Economic Issues in New Jersey Divorce Cases Created By COVID-19By Moskowitz Law Group, LLC |
The coronavirus outbreak has shaped life and the future as we know it. Uncertainties have forced people to think about their personal needs alongside the needs of others. In family law, this means addressing marital issues during an ongoing pandemic.
For couples already experiencing marital difficulties, pre-existing strains could have been heightened during the stay-at-home period. As such, increased time together combined with economic and COVID-19 stress have spiked American divorce rates.
Divorce during an ongoing pandemic presents a difficult situation. With an economic recession, fewer jobs and more people on unemployment, divorce negotiations become trickier for assigning alimony and valuing shared assets.
Additionally, divorce is on the rise and could create a backlog of divorce court cases. Under these circumstances, divorcing during a pandemic becomes even more complicated. If you find yourself going through a COVID-19 New Jersey divorce, reach out to the Moskowitz Law Group to learn more about your case. COVID-19 presents certain challenges for divorcing, so make sure you discuss your situation with our experienced attorneys. Doing so could help you achieve the best divorce settlement possible.
Valuing Marital Assets
One divorce issue tied to the COVID-19 economy is the division of marital assets. Typically, experts determine fair market value for each marital asset in the property division process. During a pandemic and a struggling economy, however, these valuations can vary severely, causing unpredictable results in court. This uncertainty makes it more difficult to predict what each spouse will receive during marriage and it may not be possible to meet expectations.
Likewise, liquidating retirement accounts or other assets during COVID-19 can weaken a typically robust portfolio. This means that although divorce is imminent, couples may be playing the waiting game to divide assets until the economy, stock market and interest rates rebound.
Difficulties with Alimony and Child Support
Another issue is steady income during COVID-19. With more people on unemployment, reduced hours or quarantining for safety, many spouses are making less money than usual. This means that alimony and child support payments can be more difficult to make and both parties may face significant financial strain.
Deciding When to Divorce During COVID-19
You may ask yourself many questions when contemplating a divorce. In addition to your rationale, timing is also a key consideration. During the pandemic, the need for an immediate divorce can clash with the desire for a strong divorce settlement, so divorcing spouses may be at a crossroads of when to initiate their divorce.
To help you sort through the divorce legal process, contact the Moskowitz Law Group. Each divorce is different, and the uncertainty that COVID-19 imposes could make it essential to discuss your situation with informed legal counsel. Our team of experienced divorce lawyers could help you get a stronger settlement and better limit the effects of the coronavirus outbreak. Call today to schedule an initial consultation.