Divorce is a significant event in anyone’s life because it represents the sad conclusion of dashed dreams and hopes. Yet many people rush into it blindly, only vaguely aware of what they want as the outcome and the steps needed in knowing how to go from a bad marriage to a new life.
Even though entrepreneurs, business owners, corporate executives and professional practitioners plan every detail of their business life, they often begin the divorce process without putting much thought into it other than deciding “I want out!”
Divorce consulting provides people seriously considering ending their marriage with everything from offering an in-depth preparation guide to reviewing the documents and information you’ll need when you proceed, a strategy to protect your financial and business interests, assisting you with deciding on what you want regarding your children’s status after the divorce, and what to expect if the process ends up going to court.
Components of Divorce Consulting in New Jersey
I begin by reviewing your financial situation including asking detailed questions to help you develop specific goals you’d like to achieve at the end of the process. This enables me to offer you advice on the many financial ramifications of your divorce:
The impact on your ownership of a business or professional practice and how to protect it
- Advice on how the law will require you to divide interests in investment accounts, retirement plans, bonuses and deferred compensation
- Possible tax implications stemming from no longer being married as well as on the timing of the divorce
- The status of non-marital assets such as an inheritance
- The ownership of property including the marital home, vacation or additional residences, and investment property that generate income or tax losses
- A monthly budget that looks at your income as well as liabilities from mortgages to credit cards, lines of credit and business loans
The first step helps ensure that nothing is forgotten until you are well into the divorce process and then have to scramble because your spouse’s lawyer has requested something.
The other components of divorce consulting include helping you sort through the options of what kind of relationship you want with your children such as seeking full or joint custody, explaining the divorce process from the initial filing through settlement negotiations, examining mediation as an alternative to a trial and what happens if you have to go to court.
We also work with you to develop a “what if” strategy should your spouse is a narcissist or decides to play games during the negotiation and trial.
Why Divorce Consulting in New Jersey Has Become Important
In New Jersey, a significant number of married couples have two incomes and that enabled them to acquire substantial assets during their marriage that often includes one or more businesses. Plus, as the children or grandchildren of baby boomers, they’re also likely to have complicated assets resulting from one or more inheritances.
Also, men and women who are attorneys and physicians may well be partners in a professional practice that is worth a good deal of money. Protecting their stake in the practice is not just important but also vital as they leave their marriage and begin a new chapter in their lives.
Accurately valuing the current worth of a business or practice is a specialized art requiring the help of a qualified evaluator.
All of these steps are needed, not just to protect you but to ensure that there is an equitable property settlement that treats both spouses fairly. Working with a divorce consultant is crucial for anybody with a lot at stake.
Finally, divorce consulting is likely to save you a considerable amount of money on the divorce itself.
Divorce consulting is a relative new concept in New Jersey and no doubt you have questions about it. Feel free to call me at 973.562.0100 in Nutley or, in Montclair, at 862.245.4620. You can also reach me using the Contact Form on the website.
