When going through a divorce, it is necessary for the couple to split their assets. Since retirement assets often make up a significant portion of these assets, one of the most commonly asked questions is how they are divided during a divorce. The answer to the question is very complicated, but it is a good idea to understand the basics of property division in this area during a divorce.
Perhaps one of the most difficult decisions a person in New Jersey might have to make in their lifetime is to seek a divorce. Once that decision has been made, the former couple will have many other ones to make. If there are minor children, for example, they must decide on custody arrangements and child support. However, there are many issues related to property division that must also be decided. With all that, some say that it is important not to overlook retirement accounts.
An urban legend says that Native Americans traded the island of Manhattan for a mere $20 worth of beads and trinkets. The truth is very different, but one thing is true: the colonial settlers definitely got the better end of that deal. On a smaller scale, a divorce can turn out in a similar way, with one party getting the short end of the proverbial stick. This is why it is important that a fair property division settlement be reached prior to the divorce being finalized.