If you are going through a divorce in New Jersey, you must negotiate your divorce settlement with your spouse. Part of the negotiations will include the division of property. You will also need to address alimony, child support and child custody. You should go into the negotiations prepared and knowledgeable about what you want to get out of the divorce and what you are willing to give up in return.
Negotiating finances
As an equitable distribution state, the division of property in New Jersey is usually made in a fair manner, which is not always an equal split. Marital property and debt will be divided between the spouses after consideration of criteria such as the length of the marriage and each spouse’s contribution to the marriage. You will also need to address spousal and child support. Some of the things you will probably negotiate include:
- The family home, which can be bought out, sold with profits split or continued to be co-owned
- Other major assets, such as savings and investment accounts, retirement accounts and pensions and life insurance policies
- The amounts needed for spousal and child support
Negotiating custody
Another major part of the divorce settlement will be child custody. In this case, you must address parenting time, including vacations, holidays and special events. You should negotiate the parenting plan, which includes methods and frequency of communication between the parents, rules to be followed in both homes, agreements about health care and education and even agreements about how and when to introduce new significant others to the children.
Ideally, negotiating for your divorce settlement agreement should be an amicable process where you and your spouse can work out your issues. However, do not overlook the many details involved in the process, as not addressing them in time can cause issues later.
