It is perfectly natural to have concerns about finances after a divorce. This is a very stressful and emotionally overwhelming process that changes your entire life. At Tanya Freeman Law LLC, we want to help you get back on your feet as you prepare to begin the next chapter of your life. Contact our New Jersey family law attorneys today for legal advice regarding division of assets and spousal maintenance payments.
Concerns About Finances After a Divorce | Minimizing Legal Costs
Though there are filing fees, most of the cost of the divorce process comes from your attorney’s hourly rate. It’s not easy to predict the ultimate cost of a divorce from the outset – that will depend on how much time is spent negotiating and litigating, and that, in turn, depends on how quickly you and your spouse can come to an agreement.
You can help to keep costs down by minimizing contact with your attorney, as emails, texts, and phone calls can all count toward “billable hours.” If you’re concerned about keeping costs down, come up with a plan and stick to it; be efficient in communication; and be ready to compromise.
Concerns About Finances After a Divorce | Protecting Your Assets
What constitutes a “premarital” asset can sometimes be difficult to determine, unless a spouse took measures to keep an asset strictly separate over the course of a marriage. If you have a bank account before a marriage and add your spouse onto that account, it will be difficult to figure out what part of that account is “premarital” and what part is “marital.” If you have a 401(k), get married, and decide to dissolve that marriage after 20 years, you must have a statement from before the marriage to demonstrate what was in that account – and you may need to hire a forensic accountant to calculate that money’s growth during the marriage, and an equitable division of its current value.
If you have any concerns about finances after a divorce, please call our New Jersey divorce attorney Tanya Freeman today for a free consultation.