New Jersey couples who are going through the divorce process expect to pay an emotional toll when they dissolve their marriages, but financial costs can be heavy as well. Decisions made in anger sometimes lead to monetary losses. Common financial mistakes could often be avoided through patience and due diligence.
For example, when a person fails to fully investigate the couple’s marital assets, the final agreement could saddle a person with debts or reduce their income. To achieve an equitable division of assets and debts, all of the relevant information needs to be presented. This allows a person to make decisions based upon a clear and complete financial picture.
People can also become embroiled in bitter and prolonged negotiations, which can increase legal fees. An agreement could be achieved more quickly when a person focuses on core needs instead of vindictive battles. Tax consequences could also be important. Recipients of spousal support should realize that these amounts must be included in income for tax purposes.
Divorce lawyers commonly caution their clients to become as informed as possible about their options before signing any papers. A family law attorney can often assist a client in attempting to negotiate a comprehensive settlement agreement. If irreconcilable differences emerge with respect to certain matters, however, there are some options that are available. Unresolved issues may have to be decided by a judge during a trial, but there are alternatives to full-blown litigation. In some cases, the mediation process can be an appropriate way of resolving differences, and many attorneys recommend that form of alternative dispute resolution when child custody is becoming an issue.