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Money mistakes to avoid in a New Jersey divorce

In many cases, if both parties leave a divorce settlement feeling like they gave up too much, it generally means that the agreement was a fair one. However, there are some instances where a New Jersey couple may not feel as if the settlement was beneficial to one or both sides. For instance, if one person was awarded a marital home, it could be hard to pay the mortgage or maintain it alone.

Those who make a decision to keep a home but give up interest in a retirement account in exchange may be guilty of not thinking about the long term. While keeping equity in a house can be a good thing, losing out on tax-free gains for retirement can hurt an individual's finances in the long run. Other long-term issues to think about include the cost of liquidating a home or investment portfolio that was kept after a divorce.

It is important to keep feelings in check during divorce negotiations. Aiming only to inflict emotional stress on a former spouse can lead to unnecessary acrimony. Ultimately, dragging out the divorce process often will cost more money than it needs to in legal fees and other potential expenses. Being reasonable even if it doesn't feel good can reduce costs and help each side reach a settlement more quickly.

Individuals who are wrestling with divorce legal issues may wish to contact an attorney as soon as possible. A family law attorney may be able to help negotiate a settlement that gives a client everything that he or she is entitled to. This may include assisting a parent in getting custody or visitation rights that may ultimately serve the best interests of a child.

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