When a couple’s marriage comes to an end — especially if that marriage has lasted many years — there is likely a lot on the line. If a couple in New Jersey has amassed a considerable amount of assets during their marriage, they may be facing a high-asset divorce situation. Even if the financial picture of the couple might be rosy, financial professionals urge spouses not to make quick decisions about their assets during a divorce.
It’s wise to use a checklist
Listing assets and debts on a checklist gives a clearer perspective on finances. Not only could this list be used for tracking this vital information, but it can also serve as a place to list other information such as Social Security numbers. This list can be taken to lawyers, financial planners and accountants for professional advice.
Other important documents
Documents that may be pertinent for professionals to see during a divorce can include these:
- Information regarding retirement plans
- Life insurance policies
- Wills, trusts, powers of attorney and any other estate planning documents
- Marital documents like prenuptial or postnuptial agreements
Some of these documents may also highlight debts and assets and could help to define who gets what in a divorce if disagreements arise.
A couple’s financial situation is only one of the issues a couple must sort out during the divorce process. Both spouses would do well to seek out independent advice from a New Jersey attorney experienced in family law. Divorce laws can be confusing and it’s wise to move forward cautiously, especially when the stakes are high as in a high net worth divorce.