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Financial points to remember in a New Jersey divorce

Many New Jersey couples who are contemplating a divorce may not understand how complicated the process can be. There may be concerns about financial aspects and debates on how property will be divided. Having a basic foundation of what to expect when it comes to finances can help as the process moves forward.

Regardless of whether there is child support or alimony being received or paid, it is important to bear in mind that the process may have an effect on funds that will be available in the future to invest or save for retirement. There could be different expenses that must be paid that were not a concern during the marriage. A utility bill or mortgage payment that was shared equally may now become the responsibility of one person.

Couples who had lucrative jobs or a business that they worked on together might have to determine how their assets will be split. Often, there will be a division in whatever equity has accrued in a property, issues as to how to handle deductions when filing taxes, what will be done about retirement accounts and other similar concerns.

Even when a divorce is amicable and the estranged spouses are able to agree on most issues, property division can often prove to be contentious. In some cases, disputes can arise over what should be deemed a separately-owned asset instead of being part of the marital estate. In others, some assets may be hard to place a value upon, especially those that have sentimental value. A family law attorney can often be of assistance to a divorcing spouse in negotiating a settlement agreement that addresses these and other applicable issues.

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