Divorce in New Jersey could be surrounded by misconceptions | Lane & Lane, LLC
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Divorce in New Jersey could be surrounded by misconceptions

It is regularly reported that about half of all marriages end in divorce, so the concept of a legal separation is a familiar one. Regretfully, divorce can often be difficult at the time of a separation. The parties typically benefit by gaining an understanding of the legal consequences after their separation takes effect. If this does not occur, some spouses find themselves backed into a corner without being aware of how to fix the problem.

Messy divorces often turn hostile. Seeking guidance from a financial adviser, accountant or an attorney may help head off any problems before they are exacerbated. As the old saying suggests, an ounce of prevention is indeed worth a pound of cure.

Another common misconception is that there are no expenses after the divorce is final. When minor children are involved, the parties will need to decide who will pay what portion of the child's expenses. Even if the parties have no children, there are still expenses for title transfers, counseling and the division of retirement assets.This can become a significant problem for people who do not have a steady income and do not receive a maintenance check each month. Financial and legal advisers typically work diligently to make sure that no one is left in this situation.

These are only a few of the common misunderstandings in the modern divorce proceedings. Though some divorces can be very clean cut and well defined, others cannot be solved amicably. If this is the case, the New Jersey justice system is designed to ensure fairness as both sides seek an acceptable compromise with as few hiccups as possible.

Source: chicagonow.com, 12 Common Financial Mistakes in Divorce, Donna, Sept. 6, 2013

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