The divorce process is different for every separating couple in New Jersey. It can involve an array of financial, practical and emotional complications. Therefore, when spouses go through a divorce, they should be careful to avoid making errors that could be financially damaging in the long term.
As part of a divorce settlement, asset division is meant to ensure an equitable split of the couple’s marital assets. However, these divisions often reflect a present-day understanding of each partner’s wealth. The decisions made in a divorce settlement can have long-term impacts. For example, parents will often include how college costs are to be covered for children as part of the settlement. It can be important to build in the potential for change or reconsideration in case an ex faces unexpected issues such as disability or unemployment. Purchasing insurance as part of the settlement can be one way to handle these types of uncertainties.
Dealing with the family home can be another contentious part of divorce negotiations. In many cases, both parties will fight over keeping the home. However, it may make more financial sense to sell the home and dispense with any associated emotional baggage.
There are a number of financial complexities that can accompany a divorce. Everything from the division of retirement funds to planning for future expenses for the children can involve a lot of planning. However, a family law attorney can work with a divorcing spouse and advocate strongly for a fair settlement that protects their interests and future.