Some couples make the mistake of rushing through their divorce so they can move on with their lives. They simply agree to divorce terms as quickly as possible. However, this is a huge mistake as it can result in unfavorable terms that could hurt their financial security. Divorces are extremely costly. However, there are alternative divorce processes that can save couples a significant amount of money. Couples should consider pursuing a collaborative divorce as it allows them to have complete control of the terms that will apply to the termination of their marriage which helps them protect their finances. Keep reading to learn more about the financial benefits of collaborative divorce and how a trusted Monmouth County Divorce Attorney can help you protect your hard-earned assets.
What is a collaborative divorce?
Collaborative divorce is an alternative divorce process that combines mediation and negotiation methods to help couples reach an agreement on issues such as the division of assets, spousal support, child custody, and child support. This type of divorce helps couples avoid drawn-out court proceedings. Rather a third-party mediator will typically help the couple resolve their disputed issues to reach an agreement on the terms that will apply to the termination of their marriage. Couples need to understand that, for this type of divorce to succeed, both parties must be willing to negotiate and compromise. Ultimately, if either party is not open to negotiation, the process will not work.
What are the financial benefits?
There are many financial benefits to pursuing a collaborative divorce. Firstly, choosing to resolve any disputed issues outside of a courtroom can save couples a substantial amount of money as litigation can rack up legal fees. In addition, through traditional litigation, the judge has complete power over how the couple’s assets will be divided, whether to award spousal or child support and child custody determination. In a collaborative divorce, the couple has complete control over the critical terms of the divorce agreement. Couples get more of a say in the deliberation process since they are working with their spouse to reach a fair divorce agreement.
Furthermore, New Jersey is an equitable distribution state. This means that the couple’s marital property will be divided fairly, but not necessarily in a 50/50 split. Essentially, this means, if the judge finds it reasonable, they may award one spouse a larger portion of their marital assets. In addition, one spouse may get stuck paying a portion of their spouse’s debts. However, if a couple controls how their marital property is divided, they can avoid dealing with this issue. Ultimately, collaborative divorce can help couples protect their finances.
For more information on the financial benefits of a collaborative divorce, contact an adept Monmouth County divorce attorney. Our firm is committed to helping our clients choose the right legal process to end their marriages.