New Jersey Info

New Jersey Divorce Start Your Divorce Find Professionals New Jersey Articles Divorce Facts Divorce Grounds Residency Divorce Laws Legal Separation Property Division Alimony Child Custody Child Support Divorce Forms Process Service Grandparent Rights Forum New Jersey Products Divorce by County

New Jersey Articles

Agreements Attorney Relationship Custody & Visitation Child Support Collaborative Law Counseling Divorce/General Domestic Abuse Domestic Partnership Financial Planning Foreign Divorce Mediation Parenting Property Division Spousal Support SEE ALL

Info Categories

Contemplating Divorce Children & Divorce Divorce, Dollars & Debt Divorce Laws Divorce Process Divorce Negotiation SEE ALL

More Information

Articles Checklists Research Center Cases of Interest Dictionary Encyclopedia Encyclopedia (pop-up) Blogs

For Professionals

Advertise With Us Free Network Page Join Our Network Submit Articles Sign In

Network Sites

New Jersey Divorce Support New Jersey Divorce Online

Untying the Knot Part I - Financial Considerations in Divorce

Divorce is not easy. Just ask anyone who has been through it. Besides the emotional aspect, the financial impact can be devastating for both sides. How can you financially survive? Having a good understanding of your assets and educating yourself before agreeing to any type of settlement will pay off down the road.

Pre-divorce financial planning can play an integral part in finding an equitable distribution, especially in mediation and collaborative divorce cases. Remember, equitable does not mean an equal division of the marital assets. Many factors are used to determine that amount. Many couples are looking for the best solution, particularly when children are involved. Rather than focusing on what you want, what do you need to support a post-divorce lifestyle? One spouse may want the home for emotional reasons. But being asset rich and cash poor can have serious consequences. Will there be anything left after the house bills are paid?

A divorce planner can help you understand your current and future assets and liabilities as well provide a clear understanding of cash flow and projected cash flow post-divorce. Having an unbiased opinion can help take the emotion out of the decision making to help find a workable solution that you can both live with.

Do you understand pension valuations, social security benefits, tax consequences of spousal support and dependency exemptions? Is one spouse highly compensated? How to value "nonwage" benefits? Does one spouse have a business? Are there substantial non-income producing assets? These questions and many others will need to be addressed.

As with any negotiation, preparation is the key to success. During emotional times, it can be hard to think clearly or rationally, so get a team of professionals who can guide you along the way. If divorce is inevitable, here are a few tips to get organized:

  • Make a copy of all important documents. Last 2 year tax returns, W2s, most recent paycheck stubs, bank and brokerage statements and employee benefit statements such as 401(k), 403(b) and deferred compensation.
  • Locate insurance policies. Policy numbers, deductibles, limits, premiums. Who is the owner and beneficiary of life insurance policies?
  • Get a free copy of your credit report by going to www.annualcreditreport.com. If you do not have credit in your name, you may want to apply now.
  • Take an inventory of personal property.
  • Get your team in place. Interview an attorney, a Certified Divorce Financial Analyst™, divorce coach or therapist.


Was this helpful? Like our site & let us know.

Related Articles


Start New Jersey Divorce Start Your New Jersey Online Divorce Today
Easy, Fast and Affordable with a 100% Guarantee.
New Jersey Divorce Find New Jersey Divorce Professionals in Your Area:
Join the Network
New Jersey Divorce Products, Services and Solutions New Jersey Divorce Products, Services and Solutions
New Jersey Divorce Resources to Help You Through the Process.
Divorce and Custody Books Discount Divorce Bookstore
Over 100 Titles of the Best Books on Divorce & Custody.
Divorce Downloads Divorce Download Center
Instantly Download, Books, Manuals, & Forms.
Divorce Worksheet Free New Jersey Divorce Worksheet & Separation Agreement
Your Guide to Get Organized and Put Everything in Writing.
   
To file for divorce in New Jersey under no-fault grounds, the couple must have been living separate and apart in different residences for at least 18 consecutive months. There must be no hope of reconciliation in the marriage.
Divorce Lawyers & Mediators
 

Find Professionals

Easily Connect With a Lawyer or Mediator
Have Divorce Professionals from Your Area Contact You!
Enter Your Zip Code:

 

Start Your Divorce File for a New Jersey Divorce

 

Settle Your Divorce Negotiate Your New Jersey Divorce

 

Support Forum New Jersey Support Forum


FEATURED TOOL - QdroDeskTM (Divide Your Retirement Account Online)


Limited Offer Women's Rights Manual For Divorce
Cover Price: $55.95
Your Price: $29.95
You Save: $26.00

"The Absolute Best Investment in Your Divorce"

Men's Rights Manual For Divorce
Cover Price: $55.95
Your Price: $29.95
You Save: $26.00

"Uncover Your Options and Unleash Solutions"