Heymann & Fletcher

A few steps necessary to be financially prepared for divorce

When many couples in New Jersey make the marriage vow, they do not think divorce is possible. However, a large number of marriages end up in divorce. Unfortunately, people often spend numerous hours planning for their weddings but spend much less time getting prepared for divorce, which can make the already difficult time even more challenging.

All marital breakups are different; however, a few steps may help people to successfully navigate the divorce process. First, it is wise to following the money. Even if people are not their households' CFOs, it is still important for them to understand which accounts exist as well as how they are titled and managed. They should have the ability to access all accounts on which they are titled.

Next, it is wise to create a comprehensive file of all of one's financial documents. The file may include real estate documents, tax returns, retirement and brokerage statements, and bank statements. An extra copy of such a file can be kept in a safe location outside of the home as well.

It is also worth considering that all debt incurred in both spouses' names will remain the couple's joint liability. If two individuals who are getting a divorce are able to reach a mutually agreed-upon settlement regarding how their debts and assets will be divided, with proper legal guidance, they can avoid further court intrusion. Otherwise, a judge will have to determine the outcomes of such matters for them in New Jersey, and these outcomes may not be in line with one or both parties' wishes.

Source: The Huffington Post, "The Divorce To-Do List", Kyung (Kathryn) Dickerson, March 8, 2016

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