Heymann & Fletcher

Rushing through divorce can have negative financial impact

Wanting to rush through the process of dissolving a marriage is normal, as the experience can be both emotionally and financially draining. However, rushing can have an adverse financial impact in the long run. A few tips may help those in the state of New Jersey to navigate the divorce process as prudently as possible.

When trying to get through a divorce proceeding to move on with life more quickly, waiving spousal support or agreeing to a small amount can be disastrous in the years following the marital split-up. This is especially true for those who did not work outside of the home during the marriage and thus could really benefit from having a good amount of spousal support flowing in each month. Both parties need to thoroughly and realistically assess how much support one spouse needs and how much the other spouse can pay.

Another important consideration during a divorce proceeding is hidden debts. Sometimes both spouses are legally obligated to pay certain debts, but one spouse never knew about the joint debt. Ensuring that all debts and assets are disclosed, which may involve recruiting a forensic accountant, is important during the dissolution of a marriage.

If the two spouses going through divorce in New Jersey are willing to try to resolve their issues without further court intrusion, they may find mediation to be beneficial. This process is popular for negotiation divorce-related affairs and involves relying on a neutral facilitator to work with both parties to solve their disputes. If mediation proves to be unsuccessful, then divorce litigation is inevitable, in which case an attorney can fight to make sure that one gets a fair share of assets as well as spousal support, if needed.

Source: commdiginews.com, "Law School For You: Understanding divorce law", Paul Samakow, April 23, 2017

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