Married couples usually pool their incomes to pay bills and make investments, and when they split, it is difficult to determine who will receive certain assets. After the financial arrangements are finalized, one or both parties often struggle to make ends meet. It is encouraged to prepare for this during the divorce process, as you do not want to cause more stress than needed.
New Jersey considers all assets and debts that couples acquire individually or together to be “marital property.” It is also an equitable distribution state, which means that marital property is not automatically split 50/50 after a divorce. New Jersey takes a 3-step process to decide on the distribution of property to each party. First, the court will identify the assets to be distributed, such as the couple’s home, investments and automobile(s). Next, the court will analyze the value of these assets to each partner. This can be handled in a variety of ways. Often, hiring an accountant to review bank statements and individual income is necessary. Finally, the court determines the most equitable way to distribute the assets. The court will look at numerous factors, including but not limited to: 1) the physical and mental state of the parties, 2) the income of each party and 3) the purpose different assets will serve for each party.
If you have received a lower share of assets or taken on more debt than you thought you would, there are plenty of ways in which you can support yourself. In New Jersey, alimony is required in all circumstances aside from the following: one spouse committing a serious crime against the other or a family member. The purpose of alimony is to help individuals adjust to managing expenses on their own. The amount of alimony you are owed comes down to significant factors, including financial needs and the ability of your former spouse to pay. If children are involved and you are the custodial parent, the amount of alimony you are owed naturally increases.
Divorce is stressful enough without having to worry about financial impact. Knowing how to properly support yourself will help you get back to better financial standing.
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