When New Jersey residents have a considerable amount of wealth or assets, they may be concerned as to how those assets will be handled in the event of a divorce. Distribution of property can often be a point of contention during divorce proceedings, and individuals will likely want to better understand how to work toward their desired outcomes. Luckily, there are certain steps that may be able to be taken.
Creating a prenuptial agreement can be a wise step before marriage, especially when there is considerable wealth involved. These agreements can help parties plan out how property and funds will be affected if a divorce takes place. Parties should not feel embarrassed or think that they do not have the right to ask for a prenuptial agreement because creating an agreement may prove beneficial in the future.
Some parties, however, may not have opted to create such an agreement and may face other issues. In New Jersey, property division is determined through the equitable division process. Therefore, marital assets, including commingled funds, will be divided among each party in the fairest manner possible. This process does not mean that each party will have an equal amount, but that assets will be assessed, valued and distributed equitably. As a result, some parties may miss out on certain property if it is awarded to the other individual due to the lack of a prenuptial agreement.
Though some individuals may feel uncomfortable bringing up the topic of prenuptial agreements, these documents can save time and stress in the event of a future divorce. Distribution of property can cause considerable tension, and parties will likely want to understand the best avenues for moving through the process effectively. Therefore, information on equitable division in New Jersey may help residents work toward maintaining ownership of valued property.
Source: The Huffington Post, “An Open Letter to Cinderella: How to Divorce Prince Charming And Keep Some Money“, James J. Sexton, July 10, 2015