Property division remains one of the most challenging aspects of the dissolution of a marriage. However, it is indeed possible for divorcing individuals to maintain a sense of control and achieve positive outcomes during the property division process. Here is a look at a couple of important steps to take to protect one’s financial best interests during a divorce in New Jersey.
First, many couples erroneously believe that each spouse’s expenses will drop by 50% during the divorce. However, the opposite is actually true, as both parties now have to assume costs such as mortgage or rent payments, internet, cable, and utilities. For this reason, it is critical that divorcing individuals pay attention to their individual expenses and assets. For instance, it is wise for them to determine how much they will need to survive financially after the divorce.
Second, it is important to understand how courts in New Jersey handle debt during divorce. If both parties have debt together, the court will split the debt in a manner that it considers to be the most equitable, or fair. The court will look at factors such as how much debt is owed to a certain creditor, who incurred it and each party’s ability to pay it.
No aspect of the divorce process is easy, especially when it comes to finances. However, an attorney in New Jersey can provide the direction needed to tackle issues like property division and alimony with confidence. The attorney’s main goal is to make sure that the client’s rights and best interests are upheld during all stages of the divorce proceeding.