Divorce is rarely easy for any New Jersey resident to get through. One of the more difficult matters to settle relates to finances. It is, however, something that has to be done before each of the partners can start their new lives.
Marriage typically means that the lives of two individuals becomes completely entwined, emotionally and financially. Untangling one finances may take a long time, particularly if the process is not handled smartly. That is why it is important to consider the practicality of decisions made.
One option to consider is mediation. Although mediation may smooth many aspects of the divorce process, it can be particularly helpful in working out the financial aspects of a settlement. There are two reasons for this. First, mediation aims at achieving a fair distribution of assets. Second, the process is usually a lot cheaper than litigation.
When starting their own lives, both parties will experience changes in their financial situations. Therefore, it may be prudent to compile a new budget to plan for the changes. After the divorce has become final, one of the first steps to take is to close all joint accounts and update beneficiaries. It is also advisable to keep tabs on one’s credit report.
Division of marital property can difficult and complicated, but it does not have to be impossible. Divorcing couples in New Jersey may find that mediation is needed to assist in reaching the best possible settlement given the unique circumstances presented. The assistance of a person to act as a go-between can help each party avoid some of the pitfalls involved in reaching a divorce settlement. Moreover, both sides can participate in mediation alongside their respective divorce counsel.
Source: newswire.net, “5 Financial Tips for a Smooth(er) Divorce,” Jennifer Gretson, Oct. 21, 2017