Divorce in New Jersey and other states can be difficult for many reasons. Most people expect the emotional upheaval and stress that can be associated with such a life-changing situation where the parties may find themselves negotiating for child custody or navigating the process of moving to a new home. But divorce can also lead to many financial changes, especially in a high-asset situation. While there is no way to predict the exact outcome of a divorce in most cases, it’s possible to prepare for the financial changes that are inevitable.
Navigating a high-asset divorce
The average divorce is challenging enough for everyone involved, but money and other assets can cause people to act irrationally, especially in such an emotionally-charged situation. Those dealing with a high-asset divorce can benefit from speaking with a financial advisor and keeping good records of all assets and debts. If there is no prenuptial agreement, the asset division will be determined by the courts if both parties can’t reach a fair agreement.
Asset division can involve dividing real estate, investment portfolios and other assets acquired during the marriage. It’s important to keep financial records for all joint and separate accounts. Sometimes, one or both parties may attempt to hide assets, which is why good record-keeping is essential.
Where to turn for legal guidance
Dividing assets and other divorce procedures can be complicated, especially when one considers the emotional challenges that come with divorce. New Jersey residents who are considering filing for divorce can seek legal counsel from a family law attorney. A better understanding of asset division, and the divorce process in general, can help one feel more confident about divorce-related financial decisions.