Heymann & Fletcher

Divorce can affect people's finances long term

Divorce filings often spike in the month of March in New Jersey and other states. This is because unhappily married couples try to get through the holiday season in December and then take about two months to start divorce proceedings. A few tips may help people navigate the divorce process successfully this spring.

New Jersey is an equitable distribution state, where marital assets are divided during the divorce process. However, marital assets are not necessarily divided in an equal manner. The court must look at many statutory factors when considering how to divide marital property as equitably as possible.

During a marital split, it is essential to maintain liquidity following the divorce. For instance, a person may have a strong desire to keep the family home, particularly when kids are involved in the marital dissolution. However, if one party gets to keep the house but does not have adequate income or liquidity to keep it up, this can pose problems down the road.

Getting divorced in New Jersey is a difficult emotional experience, but it additionally leads to financial challenges. This is because one household suddenly becomes two, leading to two mortgages or rents, double the utility bills, and increased living expenses--all while the couple's combined income remains the same. An applied understanding of the law may help people to complete the divorce process in a manner that protects them financially in the best way possible. Divorce mediation or negotiation may be immensely helpful when seeking a divorce settlement that is personally beneficial while still considering the needs of the other party.

Source: chicagotribune.com, "Divorce is another life event that requires careful planning ", Jill Schlesinger, Feb. 24, 2016

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