Divorce Lawyer Englewood Cliffs, NJ

Divorce Lawyer Englewood Cliffs, NJ

Divorce Lawyer Englewood Cliffs, NJIf 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: It’s understandable that 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 ex’s. 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.

Contact a divorce lawyer in Englewood Cliffs, NJ from Lesnevich, Marzano-Lesnevich, O’Cathain & O’Cathain, LLC today.