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Avoid these financial mistakes during divorce

On Behalf of | Apr 30, 2022 | Divorce, Property Division

With all the emotional aspects of the divorce process, sometimes, New Jersey residents and those in other states can neglect taking care of their financial needs. But a divorce can greatly impact one’s financial status. It’s important to take time to understand how asset division works and to ensure that everything is in order with all accounts, investments and other financial concerns. While this can seem daunting, it’s important when dividing property. 

Common mistakes 

Many people find themselves wanting to rush through a divorce. While it’s understandable that some prefer to get it done as quickly as possible, it’s not ideal from a legal standpoint. Divorcees should properly value all assets, including hidden assets, during property division. This can help prevent issues in the future.  Retirement assets and marital debt are important, and they could greatly impact one or both parties if they aren’t considered and divided equitably. 

Some people want to jump straight to court hearings, not realizing that mediation or arbitration can sometimes be a better option. Even in these circumstances, it’s best to seek sound legal assistance due to the legal complications that can come with even the most amicable divorces. Lastly, it’s essential to work out long-term solutions for child support and spousal support if those are applicable to the situation. 

Legal assistance with property division 

Dividing marital property can be one of the more challenging parts of going through a divorce. It can lead to disagreements, even in non-contentious divorces. When one is dealing with dividing various assets, it’s important to get legal advice from an experienced attorney. Those in New Jersey can get answers about the division of physical property and less tangible assets like retirement and investments through a consultation with a family law attorney.