When a couple is planning to divorce, it can be a complicated process. Particularly when that couple is going through a gray divorce and have been married for many years, it is common for these individuals to become entangled in the emotional aspect of the situation. However, if separating New Jersey spouses keep a few tips in mind, they will likely be more prepared to handle the financial aspects as well as the emotional ones.
First of all, the parties should think about their current situation and how the divorce will affect the present. For example, they may benefit by analyzing their assets — including retirement benefits — and try to determine which asset belongs to which person. This analysis should also apply to debt in an effort to establish which spouse is actually responsible for how much of the shared debt.
Secondly, the individuals may want to think about future financial aspects as well. Estate planning becomes increasingly important for older separating spouses, and any preexisting plans should be reconfigured in light of the separation. Healthcare and Social Security plans should also be analyzed in order to ascertain the affect the divorce will have in the future.
Finally, having a good support team is helpful for New Jersey couples preparing to divorce. A support team can include sympathetic friends and family members. Additionally, it typically includes seeking guidance from professionals. A New Jersey family law attorney can give appropriate support and advice concerning the divorce process to help achieve a fair and lasting settlement.
Source: USA Today, “Protect finances in later-in-life divorce“, Anna Helhoski, Nov. 23, 2014