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Importance of financial preparations before filing for divorce

On Behalf of | Apr 24, 2018 | Divorce

People who are wanting to get divorced in New Jersey should take some time to prepare before they file. By making financial preparations in advance of filing for divorce, people may be able to exit their marriages in an easier way.

While preparing to file for divorce, people should organize all of their financial documents. They should collect their most recent billing statements and balance information. If they have joint credit cards with their spouses, they should check them carefully and note any purchases that their spouses might be spending on their lovers. It is also important for people to know what their individual credit scores are. They should order their annual credit reports from each of the three major reporting agencies and challenge any information that is incorrect.

If they have access to them, people might also want to review copies of their spouses’ credit reports. By comparing them, they may be able to identify any debts that they did not previously know existed. Before filing, people should open their own individual bank accounts and credit cards in their own names. If they are able to do so, they should try to close as many joint accounts as possible before filing a petition.

When people make financial preparations before they file for divorce, it might make the process smoother. It is often easier to get copies of important financial documents before people file for divorce than to try to get copies of them from their spouses after they file. To understand the potential financial impacts that their divorces might have on them, people may want to talk to financial planners and experienced family law attorneys. Their lawyers may work together with the financial planners to try to secure settlement agreements that help to protect their clients’ finances once their divorces are finalized.