Divorce is a stressful experience in many ways – mentally, emotionally,
and financially. One of the most difficult and contentious aspects of
divorce is the division of assets. Many people are unaware of what they
are entitled to in a divorce settlement, and what they may have to give
up. Unfortunately, not knowing how state divorce law will affect you can
result in an unfavorable outcome.
divorce cases are different, it’s difficult to say what you may be entitled
to in a divorce without considering the unique factors involved in your case.
Financially, there are three topics that will need to be resolved in a divorce:
- Division of assets
- Child support
- Spousal support (also called alimony or spousal maintenance)
Division of Assets
There is little in the way of guidance when it comes to determining who
gets what in a divorce. New Jersey is an equitable distribution state,
which means marital property is divided in a way that is
equitable, but not necessarily
But who defines what is fair? How are you to know if you are getting a
fair settlement, especially if you are being offered less than 50 percent
of the marital assets? Because there are so many facets of property division,
this matter can be highly complex. Property division is much more than
just deciding what happens to the marital home and joint bank account
– there are several other important things to consider, including
how to divide retirement accounts, home furnishings, credit card debts,
and more. In addition, the impact an asset will have on a person’s
cash flow and/or tax liability must also be taken into consideration.
An attorney has the legal knowledge and skill to ensure all of your assets
and liabilities are accounted for as they work toward the most favorable
solution for you.
In New Jersey, child support is determined by Child Support Guidelines.
While there is a guideline calculator available online, this only provides
an estimate and reflects the minimum standards for child support obligations.
This amount may not realistically be enough to meet your children’s
needs, especially considering there are many expenses not taken into account
in these guidelines. Examples include braces, daycare, school supplies,
and much more. While this calculator may give you an idea of what you
may expect, how will you know if you are entitled to more? This is where
your family law attorney can help. We are familiar with the methodology
used to determine child support in New Jersey and other legal intricacies
that may affect the outcome of your case.
Spousal support can also be a highly contentious financial matter. What
happens if your spouse thinks you are entitled to much less than what
you are asking for? What if neither of you are willing to budge on this
matter? In nearly all states, there is no concrete formula to calculate
alimony. However, the law states both ex-spouses are entitled to live
in roughly the same standard of living after a divorce. This means you
don’t have to worry that one of you will be living a life of luxury
while the other struggles to survive. In these situations, it is a good
idea to work with a mediator who can help you cooperatively discuss your
financial situation and come up with a fair plan.
For more information,
contact a New Jersey divorce lawyer at Moskowitz Law Group, LLC to schedule a
free initial case evaluation.