Heymann & Fletcher

Are your finances prepared for a divorce?

Finances are often the center of many marital disputes. It is no surprise that discussing the division of finances during divorce negotiations can be tricky and can easily erupt into arguments. A savvy family law attorney can offer advice to an individual in New Jersey measures that can be taken prior to filing for divorce to protect the client's financial future.

In many marriages, one spouse handles more finances than the other. If one spouse is unaware of a couple's financial situation, it is important to become informed prior to the division of assets. Awareness of all property and debts can affect the approach a spouse may want to take with negotiations. As well as understanding all cash holdings, it is important to understand all outstanding debts because debts are included in negotiations and are often divided, along with other property. When possible, paying off debts is encouraged to make negotiations less complicated.

When possible, planning ahead is wise. Securing enough finances in a separate account other than a joint account to cover court fees, lawyer fees and at least three months of living expenses is recommended, especially if one spouse does not earn an income. Documentation of valuables by photos is necessary for court records and helpful if one spouse attempts to hide valuables from divorce proceedings. No matter what steps are taken in the process, disclosing actions related to separation to the other spouse along the way can help prevent future accusations of wrongdoings.

No matter a couple's financial situation, it can be overwhelming to attempt to untangle lives and property. New Jersey family law attorneys are experienced with all levels of divorce and can advise an individual of all aspects that need to be considered prior, during and following the finalization of the divorce. Because it takes time to separate lives, attorneys remain a valuable resource for any questions that surface after a divorce is final.  

Source: goodmenproject.com, "11 Tips For Protecting YOUR Assets During Divorce", Accessed on May 3, 2018

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Heymann & Fletcher
1201 Sussex Turnpike
Randolph, NJ 07869

Toll Free: 800-481-8549
Phone: 862-781-0029
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Heymann & Fletcher
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PO Box 518
Mount Freedom, NJ 07970

Toll Free: 800-481-8549
Phone: 862-781-0029