People know that divorce is a lot of work. Everyone has heard a story from a friend that gave them pause about what the process would entail. It’s very important to pick a good lawyer who will advocate for you and your interests. However, there can also be detailed financial considerations during a New Jersey divorce. Sometimes, it’s necessary to get professional help with that, too.
Putting your ducks in a row
Many divorce lawyers understand how to find assets that are hidden. They know how to divvy up stocks, retirement accounts and real estate. But during your divorce, it can still be worth consulting with an expert like a Certified Divorce Financial Analyst who can help you prepare your assets for division and make a plan to move forward.
Everyone understands things like dividing bank accounts and deciding who gets the house. But a CDFA can help you with the more nuanced aspects of your divorce. For example, the issue of beneficiaries needs to be addressed. People often select their spouse as the beneficiary of life insurance policies offered at their job. It’s important to change this during a divorce.
Other estate planning-related aspects of divorce can include trusts. If an irrevocable trust has been set up with the soon-to-be ex-spouse as a beneficiary, that will likely also need to be changed. Otherwise, the wrong party may inherit at the death of the testator.
Talking to your lawyer can be a good way to source referrals for other professionals like CDFAs. Open communication with your team is one of the most important keys to having a quick and relatively painless divorce.