When it comes to divorce, there is an endless amount of advice columns available. In some cases, you might see conflicting information or run across tips that might lead you to make some very costly mistakes. Like with most situations, it is important to separate myth from fact.
Since not all divorces are created equal, you should look carefully over your specific circumstances before you start making preparations. Part of this process includes knowing which information you can rely on. The following includes some common divorce myths you should avoid.
Separate accounts will protect your money
Many people seem to think that if they keep separate banks accounts, it negate their spouses’ rights to certain assets. The status of the money in your bank account, separate or marital property, depends on how you acquired the money. For example, if the money is from an inheritance, it might be separate. However, if the money is wages from your job, the law will probably consider it to be marital property and subject to division.
Men usually start the divorce process
Another common myth is that more men than women initiate divorce. People also tend to believe that men are usually in a better financial position to get divorced. While there is a measure truth to the financial aspect, especially since women often earn lower wages, the reality is that more women than men initiate divorce.
Property you owned prior to the marriage is safe
If you purchased your house in New Jersey before your marriage and then added your wife’s name to the deed, then the property will not retain its separate status. When you add your spouse’s name to a title of property, the law will usually view it as marital property that you must divide. If you do not add your spouse’s name to the title, the property might retain it’s separate status and it will not be part of the divorce settlement.
If you are planning to divorce, it is important to know which information you can rely on. If you follow the wrong advice, your divorce could end up costing you much more than it should.