When going through a divorce, one of your main concerns will be to establish a strong future by securing fair and reasonable terms to your divorce order. In order to protect your long-term financial interests, you must be tenacious and intentional about the pursuit of a fair property division settlement. There is much at stake for you, and the decisions you make during the divorce process will have a significant impact for years to come.
Before you agree to terms or make any decisions that could affect your future, you will benefit from knowing how you should approach the issue of the division of marital property. This may be especially complex in a high-asset divorce, which is why preparation is a crucial component to your success. It is in your interests to be familiar with property division laws in New Jersey and what you can do to protect yourself.
Steps to a strong future
Divorce is an emotional and complex time, yet it is not the time to make decisions based on how you feel in the moment. Temporary feelings should not drive your choices or motivate you to act in certain ways. In your pursuit of your rightful share of marital property, the following may be helpful:
- You need to know which assets are marital property and which are separate. Anything bought, earned, accumulated or collected during marriage is subject to division.
- Gather as much information as you can about your financial situation, including finding copies of all your financial records.
- Know what the state laws say about property division and how those laws could impact your case.
- Seek help from knowledgeable professionals who can help you pursue a fair outcome and make prudent decisions.
- Decide what you can live without and which assets are worth fighting for. Consider the potential tax penalties of keeping certain assets, such as the family home.
Preparation is a key factor in your post-divorce financial success. As you consider your options, fight for specific assets and take steps to secure certain terms, you may find it helpful to keep your focus on what is best long-term. In a high-asset divorce, property division is one of the most complex issues to resolve, but it is possible to secure a final order that allows you to look to the future with confidence.