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Financial issues couples may want to consider before divorcing

Most New Jersey couples tying the knot aren't too concerned about divorce statistics, such as the fact that about half of all first marriages come to a sooner-than-expected end. The odds of subsequent marriages lasting aren't so good either. Despite all of these facts and figures, it's generally advised that couples considering a split should also consider the possible financial impact of ending a marriage.

A big consideration for most couples is the cost of divorce. In addition to fees for attorneys, spouses looking to transition back to single life may have to hire financial planners, CPAs and real estate agents. If there is emotional trauma associated with a split, there may be additional fees for counselors or therapists.

Keeping the marital home can also be costly post-divorce, especially for an individual trying to maintain a home on half as much income. Attempting to stay afloat may require a newly single person to take out a loan or accumulate more debt on credit cards.

Also, just because one person will be living in a home doesn't automatically mean household expenses will be reduced by half. Selling the home may seem like a good idea for couples looking to wrap up a marriage. However, the need to quickly complete a transaction may result in having to settle for a lower-than-expected offer or having to deal with a bad sellers market.

Some individuals considering a divorce believe they can save money by representing themselves. However, not working with an attorney may lead to oversights and legal missteps that will have long-term impacts. Additionally, a lawyer could clearly explain the pros and cons of fighting for the marital home, make recommendations for how assets should be split and negotiate a fair settlement if the decision is made to proceed with a split.

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