1. Get Informed.
Knowledge is power. Many people go through life without a full understanding of their finances. Sometimes it’s trivial, like not knowing exactly how much money is in your 401(k), while other times, people are unaware of exactly how much money their spouse makes.
In a recent decision, a New Jersey family court resolved the question of what happens when two divorced parents with joint custody of a minor child are unable to reach an agreement regarding important decisions related to the child’s health.
When spouses divorce, one of the things most often fought over is the division of their marital property, which is also referred to as equitable distribution. Different states have different laws on what is considered marital property and how the marital property is divided between spouses. In New Jersey, a court will divide the marital property “equitably” between divorcing spouses, which should not be confused with “equally.”
Chicago Cubs fans around the world rejoiced this month when the team took their first World Series Championship in 108 years. Thanks to the decision of an Illinois family court last month, however, there may be one disgruntled Chicago Cubs fan this year – a husband who was forced to provide his soon-to-be-ex-wife with a ticket to Game Four of last month’s World Series game between the Chicago Cubs and the Cleveland Indians.
There has always been an undercurrent in domestic violence cases that, while not all domestic violence allegations involve acts of physical violence, the cases that do require slightly different treatment.
I recently read an article on Huffington Post that provided an interesting perspective on the emotional turmoil that many divorcing couples go through. What made it interesting is that it was provided by a third party - a friend of one of the spouses- providing his insights and opinions on what his friend had been going through.
A New Jersey Superior Court family judge recently determined the standard for child support awards where the child is “gifted,” warranting a deviation from the child support guidelines. While normally the guideline-set child support awards account for payments of a child’s extracurricular activities, a finding by the court that the child is “gifted” may result in a greater award than that required by the guidelines.
Anyone who has been through one will tell you how expensive divorce is - not only financially but emotionally and even physically. Of course, expensive is a relative term and varies by individual, but the theme is a common one. To compound that concern, involve experts.
What happens when an alimony-paying spouse loses his or her job and subsequently obtains new employment with a lower salary, rendering him or her unable to afford making the same alimony payments? A recent decision by the New Jersey Superior Court opines on the standard for adjudicating applications for alimony reductions in light of amendments to New Jersey’s alimony statute.
For some going through the divorce process, it makes sense to consult with a vetted and trusted financial advisor. This individual should be willing and able to work with your attorney and you in developing strategy or calculating risk and benefit scenarios for various outcomes of your matter.