Like most states, New Hampshire operates under equitable property guidelines when the court divides marital property between spouses. Known as “property division proceedings,” this is part of the typical process a pair of spouses must navigate when they divorce. Unfortunately, not being prepared regarding one’s personal financial status, as well as state laws, can impede a spouse’s ability to ensure that he or she receives a fair settlement.
A spouse should identify his or her assets ahead of time
The first of three tips to avoid financial problems in divorce is simply to be aware of one’s own financial standing before going to court. Especially if a particular spouse trusted his or her partner to handle all the financial matters during marriage, it is critical that he or she conduct a thorough inventory of all assets and liabilities. In order to protect one’s financial interests in court, a person must know what he or she owns.
Understand that equitable property laws apply and what that means
There is a difference between splitting all marital property 50/50 and dividing it equitably. While the former refers to an equal division, the latter simply means that the court determines how to distribute property in a way that is fair to both spouses. To say that a spouse will receive “half” of everything is not necessarily true. It is important for a spouse to seek clarification of state laws before agreeing to any financial agreements in court.
Rely on financial advice from those who are well-versed
Another way to avoid going broke in a divorce is to seek recommendations from someone who understands New Hampshire property division laws as well as general finance information. Especially if a problem arises, such as an ex trying to hide assets to keep them from being subject to division, which is not only mean-spirited but illegal in a divorce. A concerned spouse can seek support by scheduling a consultation with an attorney who has experience in divorce litigation.