Statistically, women begin the divorce process more often than men do. However, the desire to obtain a divorce does not always match the level of preparedness. New Jersey women frequently make a few costly mistakes no matter how much they might want to end their marriage.
Poor accounting practices
New Jersey divides assets according to what the courts believe is fair. Part of determining a fair distribution involves looking at the contributions of each spouse. Women undergoing a divorce in the state need to keep careful records of both assets and debts to demonstrate the financial contributions they made during the marriage.
Failing to consider liquidity
Women in a high-asset divorce often fail to consider their liquidity needs. While your marriage may provide access to assets with a high net worth, you will need to gain access to actual cash during and after your divorce.
When considering your long-term liquidity goals, you should include these assets:
- Motor vehicles
- Retirement accounts
- Real estate
Not preparing for retirement
On average, women live longer than men. Yet, an overwhelming majority of women going through a divorce fail to consider the ramifications of a divorce on their retirement plans. When negotiating a divorce settlement, you should include provisions for your retirement. In most cases, the court will consider any existing retirement plans to be marital property that should be fairly divided between both spouses.
Not investigating your husband’s assets
Many women choose to believe their spouse’s asset inventory without any investigation, and that allows the ex-spouse to hide valuable property. Forensic accountants and appraisers may be able to evaluate the truth about your ex’s assets.
Prepare to defend yourself
Even if you want to maintain an amicable relationship with your ex-spouse, you should try to keep in mind that you are battling over your financial future. Always focus on taking the steps that keep your finances secure and protected.