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Somerville Family Law Blog

Knowing where to look to uncover hidden assets during divorce

One of the first steps a person may take upon making the decision to dissolve a marriage pertains to identifying and obtaining the value of all marital assets. Any assets that remain hidden throughout the process of divorce could impact the outcome of the situation substantially. However, for many individuals in New Jersey, knowing where to look for hidden assets might not always be an easy task.

In situations where one feels that a spouse is attempting to hide assets during divorce, a person may feel it vital to enlist the services of a third party to locate these assets. However, this might not always be necessary and there could be certain places to look that may help a person identify assets that were previously hidden. For instance, experts suggest that in some cases, individuals who wish to identify all marital assets prior to entering legal proceedings need look no further than recent tax records.

Protecting one's finances by avoiding certain actions in divorce

The outcome of the end of a marriage can have a significant influence on various areas of a person's life. When going through a divorce, many individuals in New Jersey may wish to know more about how the process will affect them financially and what they can do to protect this aspect of life. While knowing the steps to take to safeguard one's finances could be beneficial, it may also prove vital to understand the monetary actions to avoid.

Moving away from a two-person income can be intimidating, and even if the results are only temporary, this can affect a person's finances substantially. As such, those who are going through a divorce might find it advisable to avoid making large purchases shortly after the process is finalized. In some cases, the financial ramifications of dissolving a marriage could lead some to consider dipping into retirement savings to cover their needs, but this might not always be the best solution.

Knowing what to avoid when co-parenting after a divorce

When it comes to ending a marriage, couples in New Jersey may find it difficult to agree on a variety of topics. However, when it comes to the kids, both parents may consider it vital to take the necessary measures to protect the well-being of their children. While knowing how to co-parent effectively following a divorce can be helpful, it could be equally beneficial to understand the actions and behaviors to avoid.

Following the end of a relationship, former couples might be somewhat reluctant to interact with each other. However, when kids are in the picture, communication can be vital and any refusal to communicate could prove harmful to the children. As both parents may play an active role in a child's life, refusing to include the other party in major decisions or notify him or her of any changes in schedule or important events could also be detrimental.

Updating and modifying account information following a divorce

Regardless of the length of a marriage, should the relationship come to an end, knowing how to handle change can be a difficult process. While the emotional changes a divorce might bring may heal with time, other aspects of life might require a person in New Jersey to take certain actions to protect his or her finances. However, knowing which actions are necessary might not always be a simple task.

Following the end of a marriage, a person may find it helpful make a variety of adjustments to his or her finances. Many may be aware of the possible benefits of closing joint banking and credit accounts and updating information on investment or retirement accounts. However, there are a variety of other scenarios in which modifications might be advisable, some of which could be less apparent.

Protecting one's finances during a divorce late in life

Many individuals in New Jersey may feel that making the decision to dissolve a marriage is a stressful and daunting process. The outcome of a divorce could have a substantial impact on a person's life regardless of his or her age. However, those who are going through a similar process late in life may have concerns that divorce will disrupt their plans for the future, and they may wish to know how they can protect their plans for retirement throughout the process.

Going through the end of a marriage can be stressful enough as is. However, when one feels as though his or her financial future is on the line, emotions can run high, though letting emotions influence decisions during divorce is never advisable. By keeping control of emotions, a person could become much better prepared to form a strategy to protect his or her plans for retirement during negotiations.

Seeking guidance when facing divorce as a business owner

Individuals in New Jersey who own a business may face decisions that are unique to their situation upon making the decision to dissolve a marriage. Since a significant portion of a couple's wealth could be tied up in the business, preparing for negotiations can seem an intimidating task. Business owners who are facing divorce could benefit from seeking guidance on the topics to address concerning the business and the options that may be available to them during negotiations.

In some cases, a business may be considered separate property in divorce and the owner may retain sole possession throughout legal proceedings. However, if the company, or even a portion thereof, is deemed marital property, the business may become a major area of focus during negotiations. When preparing for negotiations, a person may find it advisable to gain a clear understanding of the financial value of the company, as this could prove vital to forming a strategy for what comes next.

Understanding the issues children may face during divorce

While going through the end of a marriage can be difficult under any circumstance, children may face unique challenges upon learning their parents have decided to part ways. When dealing with a potentially stressful and emotional process, parents in New Jersey might be uncertain how best to shield their children from unnecessary harm. However, by understanding the issues the kids might experience in divorce, a parent could become better prepared to address their needs.

While divorce might seem like the healthiest decision for everyone, children may have trouble seeing the bigger picture. As a parent, it may be essential to speak to them and explain the situation while ensuring the kids understand that they are still loved and preventing them from feeling as though they are in some way at fault. While the kids may need reassurances throughout this process, they may also look to their parents for direction.

Learning to adapt to life after divorce by knowing what to expect

Once a couple in New Jersey makes the decision to enter a marriage, the process will inherently have an impact on various areas of their lives. After adapting to routines and roles within a marriage, should a couple decide to part ways, one or both parties may struggle to find a sense of identity. However, by seeking advice on how one's life may change after a marriage ends, a person may be able to reduce the stress of adapting to life after divorce.

After entering a marriage, a person may immediately go from identifying as someone's daughter to another person's wife, or son to husband. These new roles can have a significant impact on a person's behavioral patterns and the relationships he or she cultivates. In many cases, a couple's lives may become intertwined to the point where they plan their daily routines around each other's schedules.

Discussing college tuition during divorce proceedings

Many parents in New Jersey may wish to take steps to help their children pursue a higher education. With the ever-increasing nature of college-related expenses, some parents may begin planning and saving for the future while the kids are still young. However, certain life events could disrupt a couple's ability to save, and for parents that are going through a divorce, discussing how to manage the costs of a college education during negotiations could be crucial.

The end of a marriage will inherently impact the futures of everyone involved, but it doesn't necessarily have to keep parents from seeing to the educational needs of the kids. When discussing how to handle the costs of college, parents may benefit from making a list of all possible expenses. In addition to covering tuition, kids may need money to help cover the costs associated with housing and food and basic classroom needs.

Common concerns within a marriage that could lead to divorce

It might not be all that uncommon for married couples in New Jersey and across the nation to experience troubles within a relationship from time to time. In some cases, marital troubles might only lead to heated arguments that could put a temporary strain on the relationship. However, studies suggest that certain issues could lead to more than a minor disagreement, and may instead increase the likelihood that a couple will divorce.

Although a couple may experience challenges within a relationship under a variety of scenarios, one of the most common issues that can lead to troubles within a marriage may pertain to finances. Differences concerning long-term financial goals can place a major strain on a relationship. Infidelity is another area in which problems may arise within a marriage, as this may lead to issues with trust or feelings of resentment that could be difficult to overcome.