Not only may the divorce process take a great emotional toll on you, but it may also create a great financial strain. Aside from the attorney fees and court fees, you may find it difficult to become financially independent in the aftermath of your proceedings. Follow along to find out what financial decisions are made in a divorce and how a proficient Bergen County divorce attorney at McNerney & McAuliffe can work to protect you.
What financial decisions are made in divorce proceedings?
If you and your spouse are undergoing a contested divorce, the New Jersey family court may make financial decisions on your behalf during litigation proceedings. More specifically, they will divide up your marital assets, set a child support order, and possibly even establish an alimony order.
As far as dividing your marital assets goes, the court will reference New Jersey’s equitable distribution law. This means that they will distribute these assets amongst you and your spouse in a way that is fair and just, not necessarily in an equal manner. For instance, the court may assign you to pay off certain marital debts in exchange for granting you a favorable marital asset, such as your family home.
And when it comes to making child support and alimony decisions, the court will look at more than just the earning capacities of you and your spouse. That is, they may consider your and your spouse’s age and health; the standard of living established in your marriage; the established child custody order; and more.
How can I financially protect myself in a divorce?
To protect yourself in your divorce proceedings, you must fight for the assets and financial support are entitled to. For example, you must provide the New Jersey family court with evidence that certain separate assets belong to you. This may entail the deed and mortgage of your home, statements from your brokerage accounts and/or pension plan, receipts from the purchase of your valuable personal property, and more. In a similar sense, you should provide evidence that certain separate liabilities belong to your spouse.
In addition, you must explain to the court that your child requires certain financial support for their medical needs and educational needs. Evidently, this may be shown through medical bills and tuition bills, respectively.
Lastly, you must show how you require certain financial support until you can become financially independent. For one, you may argue that you put your career on hold to run your household and now require additional education or training until you can retain gainful employment. And even if you already have a job, you may argue that you need time until your employer’s health insurance plan kicks in or until you can build up sufficient funds in your new IRA account, among other things.
You must retain the services of a talented Bergen County family law attorney from McNerney & McAuliffe today.