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Divorce easier for New Jersey couples with finances in order

Divorce can be difficult enough for all of those involved without problems surrounding the division of finances. Unfortunately, many divorces in New Jersey are made more painful than necessary by the soon-to-be ex-couple not understanding certain aspects of their financial division. However, if the right steps are taken by both parties, the divorce can often be carried out and finalized much more easily than if the parties were not knowledgeable.

The first step the two parties should take financially is to find out and understand what they have. This could include checking or savings accounts, insurance policies, stocks and bonds and even retirement. It is important that nothing is overlooked when the couple is searching, as this could mean that the financial burden following the divorce is not fair.

It is possible for both individuals to keep their own retirement plans during and after the divorce; however, it may be beneficial for one spouse to transfer part of his or her retirement to the other. Sometimes this is not taxable and, therefore, the other spouse acquires the whole amounts. After the financial portion is settled, both parties should make sure that all the steps are carried out correctly.

Hopefully many New Jersey couples that are seeking divorce will be able to handle the financial portion of their divorce in the proper manner. This could make the divorce much easier than it would be if it is not handled correctly. An easier divorce means less pain for everyone involved, and it allows the two individuals to part ways and start their new lives.

Source: The Wall Street Journal, "If Divorcing, Divide Investments With Care", Lisa Ward, April 7, 2014

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