Over the years of marriage, couples in New Jersey amass a good deal of assets, some of which are very valuable. While of course some assets, such as the family home, are tangible, there are other, less tangible assets, such as bank accounts. However, bank accounts can be a very valuable asset that a couple jointly owns during the marriage. Therefore, spouses in New Jersey going through the property division process should consider how their joint bank accounts are closed.
A divorce may be challenging and tumultuous. It may be more difficult if spouses in New Jersey are influenced by long-standing myths about this process. These falsehoods can have financial consequences.
Prenuptial agreements are quickly becoming the norm for any marriage. In fact, a report in Time Magazine showed that Millennials, more than previous generations, are hopping aboard the idea that prenups are fundamentally a good thing when it comes to marriage.
A prenuptial agreement can prevent many disputes and litigation costs over property division in a New Jersey divorce. Any advantages are more likely if these agreements are well-drafted and address property that has the potential for a dispute. When negotiating and drafting these agreements, future spouses should also consider property that usually does not come to mind.
Property division in a high asset divorce in New Jersey involves complex decisions, which are hampered by the emotions and turmoil accompanying the end of a marriage. However, certain financial matters require especially objective and reasoned judgments.