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Financial understanding can reduce stress that can end in divorce

| Oct 1, 2019 | Divorce | 0 comments

Embarking on a marriage is one of the most exciting times in a young couple’s life in New Jersey. They are full of hope for the future and what they anticipate to be a long and loving relationship. While the divorce rate among young couples is down, there is still almost a 50% chance of a marriage ending in divorce. For this reason, couples may want to take certain steps and consider certain financial issues prior to getting married.

Planning for the potential of a separate financial future can reduce some of the financial stress that can lead to divorce. When both parties are familiar with each other’s finances and determine to remain open and honest about finances going forward, it can make for a more trusting and solid foundation to the marriage. One area to pay close attention to involves the finances of each partner prior to the marriage.

If a person brings a significant financial asset into the marriage and later wants to prove that it is not a marital asset, records proving that may be required. Banks and other financial institutions may not have access to records going back further than seven years. In addition, if funds from the asset were used to benefit both partners, such as paying a mortgage, the asset may be deemed a marital asset and subject to asset distribution.

A couple planning on getting married may wish to look into protecting certain financial assets. This can be accomplished by setting up a prenuptial agreement in part to protect the couple in the event of a divorce. A family law professional in New Jersey can council a young couple on the details of such an agreement and help them to establish a firm financial understanding as they enter their life together.