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Two steps may help with tackling financial aspect of divorce

| Apr 27, 2020 | Divorce

At the start of the marital breakup process, it is not uncommon for divorcing individuals to feel lost. They may especially feel confused about how to approach the asset division process in New Jersey. However, two easy steps can help to put them in the best position financially in the years following the divorce proceeding.

The first step is to take a detailed inventory of the property that both parties have acquired in the course of the marriage. This property may range from real estate to retirement savings. Taking such an inventory involves creating a list of each item, how much it is worth and the date on which it was acquired. This information should be available in account statements as well as tax returns.

The second step is to analyze these assets to determine which ones are worth pursuing the most during the asset distribution process. For instance, some individuals may prefer to keep the family home. Meanwhile, to others, keeping cash assets may seem more appealing. Having an idea of what they want early on can help divorcing individuals to remain focused on the end goal rather than simply making decisions in an effort to get back at the other party.

In some divorce situations, both spouses will find common ground in the area of property distribution. However, in others, they will not see eye to eye on who gets which assets. In this case, a judge will have to make these decisions for them. In either of these situations, an attorney in New Jersey will push for the most beneficial outcome for his or her client and ensure that his or her rights are protected each step of the way.