No one likes to lose money, no matter what one’s level of wealth or standard of living. For New Jersey couples going through a high asset divorce, there are several ways to avoid steep financial losses. Understanding the more common financial pitfalls is critical to reaching a favorable outcome.
One key point that cannot be overstressed is the importance of never signing a legal document without a very clear understanding of the conditions contained within. Once a divorce agreement is signed, it becomes next to impossible to revisit any of the matters addressed in the document. Don’t be rushed or pressured into signing, and take advantage of legal counsel to ask for clarity or explanations when necessary.
Having a trusted legal or financial advisor to turn to is an important component of a successful divorce. Seek the services of a family law attorney well-versed in high asset divorce matters. It’s also a good idea to employ the services of a financial advisor who can provide the pros and cons of various property division options.
These are just two tips on how to avoid losses during a high asset divorce. There are a multitude of other important issues that come into play during these cases. It is also important to note that no two couples share the exact same financial landscape or needs, and that each divorce is unique. New Jersey spouses should make every effort to preserve as much of their wealth as possible, regardless of how much or how little is at stake.
Source: investopedia.com, “How to Achieve Financial Goals During a Divorce“, Rose Swanger, Nov. 22, 2017