In marriage, the finances can be complicated. For instance, sometimes they are imbalanced because some investments are in only one of the spouse's name rather than being in both parties' names. In addition, sometimes the financial affairs are intertwined. This can make a divorce proceeding in the state of New Jersey difficult to navigate.
One of the most important steps at the beginning of a divorce proceeding is to be aware of one's cash flow needs. This will help with deciding which assets may be best to keep versus leave for a future ex-spouse. For instance, keeping half of the family business or house may not be as personally beneficial as keeping half of the investments instead.
Having both a financial plan and a net worth statement on hand prior to going into divorce negotiations involving property settlement can put one in the most ideal position to request the type of property division desired. Settling the divorce as quickly as possible is also essential to protect finances. A major problem during the dissolution of marriages is that assets are spent down while asset division is being debated by both sides.
Both divorce negotiation and mediation--alternatives to litigation--may make it possible to reach a mutually beneficial settlement as soon as possible. However, it may be difficult to find common ground on particular issues related to property division in the state of New Jersey. In these situations, a judge will have to get involved and make the final decision for a couple.
Source: fayobserver.com, "Divorce & Investments", Tracy Sorzano, Feb. 23, 2017