the law firm of
MICHAEL S. ROTHMEL, LLC

The Law Firm of Michael S. Rothmel, LLC

609-261-9100

  • Home
  • Attorney Rothmel
  • Staff
  • Practice Areas
  • Blog
  • Contact
  • Home
  • Attorney Rothmel
  • Staff
  • Practice Areas
  • Blog
  • Contact
  • X Close

Trusted Legal Representation In New Jersey

our Practice

  • Family Law
    • Divorce
    • Child Custody And Parenting Time
    • Child Support And Alimony
    • Domestic Violence
    • Post Judgment Enforcement And Modification
  • Criminal And Municipal Court
    • Drug Offenses
    • Assault and Domestic Violence
    • Traffic Violations
    • If You Have A Commercial Driver’s License…
  • Estate And Probate
    • Contested Wills
    • Guardianship
  • Real Estate
    • Real Estate Contracts
  • Family Law
  • Criminal And Municipal Court
  • Estate And Probate
  • Real Estate
  • X Close

Divorce and potential financial implications

On Behalf of The Law Firm of Michael S. Rothmel, LLC | Oct 12, 2022 | Divorce

There is always the flip side of the coin. While marriage is still a very large and important part of society, divorce remains consistent as well. Although it can be a very difficult and emotional life event, divorcing spouses should understand that they are not alone.

There are resources available to aid them through the process and any issues that may arise.

Finances are often the cause of many arguments during marriage. Similarly, finances create problems during the dissolution process. It is imperative that divorcing couples understand how finances impact divorce and how best to address these matters.

The cost of divorce

The most obvious financial implication divorce has is the actual cost. Typically, a divorce involving several disputes that takes much time to resolve will cost much more than a divorce that has very little to no issues to sort through. In other words, the longer it takes to get through the divorce process, the more expensive it will be.

Divorce can also cost you your retirement. For those that have their retirement accounts solely in their name are likely not saved from having these accounts split. Often retirement accounts are split in half. It is important to consider how this will impact you, as this could alter when you retire and how much you put in your retirement accounts.

Property division

The division of property could have financial implications.

For starters, keeping the family home might feel like a win; however, it could bring about unexpected issues. Not only will you need to change the mortgage to have only your name, but refinancing will be necessary.

Lastly, you will need to qualify for the home loan on your own, which may be difficult due to the financial issues the divorce process has or may cause.

It is important to note that there are tax consequences when certain assets are retained. While maintaining the family home can have large tax consequences, other assets could as well. If assets are sold or retained, it could carry with it financial and tax implications, making it important to consider these when moving through these transactions.

The divorce process can be very complex with many working parts. It is also an emotional process, making it challenging to navigate on your own. It is important to obtain guidance when it comes to your legal rights and options, helping you obtain a favorable resolution.

  • Facebook
  • Twitter
  • LinkedIn

Categories

  • Alimony (4)
  • Blog (2)
  • Child Custody (8)
  • Child Support (6)
  • Divorce (40)
  • Domestic Violence (9)
  • Family Law (7)
  • Firm News (1)
  • High-Asset Divorce (3)
  • Wills (6)

Archives

  • March 2023 (2)
  • February 2023 (2)
  • January 2023 (2)
  • December 2022 (2)
  • November 2022 (2)
  • October 2022 (3)
  • September 2022 (1)
  • August 2022 (3)
  • July 2022 (2)
  • June 2022 (2)
  • May 2022 (2)
  • April 2022 (1)
  • September 2017 (3)
  • August 2017 (4)
  • July 2017 (5)
  • June 2017 (5)
  • May 2017 (5)
  • April 2017 (5)
  • March 2017 (7)
  • February 2017 (5)
  • January 2017 (8)
  • December 2016 (3)
  • November 2016 (4)
  • October 2016 (5)
  • September 2016 (1)

Recent Posts

  • Digital assets are becoming common in divorces
  • What are the basic estate planning documents I need?
  • Can my ex take my child overseas?
  • Challenging a will and resolving a will dispute
  • How do I combat maternal gatekeeping?

Popular Topics

Alimony Blog Child Custody Child Support Divorce Domestic Violence Family Law Firm News High-Asset Divorce Wills
Subscribe To This Blog’s Feed
FindLaw Network

contact
Our Firm

To learn more about how we can help you, please contact us at 609-261-9100 to arrange an
initial consultation. We look forward to getting to know you.

Office Address

33 Grant Street
Mount Holly, NJ 08060

Speak With Us

Phone: 609-261-9100
Fax: 609-261-9103

Mount Holly Law Office



Review Us

The Law Firm of Michael S. Rothmel, LLC, is located in Mount Holly, New Jersey and serves clients in Burlington, Camden, Gloucester and Salem Counties.

© 2023 The Law Firm of Michael S. Rothmel, LLC • All Rights Reserved

Disclaimer | Site Map | Privacy Policy | Business Development Solutions by FindLaw, part of Thomson Reuters