Divorce has a profound effect on every area of your life. Even in cases in which you and your spouse are on amicable terms, going through the process can pose a significant threat to both your emotional and financial security. In addition to making the adjustment to being single again and dealing with the fallout from family and friends, you may be facing the prospect of living on one income and a potentially drastic deduction in your overall assets. This is why even in uncontested divorce cases, you need an experienced New Jersey family law attorney on your side, making sure both your rights and interests are protected.
Dividing Marital Property
Going through the breakup of your marriage is never easy. Even if you and your partner have been growing apart for years or you were the one who initiated the divorce, it is natural to feel emotionally drained and more than a little vulnerable. Unfortunately, it is at this exact time when important decisions must be made which could impact your financial security for years to come.
Under the New Jersey divorce statutes, one of the major tasks you will need to accomplish is dividing marital property and assets. In an uncontested divorce, you and your spouse may agree on how to divide items such as housewares, furnishings, personal items, and antiques or collectibles. However, when it comes to real estate, such as your home or other property, you need to be extra cautious.
As experienced divorce attorneys, we may be able to assist you in negotiating ownership in light of the contributions you made to the marriage, as the result of your spouse’s behavior, or in exchange for other items. However, this requires careful consideration of the following:
- The overall value of the property;
- The cost of upkeep and maintenance;
- The potential tax ramifications.
In addition to your home, it is important to properly value other belongings you share. Items such as artwork, antiques, jewelry, and collectibles may be worth considerably more now than you paid for them. Having your attorney carefully look over any marital settlements prior to a court order helps to ensure you get the maximum amount you are entitled to, which can help in rebuilding your life.
Financial Accounts and Other Assets
According to Forbes, short-sightedness is one of the biggest errors you need to be alert to when negotiating a settlement with your spouse. For example, agreeing to surrender your interest in a business or cashing out certain investments based on their current value or performance could end up costing you money you would have otherwise been entitled to further down the road.
Another significant area that couples often overlook in uncontested divorce proceedings is retirement benefits. If you have been married a period of years, you are entitled to a share in whatever pensions, 401Ks, or other retirement accounts accumulated over this time. This can be particularly helpful if you did not work during the marriage or if your spouse made more than you. Unfortunately, obtaining these funds is not easy. You will need an experienced attorney to obtain a court order to claim your portion of these benefits, along with professional guidance in how to take distributions.
Reach Out to Our New Jersey Family Law Attorney
These are just a few examples of why you need the Law Office Of Jordan B. Rickards on your side when seeking a divorce. For a free consultation to discuss your particular situation and how we can assist you, call or contact our New Jersey family law attorney online today.