When one gets married, it is natural to have a vision in mind of how the future will look. Divorce is not something any New Jersey resident considers until it actually happens, and when it does, it often comes as something of a shock. The emotional nature of a relationship breakdown can cloud one’s thinking, making it easy to want to simply get things over with as quickly as possible at a time when one needs to focus one’s mind on what happens next.
While the majority of assets acquired during the marriage will be deemed marital assets, there are certain circumstances in which an asset may be deemed to be separate. The ownership of property or money can be complex. Some assets may not be seen in that light, such as pensions or time shares. It is important to provide as much information as possible in order to make the case for how much one might receive as a settlement.
Equitable distribution may sound like it means an equal share; however, this is a common misapprehension. It is reliant on a number of factors, including state laws, the length of time for which a couple were married and even earning capacity, current and future. How the split falls could vary quite dramatically from what one may expect. Getting things right before the divorce is finalized is easier and cheaper than correcting any errors at a later date.
Where children are involved, it may be necessary to consider additional things, such as taking out life insurance to cover maintenance payments in the event of a parent’s passing. No New Jersey resident wants to think about such an occurrence, but forward planning for children is a necessity. Divorce can feel painful enough without considering an even worse future outcome; however, forethought at this stage can provide a measure of peace of mind, allowing one to focus better on moving forward.
Source: seekingalpha.com, “Common Financial Mistakes Divorcing Women Make”, Russ Thornton, June 20, 2017