New Jersey readers know that divorce is a difficult process, and it can be particularly complex when it comes to financial concerns. The end of a marriage will certainly impact money and assets, and it can be wise to begin to prepare for that impact, even if the divorce papers have not yet been filed. Even a small amount of preparation can eliminate significant complications and unnecessary disputes.
Experts recommend making a budget in order to understand what life will be like after divorce. It is helpful to have an honest perspective before moving forward, and a reasonable approach may eliminate litigation over easily resolved issues. Additionally, it can be useful to begin to separate finances as soon as possible, even if the divorce is not yet final or the legal process has not yet been initiated.
Financial stability after divorce depends on a proper valuation of all assets and marital property. If there is a family business, vacation property or valuable retirement accounts at stake, it is important to properly disclose all assets and establish the correct value. This ensures a fair and equitable distribution of property, but if one spouse is hiding assets, a lawyer can help.
Any New Jersey woman or man who is considering divorce or is already involved in the process will find it beneficial to seek the counsel of an experienced family law attorney. It is easier to make practical, sustainable decisions after receiving a full explanation of rights and all available options. The impact of a divorce will last for years, but with the right legal help, one can seek an outcome that secures a strong post-divorce future.
Source: marketwatch.com, “Financial tips for women getting a divorce“, Alessandra Malito, Jan. 3, 2017