Divorce Lawyer Englewood Cliffs, NJ
Divorce Lawyer Englewood Cliffs, NJ
If you and your spouse are getting a divorce, you should speak to a divorce lawyer Englewood Cliffs, NJ residents trust. Getting divorced is a difficult process, and you want someone with knowledge and experience standing by your side. Your lawyer will guide you through the process and protect your legal rights.
Common Financial Mistakes to Avoid in Divorce
Here are some common financial pitfalls that could negatively affect you after your divorce.
- Underestimating Your Expenses: Once you get divorced, you won’t be able to depend on two incomes anymore. That means you will likely have to make adjustments to your budget to make ends meet. Make a list of your expenses and see what you can realistically cut out. For example, you consider slashing your cable bills or reducing the number of times you eat out at restaurants.
- Failing to Plan for Your Future: Without a second income to rely on, you have to give serious thought to your financial future. If your spouse was the breadwinner and you stayed home, now may be the time to go back to school or learn a new skill. This way, you will be more likely to get a good-paying job and support yourself.
- Not Getting Insurance for Alimony and Child Support: If you will be the one to receive alimony or child support, you should encourage your spouse to obtain insurance for it. This way, if he or she dies unexpectedly, you will still receive those payments and not have to worry about struggling with bills.
- Keeping Your Home When You Can’t Affordable: Understandably, you may want to remain in your family home. You raised your children in it and hold an emotional attachment to it. However, you have to remember that you will be solely responsible for the mortgage, property taxes, and maintenance. If you can’t afford that on your salary, it may be a better option to sell your family home and move into a place you can afford.
- Keeping Joint Accounts Open: Another mistake a divorce lawyer in Englewood Cliffs, NJ has seen people make is keeping joint financial accounts with their exes. If your ex ends up racking up charges, you will also be responsible for paying them. To avoid this hassle, remove your ex’s name from your accounts as soon as possible.
- Purchasing Expensive Items: A divorce is an emotionally draining process, so some people make big purchases afterward to make themselves feel better. While a new outfit or manicure isn’t that big of a deal, spending thousands of dollars could put you in financial turmoil. While a new car might make you feel better initially, it could put you in debt.
What You Should Do If a Divorce is Imminent
If you believe that a divorce is inevitable, then here are some things to consider before filing for a divorce:
- Consult an Attorney: Schedule a consultation with a divorce lawyer Englewood Cliffs, NJ to better understand your legal rights and responsibilities. They will let you know what you should and shouldn’t do before filing a divorce or during a separation that won’t result in legal decisions later on when the divorce process is occurring.
- Copy Documents: You should go through your household files and make copies of everything you can find including tax returns, bank statements, check registers, investment statements, retirement account statements, employee benefits handbooks, life insurance policies, mortgage documents, financial statements, credit card statements, wills, Social Security statements, automobile titles. If it has anything to do with your household and financial information it would be best to make copies of the documents.
- Take Inventory on Household and Family Possessions: Make a list of major items in your household like furniture, artworks, jewelry, appliances, automobiles, etc. Make sure that you include items that may be in storage or safety deposit boxes.
- Understand the Household Budget and Expenses: If you are unfamiliar with expenses in your household, go through your check register for the past year and write down each utility, mortgage, and other household expense in a month. Keep track of the cash that you spend daily so you can account for your monthly cash expenditures.
- Determine How to Manage the Family Debt: Figure out the level of family debt there is. If possible, consider paying it down before divorce. Marital debt is one of the most difficult items to negotiate among divorcing spouses.
- Find Out How Much Your Spouse Earns: If your spouse earns a regular salary, then take a look at their pay stub to better understand how much that is. If your spouse is self-employed, owns a business, or receives any income in cash, then you should do your best at keeping track of the money flow that is coming in for a few months.
- Examine Your Credit History: If you don’t have any credit cards in your name then you should consider applying for them now and then using them so that you can establish your credit history. You should try to improve your credit rating before divorcing.
- Build a “Nest Egg” Of Your Own: Start saving money before divorcing just in case there is an incidence where your spouse moves out and stops paying bills. If you are the one filing the divorce then you will be the one paying the retainer for legal assistance so it would be best to start saving as soon as you can.
- If You Have Kids, Put Them First: Try and keep your children’s routines as close to normal as possible. If you are unable to be around your spouse without arguing then you should consider creating a schedule for separate times for each of you to be with the children. Do not talk badly about your spouse to your children as that can put a strain on your children’s relationship with you and your spouse.
Contact a divorce lawyer in Englewood Cliffs, NJ from Lesnevich, Marzano-Lesnevich, O’Cathain & O’Cathain, LLC today.