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Law Offices of Peter G. Aziz & Associates LLC - Lawyer Clifton New Jersey

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In New Jersey.

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Financial issues to think about during a divorce

Those who are going through a divorce in New Jersey may be stressed about how it will impact their finances. However, taking some time to understand the financial impact of a divorce before it happens can help ease a person’s mind. The first step is to take an inventory of all financial assets that a person could have accumulated during a marriage. These assets could include a bank account, retirement account or stocks.

After inventorying these items, it is a good idea to learn more about they are taxed. For instance, an individual who takes money out of a retirement account could need to pay taxes on that money. Any taxes paid to the government will reduce the actual value of the retirement account. It would also reduce the value of any other asset that a person would need to pay taxes on after liquidating it.

Those who shared a home together while married will need to determine what to do with it. If it is to be sold, a couple should create a plan for how the proceeds from the sale will be split. It is also important to determine who is going to pay for upkeep and other costs such as a mortgage payment until the home is sold. If one person is keeping the home, he or she should try to refinance the loan.

Individuals who are thinking about getting a divorce may have many financial issues to resolve before the process is over. For instance, it might be necessary to divide a home, retirement account or other assets. It may also be necessary to determine if a spouse is entitled to support payments. A legal professional might help an individual create a settlement that meets his or her short and long-term needs.