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Getting your money ready before a divorce

On Behalf of | Jan 25, 2021 | family law |

When people get married in New Jersey, they combine their finances and personal lives into a single, cohesive unit. As a result, splitting finances into two households again during divorce is rarely easy. If you’re contemplating ending your marriage, you should arrange your finances before going through with a divorce.

What property is yours?

Before getting married, soon-to-be spouses often bring personal property into their marriages. Some sign prenuptial agreements to clearly define what property belongs to whom in the event of divorce. However, many couples feel insulted by the idea of prenuptial agreements despite their potential benefits, which prevents such agreements from being signed.

Even if you don’t have a prenuptial agreement, you should clearly define what property belongs to you. Proving that you bought this property is essential to actually walking away with it after the divorce. You’ll want to dig through supporting tax documents, credit card statements and bank statements to support your claims.

Gather as many documents as possible

Couples may not want to relinquish all of their financial documents to their soon-to-be ex-spouses. During the divorce process, spouses tend to obscure their financial documents, which makes divorce much more difficult than it needs to be.

Before filing a divorce, gather all the financial documents you possibly can. Make sure you obtain your spouse’s details, too. With a complete set of both parties’ financial documents, you’ll have a better time arguing your case in divorce court.

Get a new bank account

New accounts don’t cost much; most banks offer free checking accounts. Start receiving your paychecks there as soon as possible because proactively splitting your finances from your partner’s can make divorce easier.

Handling finances is difficult enough as it is. Seeking legal help for your divorce may help you preserve your personal financial wellness both during and after the split.