What Are the Financial Benefits of Collaborative Divorces in New Jersey?

When you and your spouse decide to end your marriage, you may both be in agreement that you should speed the process up. Unfortunately, in the rush to divorce, one party may receive fewer assets than they deserve. To avoid this, you and your spouse may agree to try working together. However, many are unfamiliar with how collaborative divorces work. If you want to work with your spouse, it’s essential to enlist the assistance of a New Jersey lawyer specializing in collaborative divorce to assist you through this process. Keep reading to learn more.

What Are Collaborative Divorces?

When many picture a divorcing couple, they often envision two bitter people who refuse to speak. However, this is not always the case. In some instances, couples can set aside their differences to work together to reap the benefits of collaborating.

During a collaborative divorce, the spouses will work together to negotiate the terms of their divorce rather than letting the court decide how they will split their assets according to New Jersey’s equitable distribution laws. Similarly, they will collaborate to determine if and how much alimony one party will receive and what a child custody schedule will look like.

What Are the Financial Benefits?

Not only can working with your spouse benefit your well-being, but there are many financial advantages those who opt for a collaborative divorce can enjoy.

It’s no secret that spending time in court can be costly. You can avoid the unnecessary fees associated with speaking in front of a judge, but you may lose out on income when you must appear in court. As such, avoiding this can help you save money.

Similarly, working with your spouse gives you greater control over your assets. Unfortunately, when you must speak in front of a judge, they only hear your arguments for a few minutes before deciding how to distribute your assets. As such, you may not receive the assets you deserve. Instead, you and your spouse can determine a more fair way to divide your marital property.

Do I Still Need an Attorney?

Though you and your spouse will work together, it’s still necessary to enlist the assistance of an experienced attorney. Unfortunately, many assume that because they’re on amicable terms with their spouse, they can forego consulting a lawyer. Though you will work together, an experienced attorney can help ensure you are not taken care of while still well-represented in your divorce.

At Lawrence Law, our dedicated legal team will do everything possible to help you navigate the complexities of divorce. Even though you and your spouse are working together, we can help review all documents to ensure they are fair and legally binding. Contact us today to learn how our dedicated legal team can assist you.