Divorce: Protecting one's interests during a prolonged separation | Lane & Lane, LLC
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Divorce: Protecting one's interests during a prolonged separation

Reaching to decision to dissolve a marriage can be difficult, and many individuals in New Jersey may wish to give a fair amount of thought into the process before reaching a conclusion. However, while a divorce might not be imminent, a couple might still decide to separate during this period. In periods of extended separation, a person may find it advisable to take certain precautions to protect his or her finances from potentially devastating consequences.

In periods of separation, keeping track of marital finances could be more difficult, but it can also be vital. Being unaware of how the other party could be handling martial income or assets could be disastrous. To protect against any detrimental consequences, a person may find it beneficial to seek out guidance in forming a legally binding separation agreement, as this arrangement could help protect his or her financial future.

Even if a person is uncertain whether the situation will lead to divorce, it may still be advisable to close joint bank and credit card accounts. With separation, one might still be legally liable for debts on joint accounts, even if the other party is responsible for incurring the debts. If kids are a factor, a separation agreement could also help set clear guidelines on financial responsibilities and visitation schedules.

Many of the same guidelines for protecting one's financial future following divorce may also apply to a long-term separation. For guidance on how to avoid undesirable consequences during a separation, one could consider speaking with a family law attorney. An experienced attorney in New Jersey can help a client form a separation agreement that will protect his or her interests and provide future assistance should the client make the decision to dissolve his or her marriage.

Source: Forbes, "Dos And Dont's Of Marital Separation", Jeff Landers, Accessed on May 24, 2018

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