< Finances are an important component in every divorce | Carolann M. Aschoff, P.C.
Carolann M. Aschoff, P.C.
WEST CALDWELL
973-200-4892
JERSEY CITY & BAYONNE
201-793-7739

Finances are an important component in every divorce

It can be disheartening for a New Jersey couple to realize that the time and emotion that they put into their marriage basically comes down to finances if the marriage ends. Even when there are children involved, monetary issues such as child support, property division and alimony must be addressed. In order to make the divorce process go more smoothly, each party needs to have as complete an understanding of the current financial situation as possible, along with an awareness of what will be needed to live in the future.

All available information regarding the marital assets and liabilities will need to be gathered and reviewed. Once each party has a clear picture of where they are financially, they can then focus on the future. Since one household is going to become two households, it would be beneficial to draw up a realistic budget. These steps will provide a place from which to begin settlement negotiations.

If there are children involved, each party's budget needs to provide for either the receipt or payment of child support. Unlike child support, alimony is not a guaranteed part of the settlement. Current finances should be monitored as well to make sure that neither party is squandering the marital assets or increasing the marital debts.

New Jersey couples should also consider what kind of divorce they want. Arguing in court and relying on a judge to make decisions for them can be time-consuming and expensive. If the parties are able to put aside their emotions and work together, they can achieve an amicable settlement with which they will more than likely each be satisfied.

Source: business.financialpost.com, "Divorce is never easy and your heart may be broken, but that doesn't mean your wallet needs to be too", Melissa Leong, Nov. 24, 2016

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