Concerns over post-marital finances prevent an untold number of people in New Jersey from ending their marriages even when they feel the time is appropriate. Between property division, alimony and concerns over child custody and support for those who are parents, this concern is not necessarily unfounded. When couples fail to give necessary focus to financial matters, money after divorce might not look too pretty.
This is not to say that every divorce will result in both parties experiencing a financial wreck. In fact, there are several different strategies that can be used to minimize the overall financial impact of divorce. For instance, most people know that joint assets and accounts should be carefully reviewed both before and shortly after filing. Doing so can help individuals be sure that their soon-to-be ex does not begin hiding assets. It is also usually smart to leave those assets be, as moving significant amounts of money — even to a new, highly visible account — can cause a judge to believe that assets are being hidden.
Money is not the only thing that should usually stay put during a divorce. Immediately packing up and moving out after filing is actually inadvisable despite the popular depiction of doing so in movies and TV shows. Sadly, this can be wrongly interpreted as abandoning one’s family, which can lead to an unfavorable decision regarding the marital home.
Perhaps the most important strategy for preserving financial stability is both simple yet distinctly difficult — keeping calm. While emotions almost always play a role in a couple’s decision to divorce, those same emotions can quickly complicate proceedings. By staying calm and focusing on the legal matter at hand, most New Jersey couples can maintain their financial stability even after ending their marriage.
Source: U.S. News & World Report, “10 Ways to Prevent a Divorce From Ruining Your Finances“, Maryalene LaPonsie, Sept. 29, 2016