For those in New Jersey who are preparing to divorce, it’s important to know that the process may bring some unexpected twists and turns. Financial surprises are not uncommon in a high asset divorce, and can bring a great deal of turmoil to an already challenging process. The best way to avoid these disruption is to delve into the marital finances as early in the process as possible, preferably before filing.
One of the most common financial surprises in any divorce occurs when one spouse is not aware of the full scope of debt that the couple holds. This usually happens when one party allows the other to handle the bulk of financial matters during the marriage. When the time comes for divorce, marital wealth may not be what a spouse assumed it was.
Sometimes wealth has been depleted through excessive spending. Other times a shortfall of income led to the problem. Even a series of bad investments can damage a couple’s bottom line. For the spouse who is unaware of these situations, the property division process can be a bitter pill to swallow.
The best way to avoid this outcome is by taking an active role in the family’s financial management. If a high asset divorce is already underway, it might be worthwhile to hire the services of a financial planner. A professional can help determine the full scope of wealth and debt, and provide a clear picture of how the remaining assets might be divided during the divorce. Having that peace of mind can make a world of difference for New Jersey couples navigating a high asset divorce.