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Financial aspects of divorce include asset division, alimony

| Nov 2, 2017 | Divorce

When going through a marital separation, spouses often find the financial aspect of this type of family law proceeding to be overwhelming. Divorce-related financial issues may be particularly stressful for those who fail to address them. A few tips may help with navigating these issues in New Jersey.

A major aspect of a divorce proceeding is the division of assets. Identifying what property must be split between the two spouses early on is critical. This includes any property that the spouses accrued over the course of their marriage. This marital property is different from property that a spouse had before entering the marriage, known as separate property, or even an inheritance or monetary gift received during the marriage.

Another important consideration during divorce is alimony. The spouse who earned more than the other one may be required to pay alimony, or spousal support, to the lower-earning spouse following their divorce. This is especially true if the spouse who earned less chose to stay home to take care of the children while the other spouse was able to maintain a career.

The financial aspect of a divorce proceeding in New Jersey is multifaceted, with many financial decisions having to be made before two spouses can go their separate ways. It is within one’s rights to pursue a fair share of assets as well as alimony depending on the circumstances surrounding the marital split-up. An attorney can help to ensure that one’s best interests are considered during every stage of the divorce process.

Source: newsmax.com, “4 Financial Musts When Planning Divorce“, Jacqueline Newman, Oct. 19, 2017