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McCurrie McCurrie
& McCurrie, L.L.C.

680 Kearny Avenue
Kearny, NJ 07032-3010
Phone: (201) 467-4180
Fax: (201) 997-9567
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What should be done now that the divorce is through?

Finances can be quite confusing, especially for individuals that have rarely dealt with them during a marriage. Adjusting to a new way of life -- one where you are in charge of everything and your former spouse has no say and does not assist you -- may be one of the toughest parts after a family law case is completed. Many of these involve child custody and alimony disputes, as divorce is often what lies at the core of a family law matter in New Jersey.

Many individuals going through a divorce are often left asking themselves, "What should I do once it ends?"

First, experts suggest that you get organized. This means creating a list of everything that will be happening throughout the settlement so that you can keep track of them as they occur. Look into using payroll deduction or direct deposit for support payments, depending on which side of the payment you are on. These automatic transactions can make your financial life a little easier during that period directly following the split.

Next, look at the finances of your marriage. If there are any joint accounts -- often bank accounts or credit cards -- make sure they are closed. You should not be sharing finances with a former spouse, especially if they are expected to pay alimony or child support. Sharing an account leaves you open to negligent behavior that could negatively affect your credit score. Some extremely bitter ex-spouses will go out of their way to irresponsibly use a joint credit card.

Another important task that should be taken care of quickly is modifying your will and insurance policies. Most people will have their spouse as their main beneficiary, but if you and that former spouse are no longer on good terms, why would you want she or he to get your worldly possessions? Most divorced people do not want this to happen and change their important documents to designate a new beneficiary -- usually their children.

Source: Huffington Post, "Five Post Divorce Financial Tips," Nancy Van Tine, Sept. 21, 2012

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