Bringing a marriage to a close is never a simple matter, and for many New Jersey residents, the process can feel absolutely overwhelming. There are a multitude of decisions that must be made during the course of a divorce, many of which will have a lasting impact on each spouse's life for many years to come. Property division is an especially challenging topic, and one that should be given proper consideration and attention.
The best way to ensure the best possible financial outcome is to take a long-term approach to all property division decisions. That begins by making a full assessment of all income, assets and debt. A family law attorney can help a spouse determine which assets and debts will be considered marital, and which may be considered separate. Once an individual has an idea of his or her financial standing post-divorce, it is time to begin making decisions.
Begin by thinking about what is wanted and needed from the divorce process. Without a clear idea of one's financial priorities and goals, it is very difficult to select a path that will reach those outcomes. Being able to distinguish between wants and needs is also crucial at this stage of the game, and can help spouses avoid common property division errors, such as aggressively seeking the wrong assets.
By taking one's long-term goals into consideration, it is possible to make property division choices that are in line with those goals, and in the person's best interests. At the end of the day, having the financial stability needed to move beyond a broken New Jersey marriage is the most important aspect of any divorce. Going into the process with a solid understanding of both current and projected financial needs is the best way to make wise choices.
Source: businessinsider.com, "How to keep from losing everything in a divorce, in 6 steps", Emmie Martin, Feb. 1, 2017