Divorce is a time to surround yourself with professional advisers

Photo of attorney Melinda L. Singer

Ending marriages in New Jersey has come to be part of the lives of many, and for that reason, there is never a shortage of unqualified advisers. Each divorce has unique circumstances, and what applied to one person may not apply to his or her friend who is going through a divorce. Although the moral support of friends and family during this time is crucial, it is a good idea to utilize the skills of professionals with legal and related aspects.

In many divorces, spouses struggle to look past emotional assets, while “winning” those assets do not typically provide long-term benefits. Financial advisers can help with reviewing, prioritizing and categorizing expenses to establish a cash flow plan, and help with determining the financial matters that need immediate attention and those that are better dealt with later. It is never a good idea to make significant financial decisions driven by emotions instead of practicality and appropriate consideration.

Without professional advice, some spouses are tempted to liquidate assets indiscriminately, and the same applies to retirement accounts, which must be split correctly to preserve tax benefits. Determining post-divorce financial needs and also the needs of children can be overwhelming without skilled advisers. One other aspect that is often overlooked is life insurance, which may call for changing beneficiaries as appropriate.

Many couples in New Jersey choose divorce mediation over litigation, and even then, the support and guidance of an experienced divorce attorney can be invaluable. The lawyer will likely have resources such as financial, tax and real estate advisers that can form a part of the support system of a person confronting divorce proceedings. Caring and attentive legal counsel can significantly lower the stress level of a divorce.

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