A divorce settlement can shape your finances, parenting responsibilities, and day-to-day life for years after the divorce is final. Before signing a settlement agreement, take time to review each term carefully and make sure you understand what you are giving up, what you will receive, and what responsibilities will continue after the divorce.
If you are unsure about the terms, speaking with a divorce lawyer in New Jersey before signing can help you understand the agreement and identify issues that may need further discussion.
Review Property and Debts
Start by looking closely at how marital property and debts will be divided. This may include the marital home, vehicles, bank accounts, investments, retirement accounts, credit cards, and other significant assets or liabilities.
New Jersey law allows courts to distribute property acquired during the marriage through equitable distribution. A settlement should clearly identify which assets each spouse will receive and who will be responsible for particular debts.
If a home is involved, review how its value was determined, whether it will be sold or transferred, and how any mortgage or other expenses will be handled.
Check Alimony and Financial Terms
If alimony is part of the settlement, review the amount, duration, payment terms, and circumstances that may affect the obligation. New Jersey law identifies several factors relevant to alimony, including the length of the marriage, each spouse's financial circumstances, earning capacity, standard of living, and contributions during the marriage.
Also consider the financial impact of the agreement as a whole rather than looking at one payment or asset in isolation.
Review Custody, Parenting Time, and Child Support
When children are involved, make sure the agreement clearly addresses legal custody, parenting time, holidays, transportation, and other practical arrangements.
Child support should also be reviewed carefully. New Jersey considers factors such as the child's needs, each parent's income and assets, earning ability, childcare costs, and other relevant circumstances when determining support.
A settlement should leave as little uncertainty as possible about the parents' responsibilities.
Read the Entire Agreement Before Signing
Do not focus only on the terms you negotiated most recently. Read the complete agreement, including provisions concerning insurance, taxes, retirement accounts, future expenses, and enforcement.
The New Jersey Judiciary's divorce certification specifically recognizes a party's right to have a Property or Marital Settlement Agreement independently reviewed before agreeing to it. It also states that an agreement incorporated into the final judgment can be enforced by the court.
A New Jersey divorce law firm can review the agreement and explain how its provisions may affect your interests. A New Jersey family law lawyer can also help you identify unclear language or terms that deserve further consideration before you sign.
Taking the time to review a settlement carefully can help you enter the final divorce agreement with a clear understanding of your rights, responsibilities, and financial future.