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Preparing for a divorce can minimize complications

On Behalf of | Dec 23, 2021 | Divorce

The financial aspect of a divorce is often the most complex and contentious for a New Jersey couple. Money and division of marital property can lead to disputes that a couple may not be able to resolve out of court. Litigation, court battles and continued disagreements over money can add stress to an already stressful situation. In order to reduce your chance of experiencing these complications, you may find it beneficial to prepare your financial life for an upcoming divorce. 

When you prepare for your divorce, you will have a stronger position from which to defend your financial interests. By taking simple steps, you can lay the foundation for a final financial settlement that will allow you to feel confident about your post-divorce future. The choices you make regarding your divorce will impact you for years to come, and you can begin looking ahead now, even if you are not ready to file. 

Simple steps to your best future 

Even before you file, there are things you can do that will help you secure your long-term interests. These steps may reduce the chance of complex disputes or confusion you may feel during a complex property division process. Some of these steps include: 

  • Locate your financial records and any documents that could be important. 
  • Open a separate checking account, and remove the other party from any shared credit cards. 
  • Make a list of assets that are separate, and begin valuing important marital assets. 
  • Obtain copies of your credit reports. 
  • Locate all marital assets, and determine if your spouse is trying to hide property. 
  • Update the beneficiaries on certain types of accounts. 

By acting now, your divorce can be smoother and simpler, and you may have a higher chance of securing terms that will make sense for you long-term. Divorce brings inevitable financial adjustments, but you can mitigate the potential negative effects you may experience.  

Your property rights 

According to New Jersey law, you have a rightful claim to an equitable share of marital property. If you believe a divorce could be in your future, it is beneficial to begin taking steps that will allow you to effectively protect your financial interests. You may find it useful to begin with an understanding of your property rights and how your divorce could potentially impact your finances.