Divorce brings with it many financial concerns and considerations in New Jersey. People considering divorce may want to establish some level of financial independence prior to a divorce. There are many options and issues to be considered.
One of the first things to do to obtain financial independence is to establish individual accounts in lieu of jointly held accounts. This will assist in establishing a credit rating but not necessarily how the accounts will be parsed in a divorce. New Jersey is an equitable division state. This means that assets and liabilities amassed in a marriage are divided fairly, but not necessarily equally, in a divorce settlement. For example, credit card debt, regardless of whether the account is individual or joint is considered marital debt in the eyes of the divorce court.
Another option to protect one’s credit rating is to lock down credit, which will prevent anyone from opening a credit card or taking out a loan in that person’s name. If considering divorce, honest and open communication between spouses is helpful. It can contribute to the success of arriving at an equitable bottom line when it comes to the divorce proceedings.
A person in New Jersey who is considering divorce and is concerned about finances may benefit from a confidential consultation with an experienced family law attorney. A knowledgeable attorney can review the assets and the person’s financial situation. A lawyer can also bring a calming influence to what can be an emotional situation and assist his or her client in arriving at the fairest settlement possible.