Quick Tips: Fast NJ Uncontested Divorce. Morris Essex Union Somerset Hunterdon County New Jersey

Quick Tips: Fast NJ Uncontested Divorce

Quick Tips: Fast NJ Uncontested Divorce. Morris Essex Union Somerset Hunterdon County New Jersey

This article will help you and your spouse facilitate a fast and amicable uncontested divorce in New Jersey. I will mainly focus on the steps you will need to follow in order to achieve a settlement agreement, which I find is the biggest obstacle in finalizing any divorce.

Determining Income

Determining each of your earned and unearned income is the first step in calculating the appropriate support figures. By exchanging and reviewing basic financial documents such as tax returns, W2 forms, pay stubs and 1099s, as well as statements regarding stock options, deferred compensation and commissions, it is less likely that there will be a dispute regarding support calculations and payment responsibilities for the family. Once support is calculated through the assistance of a New Jersey (NJ) divorce attorney and agreed upon, the both of you can turn your attention to dividing your assets and liabilities.

Determining Assets and Liabilities

In order to settle issues involving the distribution of assets and debts in New Jersey, it is first necessary to define the assets and debts that exist.

1. Start with a list of your real estate property and document the value as if the property were being sold on the market today. Then, deduct any outstanding loans to determine the approximate equity in the home.

2. Itemize current balances for checking and savings accounts, money market accounts, CDs, stocks, bonds, IRAs, 401Ks, 403Bs, SEP accounts, deferred compensation plans and any other accounts you and your spouse maintain. Make a note of any loans taken against these accounts, large withdrawals, liquidations or transfers that have taken place. Find the most recent pension statement to clarify the total benefit amount and the projected monthly payments anticipated at the time of distribution.

3. Use the internet to research the Blue Book value of all vehicles in their present condition. Most people tend to use Edmunds (www.edmunds.com) or Kelly Blue Book (www.kbb.com) to help with this valuation process. Subtract any loans on the vehicles to calculate their approximate equity.

4. Make a thorough list of furniture, furnishings and household items as well as collectibles such as coin, stamp, train and artwork collections.

5. Identify all outstanding debts and obligations including student loans, credit card balances that have not been paid off, hospital bills and all secured personal loans, including those with family or friends.

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