A divorce causes many changes in a person’s life. But of course, change is not unique to divorce. Life is full of changes, and a person can experience many changes after they get divorced. Examples include job losses, pay cuts and health changes. Such changes sometimes have major financial implications.
Now, some divorce orders can later be adjusted in the face of future changes. For example, alimony and child support arrangements can be modified under certain circumstances. However, other orders are generally final and can’t be modified. Property division orders typically fall into this category.
Since property division is often unable to be adjusted after a divorce, it can be very important to think about the future when in property division negotiations. Individuals should also be careful about what assumptions they have about the future when deciding their property division priorities.
One assumption that can get people in trouble is assuming that things will stay largely the same for them in the future. This could leave them with a property division settlement that, while good for the present status quo, could put them in a vulnerable position in the event of future changes.
So, the possibility of big changes happening in the future is something it can be critical for people here in New Jersey to factor in when coming up with a property division strategy. Skilled divorce lawyers can provide guidance on what can be done within property division arrangements to try to provide protections related to potential future changes.