Carolann M. Aschoff, P.C.
201-793-7739Jersey City & Bayonne
973-200-4892West Caldwell

Impacts of financial decisions made during divorce

When it comes to financial matters, keeping a cool head is imperative. This is particularly true in divorce, which is often an emotionally draining process. One can easily become too emotionally caught up and forget that the financial decisions made may impact much more that a monthly budget.

Assets acquired during a marriage have to be divided on an equitable basis in New Jersey, but finding the best way to do so can be a very difficult process. Some decisions necessary to make may be more difficult than others. One such a decision relates to the house. An easy decision is to sell the house and divide the profits, but this is only possible if one does not have to sell at a loss. Should one spouse prefer to keep the family home, an option is to buy the other person out at the current value exists.

Things may become slightly more complicated when it comes to other possessions, such as a car, household items and furniture. As with the house, a couple may have to sell an only car and share the proceeds, or one may decide to buy the other's share. In cases of an amicable divorce, negotiations on the division of furniture, artwork, collectibles and household goods can lead to both parties getting what they like and want. Otherwise, an inventory will have to be compiled, including the values of all items, to ensure a fair division.

When it comes to making decisions about assets in brokerage accounts, as well as retirement accounts and Social Security, things may become even more complicated. As these decisions may influence the financial future of both parties, consultation with a New Jersey family law attorney may be beneficial. The experience of an attorney may assist in negotiating an equitable agreement in which both parties are protected and left financially secure.     

Source: host.madison.com, "How to Split These 7 Assets During a Divorce", Maurie BAckman, Dec. 07, 2017

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