If you are a resident of New Jersey whose marriage has not worked out and is headed towards divorce, do not let some common errors derail your divorce agreement. Do not rush into the divorce process and make impulsive decisions based on emotions.
Incomplete preparation can result in an unfair settlement
Take your time preparing for the divorce negotiations. During this time, you will want to identify all your joint assets and debts. This will include looking at major assets whose value has increased over the life of the marriage, which can sometimes be challenging to divide. Other assets that might be overlooked are retirement accounts and pensions. Do not forget to look for possible hidden assets, which could significantly impact the settlement.
Think of the future for you and your children
As you prepare to negotiate your divorce settlement, keep your and your children’s future in mind. There are several things you can do to protect your and their interest, including:
- Making a realistic budget that includes all your financial needs after the divorce, considers the standard of living you want to keep and anticipates additional needs that might come up as time passes
- Setting up a balanced child custody agreement that works for both parents and the children
- Planning for the children’s evolving financial needs over the years and including these as part of the child support agreement
Consider your divorce options
The divorce process might be resolved through litigation, but this can be a lengthy and costly option. Consider mediation or arbitration as both options provide pathways to more amicable, more discreet divorce resolutions, which can also shorten the length of the divorce and the cost.
Being patient through the process and making sure you are prepared for every step will help you secure a fairer divorce agreement. So make sure you take your time during this process.