Divorce, even when both parties are amicable, can still be a tricky and stressful process.

Sep 15 2016

Divorce, even when both parties are amicable, can still be a tricky and stressful process.

If you are someone who is perhaps considering divorce, please read these five tips below and take them to heart, in order to protect yourself and your assets, before and during the process:

Minimize Joint Accounts
Having joint accounts that link you to your spouse can become a liability if you decide to divorce. 

If you have assets in your name prior to your marriage, these will not be counted in your divorce settlement, as long as you have not added your spouse’s name. 
If you are considering a divorce in the future, be sure that you keep these prior assets solely in your personal name.

No co-mingling of except assets

In general, assets that are received in inheritances are deemed separate property and will not be factored into the equation upon divorce. 
However, this only holds true if the assets remain in the one who received the gift’s name. If you have added your spouse to a previously-exempt asset, 
such as an inheritance, it will then be considered in the divorce settlement.

Do not hide assets

If you think you’re being sneaky, think again. Even if you have accounts that are just in your name, if they were purchased or created during your marriage, 
they will still count toward the divorce settlement. Understand the realistic value of the mutual assets acquired or purchased during your marriage and know 
that these will likely all be considered during the divorce process.

Cease contributing to your retirement account

If you are considering a divorce in the near future, it may be wise to stop contributing over the minimum required for your retirement account. 
In the state of New Jersey, your spouse is entitled to 50% of all of your contributions up until the time that your divorce complaint is filed. 
This means that if you are contributing more than the minimum amount, you are essentially handing half of your retirement money to your future ex-spouse.

Stop, at all costs, posting on your social media accounts!

This is a big mistake people going through divorces these days. Even if you think you are hiding posts or keeping accounts private, 
it is best practice to stop posting on your social media accounts during a divorce. These posts can be used to influence things such as your custody agreement, 
alimony or palimony, suspicions of infidelity, and more. For example, if you are claiming that you are disabled and thus unemployed, 
posting about hitting a new PR at the gym is not going to help your case when getting a divorce.

In the end, as much as you may be ready to get the process over with, rushing through filing a divorce may be a mistake. 
Taking the time to consult with a financial advisor and your attorney may save you a lot of hassle (and money) when it comes to signing the papers. 
Our expert law time here at DiFrancia & Price wants to help you, help yourself.
Again, if you are considering filing for divorce, please call us at 609-296-0001 for a free consultation.