When spouses near retirement age decide to get divorced in New Jersey, money will probably be the greatest concern for both of them in the split. Each party will be trying to look after their own financial interests in the divorce settlement because the decisions that they’ll make can have long-lasting financial impacts.
It’s inescapable that a “gray divorce” will set both spouses back financially once the papers are signed. Especially if the children are grown, each spouse is likely thinking about their retirement. However, the assets that were earmarked to support one household in retirement now must support two. Each partner will likely need to cut back on their lifestyle since they’ll have to support themselves at this stage of their life as opposed to having two incomes. The smarter an individual is with their money, the less the impact the divorce will have on their finances.
The key to making intelligent decisions in divorce is to be prepared for the process. This means sitting down ahead of time to figure out what assets are in the marital estate and come up with a strategy for the divorce negotiations. Being unprepared increases the possibility that one will make unforced errors that can harm them for the rest of their life. On the other hand, some legwork can help reduce the financial effects of the divorce.
With help from a divorce attorney, a soon-to-be ex can mitigate any end-of-marriage issues. Legal advice could help a client with their divorce strategy for the negotiations. When left to their own devices without an attorney, people often make critical errors in the divorce agreement. This could leave them at a financial disadvantage as they near a crucial milestone in their life.