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Discovering financial details early on may help during divorce

by | Jan 10, 2020 | Divorce

Research shows that over 40% of marital unions throughout the United States, including in New Jersey, come to an end. Before people go through divorce, it is paramount that they have a good grasp of where they stand financially. Here are some important financial details for them to discover ahead of a divorce proceeding.

For starters, individuals who are thinking about getting divorced may benefit from determining how much they own as well as how much money they owe. Two spouses, for example, may share ownership of their family home. However, they may have purchased certain assets with their own separate funds before their marriage.

New Jersey is deemed an equitable distribution state. Therefore, during the divorce process, a judge will divide marital assets in a manner that he or she considers to be fair, or equitable. As a result, one party might receive a higher percentage of assets than the other party depending on their unique situation. Still, any separate assets that the two parties have, including an inheritance or gift, will not be subject to property division.

People who are divorcing may understandably be worried about how their marital breakups will impact their futures from a financial standpoint. However, an attorney in New Jersey can walk them through matters like alimony and property distribution so that they fully understand how their divorce processes will affect them long term. The attorney will then push for the best outcome for the client given the circumstances surrounding his or her divorce process.