debt they incur will also be your liability.
For savings and investment accounts, you can mandate them to require two signatures for every withdrawal. A divorce can be an expensive process, and the financial pressure can often result in spouses spending joint resources before the divorce has been finalized in court.
Create an Inventory of Your Joint Assets
The best divorce attorneys in NJ will advise you to settle how you’ll share your joint assets with your spouse, and this entails having a complete inventory of all the things you own jointly. This process takes time but must be done thoroughly, right down to the last appliance and other valuables. An inventory of your assets ensures that the final split will be fair to both parties.
Settle Joint Debt
Debt is often difficult to discuss between partners, even if the responsibility is shared. There are often arguments over who was responsible for any particular expense and how to split the debt. Before the divorce process continues, settle as much of the debt as you can. However, clearing the debt completely isn’t always feasible, so it’s best to figure out how to settle the outstanding amount, especially if it was incurred before the marriage. This classifies as non-marital debt and is the responsibility of the individual who incurred it.
Ensure Documentation Is Complete With Copies
Documentation is key when going through any legal proceedings. All your paperwork should be organized and filed completely with the original document and photocopies. Important documents include bank statements, mortgage documents, tax returns, deeds, and more. Any paperwork associated with your sole and joint financial affairs should be put on file. If you’re saving digitized copies on your computer, then be sure to back them up on a secure cloud service and an external hard drive. Having printed copies in a safe place is also a good idea.
The Children Come First
It goes without saying, but don’t forget to guide your children in the middle of your divorce. Reassurance that both you and your spouse will still love them amidst the separation is especially important. While you and your partner may have gone separate ways, let your kids know that mom and dad will still be there.
A divorce is many things. It is confusing, painful, liberating, and time-consuming. Learning how to go through these turbulent waters is difficult without the right guidance, which is why divorce attorneys are so essential in making the process easier. With the right professional by your side, you can ensure that your finances, assets, and children are protected, paving the way to a new start.
If you’re filing for divorce in Bergen County NJ, then finding the right lawyers is crucial. Bruno & Ferraro handle cases that deal with family law, divorce, persona injury, real estate, and more. Contact us for a free consultation call today!