Atlantic City Legal Blog

The 3 most important parts of your divorce

If you're hoping to get a divorce, the only thing you may be thinking about is the fact that you want to live a separate life from your spouse. If you could just gather up your kids and move to a new apartment that would make things easy, wouldn't it?

The problem is, your marriage agreement is a legal agreement and it takes time to split up that agreement in terms of the shared life, shared responsibilities and shared assets you enjoy with your spouse through divorce. In this regard, there are three primary things that you'll need to "untangle" as a part of your divorce proceedings: (1) child custody, (2) support obligations (3) and assets.

Divorce can be tough emotionally, financially

Getting divorced can be a financially complicated process. However, what makes divorce so different from other business transactions is that it can lead to scarring, deep emotions that can be difficult to handle. A couple of tips may help with successfully navigating the emotional and financial aspects of this type of family law proceeding in New Jersey.

One of the biggest mistakes that spouses make when going through divorce is not being honest. That includes being honest with themselves about what they want out of the divorce, as well as being honest with the other party about their assets and liabilities, for example. However, it also includes being upfront with an attorney. Sometimes, clients are embarrassed to reveal all relevant information to an attorney, but the reality is that the attorney needs these details to manage the divorce case properly.

Divorce involving family business can be complicated

Around 2 percent of marital unions end each year. When marital assets in New Jersey include family businesses, divorce proceedings can become especially complicated. How much a value is worth and how much cash flow the business is generating are a couple of matters that are heavily contested in many of these types of divorces.

In many divorce situations, one party wants a value that is low for the family business, whereas the other party is looking for a high one. The problem is that the spouse who does not run the business usually has little knowledge about its finances. However, he or she may automatically assume that it is extremely profitable.

401(k), IRA treated differently during divorce

Getting divorced in New Jersey can be an emotionally and financially tumultuous time no matter how short or long of a time a couple has been married. However, it can be especially stressful the closer a couple is to retirement. Two particular retirement savings vehicles, the IRA and the 401(k), are treated differently during the divorce process.

An IRA can easily be split between two divorcing spouses without the need for a court order. Two spouses can simply add up how much IRA money they have in total. Then, they can divide this total by two (or an other agreed-upon amount) so that both spouses get their fair share of the IRA money. If a couple has three IRAs instead of only two, it's possible that just one of the IRAs needs to be split so as long as both spouses get their fair share of the IRA money covering the three accounts.

Credit score can be affected by divorce process

Going through a marital split-up in New Jersey is never easy no matter how many or few assets a couple has. However, the more assets a couple has -- and the more complex they are -- the greater their chances of running into hurdles during the property division process. Making matters even more complicated is that certain events during a divorce proceeding can cause one's credit score to drop, which can be scary for those who are not prepared for it.

The first reason a spouse's credit score may go down during divorce is that one of the spouses can still access the other spouse's financial accounts. This is why splitting joint accounts as quickly as possible during a divorce proceeding is critical. Unfortunately, if one party racks up extra charges on a joint account, the spouse who was not responsible for accumulating debt will still assume responsibility for paying it off.

Refinancing can be helpful following divorce

Dissolving a marriage in New Jersey can be a tricky process when the marital home is involved. An imprudent decision regarding the family home can unfortunately have financial consequences that last a long time. Refinancing is often a wise decision when dealing with the marital home during a divorce proceeding for a couple of reasons.

Cash-out refinances offer the benefit of giving spouses capital at a low cost. Equity in a house can be an excellent source of liquidity, especially if one spouse wishes to buy out the other spouse and keep the family home. Other reasons to take advantage of the home's equity through refinancing is for debt consolidation and even establishing a strong reserve of cash for an emergency fund. The money can also be useful for investing or home improvements.

Teacher facing drug charges could use strong criminal defense

A high school teacher in New Jersey was recently taken into custody for committing several drug crimes. The man facing drug charges is 24 years old. A strong criminal defense may help to mitigate the effects of such charges on the man in the short and long terms.

Police said they went to the man's apartment home in late November and completed an investigation. Afterward, he turned himself into authorities and was charged with possessing cocaine and intending to distribute it. His other charges include possessing marijuana and intending to distribute it as well.

Strong criminal defense may help man facing marijuana charges

A man in New Jersey was recently arrested for a drug crime. The arrest happened after police stopped him because the lights around his license plate were not functioning properly. A strong criminal defense will likely be necessary as he fights the drug charges filed against him.

According to police, an officer saw a car pass him at about 11:30 p.m. with no lights on in the license plate area. The officer thus decided to stop the car, and during the traffic stop, he reportedly saw the 25-year-old driver reach for an item from his pocket. The man then allegedly placed this item in his center console.

Certain steps are important to take during divorce

Although falling in love can be so easy, the opposite is true for ending a marriage. The divorce process in New Jersey can be difficult even when the circumstances surrounding the family law proceeding are relatively amicable. A few tips may help with making wise decisions when going through divorce.

First, being cooperative and reasonable when dealing with a soon-to-be-ex is paramount, as being reasonable increases a couple's chances of achieving easier and quicker results in a divorce case. Part of this includes disclosing all property and assets with one's future ex. This is critical because courts may rightfully throw out divorce decrees that are based on deception, thus requiring divorced spouses to go back to court even years following the finalizing of their divorces.

It’s a mistake to avoid these child support modification tips

Like many others, you may find that you are required to pay child support every month.

While this is sure to change your financial situation in many ways, it's good to know that the money you're paying goes toward providing your child with a better life. This should give you peace of mind.

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