Minimizing the Financial Impact of Divorce

There are very few people who do not recognize the financial strain that divorce places on a family. The fact is that the termination of a marriage means that the income that was used to support one household now has to cover two. In addition, there are costs that are associated with the logistics of obtaining a divorce. If the parties are unable to agree on a settlement, then protracted court hearings can lead to financial strain. However, there are things that can be done to limit the economic impact of a divorce. Some important things to consider include:

  • Choose your divorce lawyer carefully – It is critical to have an attorney with the knowledge and skill to get the results that you deserve, but you want to be certain that the focus is on the efficient resolution of the outstanding issues rather than the elevation of billable hours.
  • Watch out for increased spending – When there are children involved in the divorce, many parents try to make up for the changing family environment by buying expensive gifts and going on trips. This can lead to significant bills quickly. Engaging in open communication and working to avoid animosity between the parents can be far more effective than spending money in getting a child through divorce.
  • Carefully consider whether keeping the house is the right decision – Many couples fight over the primary residence, but fail to realize that having to pay taxes and maintain a large residence can drain savings quickly. This is even truer if there is a mortgage being assumed by one person. In some cases, it is a far better idea to sell the house, split the proceeds, and choose a more manageable living arrangement.
  • Do not give up assets – It seems obvious, but there are times when one spouse is inclined to be overly generous with the other. It is important to remember that you are going to have to pay bills, support children, and retire, so maximizing the money available through a fair and equitable distribution of property is critical.
  • Pick your battles – It is tempting to fight hard for everything, but conceding certain things to a spouse can avoid spending far more than an item is worth in order to prevent the other person from getting it. It is important that the equitable distribution is fair, but taking a broader perspective can help avoid expense and frustration.

The Bronzino Law Firm Fights to Get Clients the Results They Deserve

New Jersey Family Law Attorney Peter J. Bronzino believes that it is crucial to provide skilled advocacy to achieve the goals of his clients, but he recognizes the financial strain that divorce imposes and works to meet the economic needs of his clients. The Bronzino Law Firm is located in Brick, New Jersey. We serve clients in Monmouth County, Ocean County, and the surrounding area. If you have questions about obtaining a divorce in New Jersey, or modifying a previously entered order, schedule a free consultation by calling us toll free at (732) 812-3102.