When you’re going through a divorce in New Jersey, there will likely be issues that arise that involve money. It could be anything from a joint bank account to equity that you have in your home that you need to know how to distribute between the two of you. Here are a few tips to keep in mind that can make some of these issues a bit easier.
Make a budget
One of the first things to consider doing during the divorce process is to make a new budget. This should include any reduction in income as well as any new bills that you might have to pay on your own. You should also think about fees that you have to pay for an attorney or court-ordered payments, such as child support or alimony. If you’re unable to keep your home, you need to factor in rent and moving expenses.
If you have credit cards or loans that you share with each other, you’ll want to put them in your own name. Check your credit scores before getting too deep into the divorce process as you want to know where you stand in the event that the other party tries to do something that could lower your score before you’re able to remove your name from accounts.
Get your own bank account with checking, savings, or anything else that you might need so that you have somewhere safe to keep your money. Take your tax information as well as any titles for shared property with you to court so that they can be presented.
A common situation with divorce proceedings is separating and managing your finances. Try to stay as organized as possible so that your half is maintained.