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Finances important to assess when starting divorce process

The dissolution of a marriage in New Jersey often brings with it a great deal of emotional and financial turmoil. On the financial front, it is common to worry about being able to continue meeting expenses and following the divorce. A few steps may help with ensuring that one's finances remain as healthy as possible following this type of family law proceeding.

First, it may be helpful to make a written record of all assets as well as income. Then, this information can be compared with what is needed financially to maintain a certain lifestyle. Ultimately, this will help with dictating whether working part time versus full time is necessary following the divorce, for example.

It can also be helpful to go through the discovery process. This is where an attorney asks one spouse to provide the accounts, debts and assets of the other spouse. The purpose of discovery is to make sure that the other spouse is not hiding any important information.

Finances are often one of the main reasons for a couple to get divorced, and they are also often a huge point of contention during a divorce proceeding. However, through mediation or negotiation -- which are alternatives to litigation -- it may be possible for a couple in New Jersey to work out the terms of their settlement regarding asset division without having to go to trial. If they are unable to achieve a resolution of their disputes, however, a judge will end up having to make important decisions for them concerning the matters being disputed.

Source: wishtv.com, "How to assess your finances post-divorce", March 21, 2017

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