Divorce is one of the most complicated experiences a person will have, not only from an emotional standpoint but also from a financial one. This is true especially for those in New Jersey who were not heavily involved in their families' finances prior to their divorces. A few tips may help these individuals to navigate this type of family law proceeding in a way that will benefit them over the long term.
First, a majority of financial records in the past were paper documents. This does not hold true today, thanks advances that allow for digital investment portfolios, tax filing and more. Although keeping financial records digitally may be convenient, it may also lead to ignorance about what exactly is in one's records. It is critical to enlighten oneself on the investments and money in one's marriage, especially since a spouse could try to hide assets.
Simply reviewing a tax return is a start to finding clues about any hidden investments. One can also find information about partnerships, as well as other income sources listed in joint tax returns. Toward the end of the year and at the beginning of the year are the best times to look at one's financial situation, since many pieces of information related to taxes will be arriving in the mail.
Even though dealing with financial matters during divorce may naturally be intimidating, appropriate legal guidance may help individuals to tackle these issues with confidence. If two divorcing individuals in New Jersey are able to come to an agreement on how to divide property and assets, they may be able to avoid further court intrusion during this type of family law proceeding. Otherwise, a judge will have to step in and decide for them how these money matters will be handled.
Source: U.S. News & World Report, "How to Handle Investments When You Divorce", Lou Carlozo, Nov. 16, 2015