We know at The Law Office of Rajeh A. Saadeh, L.L.C., in Somerville, that our valued and diverse clients often have many questions and material concerns when they enlist our proven legal help to promote their best interests in the divorce process.
And, understandably, a key focal point for many of them relates to their financial well-being going forward. Unsurprisingly, they view their unfolding marital dissolution with a bit of trepidation, given the complexities that they often suspect attach to asset-related matters.
Their concerns on that score are both reasonable and, often, well-founded. For many divorcing couples in New Jersey and elsewhere, an acceptable divorce settlement is often centrally defined by mutual agreement that marital assets have been fully accounted for and equitably distributed.
Candidly, that can be complex occasionally, especially when — as we note on a relevant page of our firm’s website — “special divorce considerations” exist pertaining to things like high net worth and/or a family business.
A recent article on asset distribution during divorce makes the important point that a soon-to-be ex needs to give due thought to what assets make the most sense to take or avoid when settling accounts.
And here is why: Even when two assets might seem to be relatively equal in value, things like liquidity and tax implications can actually make them quite dissimilar.
An account taken tax-free is quite different from one for which taxes come into play every time a withdrawal is made, for example (e.g., a tax-deferred 401(k) account).
And while keeping the house might initially seem to be a great idea, it does come with routine expenses and is not the same as having an ATM card when money is quickly needed.
The above-cited CNBC piece notes that paying close attention to financial matters from the outset of the divorce process just makes good sense, and that having an experienced divorce attorney on board for advice and representation can go far toward ensuring a fair outcome.