Even the most amicable divorces are overwhelming and costly. Many couples often make critical mistakes during the divorce process that hurt their overall financial security in the long run. When divorcing, it is never a smart idea to rush through the process as this can lead to unfair divorce settlement terms. However, there are many ways couples can protect their finances during a divorce. One of the main ways is by pursuing a collaborative divorce. When a couple has full control over the terms that will apply to the termination of their marriage, they are protecting their finances. Continue reading to learn about the financial benefits of collaborative divorce and how our dedicated Monmouth County Divorce & Separation Attorneys can help you.
What is a collaborative divorce?
A collaborative divorce is a legal process that uses a combination of mediation and negotiation to resolve a couple’s disputed issues without them having to undergo a drawn-out litigation process. The couple can reach an agreement on the terms that will apply to the termination of their marriage. This includes property distribution, child custody, child support, and spousal support. However, it is imperative to understand that a collaborative divorce can only succeed if both parties are open and willing to compromise. If they are willing to negotiate, a collaborative divorce can save them a lot of time and money.
What are the financial benefits of this type of divorce?
When a couple chooses the traditional contested divorce route, they already put their financial security at risk. In a contested divorce, couples lack complete power over their assets. Instead, a judge is responsible for determining a fair division of the couple’s marital property which includes any debt accumulated during the marriage. Essentially, this can lead to an unfair division of assets as New Jersey is an equitable distribution state. This means that the martial property is split fairly, not necessarily in an even 50/50 split. One spouse may get stuck paying for their spouse’s debt or receive a smaller portion than their ex. Ultimately, when a couple does not have full control over their divorce, their financial security is at risk. To protect their hard-earned finances, couples should consider a collaborative divorce.
A collaborative divorce allows couples to have complete power and control over the terms that will apply to the termination of their marriage. This means they can dictate how they want their marital property divided. This can help couples reach a fair divorce settlement. In addition, each party can refrain from agreeing to certain terms to speed up the process so that they can move on to the next chapter of their lives. In a collaborative divorce, couples can work together to reach favorable terms that ultimately protect their finances in the long run.
If you are seeking a divorce, it is imperative to speak with a trusted Monmouth County divorce & separation attorney. Our firm is committed to helping our clients choose the right divorce path for their specific needs.