New Jersey Family Law Blog

Women in New Jersey who own their own business may be frightened at the prospect of losing part or all of it in a divorce. If the business experiences growth during the marriage, it could be considered to be marital property. This means that it would be subject to division in the divorce. Women may wonder what they can do to protect their business in case they get divorced in the future.

The best time for a woman to divorce-proof her business is before she gets married. A prenuptial agreement is a written legal agreement between two individuals who will be getting married. It is an effective protective measure because it sets forth what would be separate property in case the couple decided to divorce in the future. In order for the agreement to be legally binding, it needs to be executed before witnesses in a voluntary way. Full financial disclosure is essential.

A divorce specialist may be helpful to some couples or individuals in New Jersey. This is a professional who has a background in areas specific to divorce, such as how to divide complex investments and the details associated with closely held business interests or private equity holdings. This knowledge can complement that of other professionals, such as an attorney and a financial advisor.

With couples, a divorce financial specialist can help during mediation or a collaborative divorce. One way a divorce financial specialist can be particularly helpful is in helping a couple determine how they should divide the home, one of the most difficult issues in a divorce. If a couple is unable to reach an agreement on a settlement, a divorce financial specialist can give expert testimony if necessary, discussing such topics as business valuation and forensic accounting.

Perhaps one of the most common subjects of disagreements for many couples in New Jersey is how to utilize and manage finances. In many instances, ongoing disagreements over how things should be done may lead to a divorce. If people have experienced divorce from their spouse with financial discrepancies being the underlying cause, they may be looking for advice on how to avoid those types of tensions in future relationships. 

One consideration that people may take is to consolidate all of their debt into one loan that can be responsibly and consistently paid over time. Couples should also be transparent in discussing their financial history including what their credit score is and why it is what it is. They should make goals together for ways they can improve their financial stability and wealth over time including realistic goals for how they will improve current weaknesses. 

When you and your spouse choose to get a divorce in New Jersey, it is going to take some time to agree upon a child custody arrangement that will provide support and consistency to your children without creating too much stress for either parent. Establishing boundaries, clarifying responsibilities and leaving room open for modifications in the future are all imperative parts of creating an agreement that will be rewarding for everyone involved. 

Once an agreement is solidified and it appears to be working appropriately for both you and your spouse, you may be wondering how to maintain the consistency that you have going right now. One suggestion provided by Parents.com is that you review how things are going every so often. Evaluate if the arrangement is working for your children and allowing them to continue to build positive and long-lasting relationships with both of their parents. Assess if the arrangement is allowing you to continue parenting without compromising your ability to maintain a job.