Apart from protecting your children’s best interests, splitting assets after a divorce is usually the second most important matter for consideration. New Jersey is an equitable distribution state, meaning the court will equitably divide your marital property. Equitable does not necessarily mean equal distribution, so you need to protect your rightful share of assets in a divorce. Let’s consider the concepts of equitable distribution and asset protection after divorce and evaluate your rights in this situation.
Challenges in Asset Distribution
Equitable asset distribution challenges increase in divorce when involving issues such as business assets, overseas accounts, or inherited wealth. If your former spouse was the dominant party handling the financial affairs of the household, you need to ensure your ex-partner is not hiding any assets from the court’s knowledge.
Finally, wealth management and divorce is another area you may have to handle carefully to secure your financial future after a divorce. You should work with a divorce attorney in New Jersey that has deep experience in asset division matters, as well as a network of financial experts, forensic accountants, and wealth management advisors, to protect your interests as necessary.
Focus on Your Joint Accounts and Credit Position
When you are contemplating divorce or going through a divorce proceeding, you need to evaluate your credit history and maintain good credit separate from your ex-spouse. Once the divorce process begins, freeze or close all your bank and credit joint accounts.
Your car insurance may require adjustment under your new status once your divorce is final. Make it a point to discuss with your divorce lawyer about the best way to handle your retirement accounts. Even those these accounts may be in the name of only one person, the court could consider them as joint marital property.
Inventory All Assets and Debts
You need clear-cut and comprehensive information about all the assets and debts that you and your ex-spouse own or owe at the time of divorce. A skilled New Jersey family law attorney will guide you through the process of splitting assets after a divorce and help you acquire a full disclosure of your individually and jointly held financial assets.
Keep track of non-marital assets, such as gifts and inheritances, even though they may only belong to one of you. This information might be useful when you are negotiating a settlement. Also, stay updated about your rent or mortgage payments. Irrespective of your situation, you must make these debt payments on time.
Your attorney might advise you to sell off any complicated, jointly held assets and split the proceeds. Follow your attorney’s advice about whether you should move out of the house before the divorce is final.
Make Changes to Your Will
You have a responsibility to your children and any other heirs, so be diligent about adjusting your will after your divorce. Review and change the beneficiaries in your will if required. It is essential to address these issues, even though New Jersey laws prevent a former spouse from acting as an estate administrator or trustee, or receiving any financial benefits from your will.
Protect Your Assets After a Divorce With a Family Law Attorney
Are you facing or going through a divorce where your financial livelihood is at stake? You need to enlist the services of an experienced and professional family law attorney to represent your best interests. The Law Offices of James C. DeZao, P.A., employs a team of expert attorneys that will discuss the financial aspects of your divorce and determine the best route for you moving forward.
Hire a knowledgeable law firm that will fight tirelessly on your behalf. Our attorneys treat every case with a unique approach, and we will personalize our methods to your necessities. Call us today at 1-833-JIMHELPS or contact us online to schedule your free, confidential phone consultation.