Divorce in New Jersey, as in other states, nearly always changes the financial situations of both parties involved. When the divorce involves higher-than-average assets, the implications are amplified. In some cases, one party may try to hide assets in hopes of keeping more for themselves. Other issues may involve the challenges of separating assets that both parties feel entitled to and starting the process of becoming financially independent. While it’s usually not easy to divide assets, understanding more about the process can help one prepare for the difficult road ahead.
Steps to protect one’s finances
Separating financial accounts is one of the first steps in becoming financially independent after divorce. Both parties can benefit from opening their own bank accounts and credit cards while closing joint accounts based on the laws in the state and court orders. If a divorcing couple has an estate plan in place, it’s important to update that plan once the divorce is finalized.
High-asset divorces often involve things like real estate, jewelry, art, and multiple vehicles. All these items can be negotiated for in the divorce proceedings. Divorcees should be sure that all assets are accounted for to prevent any issues related to hidden assets as it is illegal not to report them during the divorce process.
Asset division is an important part of divorce
High-asset divorces can turn contentious even if the divorcing couple is agreeable on other matters. New Jersey residents who are contemplating divorce can benefit from taking steps to protect themselves financially. A family law attorney can provide guidance on the necessary steps to take to get the divorce process started.