Financial Consequences of a Divorce, Part 1

There’s no question that finances are a big part of the divorce. After all, when you go from having two incomes down to one, a lot will most likely have to change. The Law Office of Jordan B. Rickards in New Jersey offers divorce and family law services. Below, we’ll go over the financial consequences of a divorce. Schedule your consultation today!

Lower Credit Score

Depending on how amicable your divorce is, your credit score could suffer when you get a divorce due to either your spouse not paying a mutual bill or your money being tied up in the divorce proceedings.

Getting Financed

Part of financing is something called your debt-to-income ratio. When your income decreases, the amount you can qualify for decreases as well. This may mean you may not receive financing for items you want.

Impact on Your Retirement

Your spouse is usually entitled to half of what you have in your retirement account. This could mean your retirement may be pushed back a few years while you make that amount of money back.

Increase in Taxes

When you get a divorce, you may lose the tax deductions you enjoyed as a married couple, such as the child tax credit (only one of you can claim children on your taxes), as well as the married tax credit.

CHOOSE THE LAW OFFICE OF JORDAN B. RICKARDS TODAY

Jordan B. Rickards is a top-rated divorce and family lawyer in Milltown, New Jersey. With his breadth of knowledge and depth of experience, you can rest assured that you will receive the most favorable outcome possible with his representation. Schedule your consultation today!

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