Photo of Professionals at Weinberg, Kaplan & Smith, P.A.
Photo of Professionals at Weinberg, Kaplan & Smith, P.A.
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Safeguarding your assets in the divorce process in New Jersey

by | Feb 3, 2020 | Divorce

Being financially stable is a goal to which everyone aspires. So, those who find themselves in a divorce situation, should think about protecting their assets. New Jersey is an equitable distribution state and as such when couples  divorce, marital property is not automatically split 50-50, but in a manner that is fair, though not necessarily equal. When divorce is imminent, each person needs to think about how to protect his and her finances.

Each person should have a firm grasp of their assets and what is in whose name. Both need to have an understanding of such things like mortgages on properties, cash in any joint accounts and any investments. Getting copies of financial statements is also necessary, especially if a case heads to court since a judge will want to see what’s on the table financially. Getting some cash out of a joint account also might be wise, especially when spouses don’t trust each other not to drain an account.

Building an independent team may also help a person get through a divorce. That team might consist of a lawyer, an accountant or financial adviser.  Each spouse should consider what he or she needs and wants from a divorce settlement and that becomes even more important when there are children involved.

A New Jersey attorney may be able to help his or her client decipher what he or she needs financially when it comes to a divorce agreement. Taking stock of what was a part of the marriage financially may not be easy, but is a necessary step to ensure a fair settlement. Also, a lawyer may be able to explain things to a client in a way that is easier to understand and identifies the specific issues to be addressed.