How can I keep my divorce from bankrupting me?
The choice to end a marriage typically has both an emotional and a financial impact on a former couple. Despite this, getting divorced doesn’t have to leave you both in the poor house. There are a number of ways a divorcing couple can refrain from making the process more expensive than it needs to be.
First, it is important to choose the right divorce attorney as soon as you are able. You want a New Jersey lawyer who is experienced in family law and has the ability to answer all of your questions. Now is not necessarily the time to rely on the recommendation of a friend or relative. If you are concerned about keeping costs down, remember that selecting an experienced attorney is vital.
It is also important to remember that you are not obligated to buy your children extravagant gifts simply because your marriage is ending. Instead, parents should find other ways to help kids adjust to the new family structure. Going into debt in an effort to win your children over or because you feel bad is not a good solution.
Divorcing spouses in New Jersey are advised to work together to divide any assets as fairly as possible. Unfortunately, each spouse often has a different idea of what is fair. Because of this, it is usually best to try to split both assets and debts equitably . What is equitable can vary from case to case – it is fact sensitive. It may also be a good time to consider selling the family home, since maintaining it can be both time-consuming and costly. The timing of the sale of the house is usually an issue in contention. Many times, one spouse wants to sell it immediately while the other spouse may not. This is due, in many instances to the uncertainty as to where each of the spouses may live after the divorce; uncertainty as to how much they can each afford for a new residence, when the children may be completing certain grade levels in school (i.e.- due to graduate high school?), etc.
Another factor that is often overlooked by a divorcing couple is taxes. For example, the value of any retirement accounts held by a former couple can be significant. In addition, certain types of retirement accounts are not subject to income taxes at distribution, while others are. As a result, the ultimate difference in the resulting wealth at retirement can be substantial. It is necessary to keep such factors in mind when negotiating a property settlement agreement.
Remember that, despite a former couple’s best efforts, it is nearly impossible to split every asset or debt down the middle. At the end of the process, each newly single individual will likely watch their former spouse walk away with something they wanted. Fixating on who gets what and fighting over trivial items can be draining – both financially and emotionally. Instead, you should choose your battles wisely and remember to keep your eye on the bottom line. A skilled New Jersey family law lawyer can help you accomplish this goal.
For high-quality legal representation and helpful answers regarding your divorce or other family law questions, call the hardworking New Jersey family law lawyers at Goldstein Law Group today at 732-967-6777, or contact our seasoned attorneys through our website.
How You’re Making Your Divorce More Expensive, by Geoff Williams, U.S. News & World Report
More Blog Posts:
The Use of Medical and Mental Health Records in a New Jersey Child Custody Case, June 28, 2015, New Jersey Divorce Lawyers Blog
Understanding Your Rights Under the New Jersey Prevention of Domestic Violence Act, June 27, 2015, New Jersey Divorce Lawyers Blog