For many in New Jersey, the coming year will likely include various finances challenges. Some people’s problems will no doubt be related to divorce. Achieving an agreeable settlement that doesn’t break the bank is often possible, but it’s always a good idea to know where to seek support if a financial dispute arises during proceedings.
New Jersey is not one of the nine community property states in the nation. This means that marital assets will not necessarily be split 50/50 in divorce, although the court will do its best to determine a fair division. In some situations, however, the way assets (and debt) are divided can negatively impact finances.
For instance, if a spouse feels that he or she has been granted less assets but more debt, it can be a real problem. For many spouses, their homes are their greatest assets. A house can obviously not be split in half; therefore, it all depends on the value of the home and what the court determines is a fair division of that value. If a home gets refinanced, that can also pose significant financial burden on one or both spouses.
Other possible financial problems in divorce include those associated with child support or spousal support. If there is an existing court order that is not being fulfilled, it may lead to a serious financial crisis. As with all finance-related matters and New Jersey regulations regarding property division in divorce, an experienced family law attorney can help overcome any obstacles that arise during proceedings.
Source: marketwatch.com, “What a divorce can do to your credit“, Josh Smith, Dec. 28, 2017