Category: Equitable Distribution

Main Reasons for Court-Ordered Home Selling in NJ Divorce

A Judge Takes Multiple Factors into Consideration when Making a Decision to Require the Sale of a Home as part of a Divorce or Post Divorce Proceeding in New Jersey

Can a House Sale be Forced During or After Divorce in NJ?If you are currently going through a divorce in New Jersey or experiencing post-divorce issues related to arrears of payments ordered by the court in your divorce, you may be wondering if the judge can force a sale of your home.

The short answer is yes. Courts have broad discretion in these cases to divide marital property equitably or provide an appropriate remedy for non-payment of alimony or equitable distribution, both of which may involve the liquidation of real estate property including the marital home, even if one of the spouses is living there. In some situations, the court may even order a spouse living in a home to vacate the property and appoint an attorney to effectuate the sale of the home, if necessary.

It is imperative to get a knowledgeable attorney to assist you with your divorce, before or if the court gets involved, and you lose a good chance to make the most empowered decision about your property. We are dealing with significant issues here—possibly one of your most valuable assets—and consulting with an experienced lawyer at the Bronzino Law Firm can have a profound impact. Before, during, and especially after your divorce is finalized, our team of family and real estate lawyers have the skill and motivation to guide you through these challenging times.

As you continue on to learn more about how divorce may have a direct impact on the sale of the home where you live or previously lived with your spouse in New Jersey, remember that you can always contact our offices in Brick and Sea Girt at (732) 812-3102 or send us an online message to go deeper into your particular situation. An attorney on our team is prepared to provide you with personalized assistance in a free initial consultation.

Specific Scenarios in which a Judge Can Force a Home Sale in a NJ Divorce Case

There are two primary situations in which a New Jersey judge might force the sale of a home as part of a divorce or post-divorce: to equitably distribute the marital assets during a divorce or to liquidate an asset to pay a spouse’s alimony or equitable distribution arrears. It is important to note that just because you are going through a divorce does not mean the judge will force a sale of your home to divide the proceeds. There are many other factors that go into determining how to equitably divide your marital assets including available liquid cash, stocks, bonds, money in retirement accounts, other property owned, and future income.

The parties may work out a settlement in which one spouse keeps the marital home and then pays the other scheduled payments of equitable distribution over a designated period of time in the future. However, if there is no other way to equitably divide and distribute the marital property or the parties cannot agree how to do that, the judge may order the marital home to be sold and the proceeds of the home to be equitably divided.

Forced Sale of Real Estate to Equitably Divide Assets during a Divorce in New Jersey

Judge's Decision to Sell a Home for Divorce in New JerseyUnder New Jersey law, the court is allowed to tailor a remedy to fit the needs of the situation and achieve an outcome that is just and reasonable. The court can order the sale of a home before a divorce is final to liquidate and equitably distribute marital property. It is very important to understand that in New Jersey property in a divorce is distributed equitably not equally.

Equitable means that the division must be fair and just based on the totality of the circumstances, which includes many different factors like length of the marriage, income of the parties, age of the parties, standard of living during the marriage, economic situation of each party at the time of divorce, and more. Therefore, one spouse may be given a greater portion of the assets during the divorce but the division is deemed to be fair and just based on the circumstances.

Two Previous Cases Shed Light on Mandatory Sale of a Marital Home in NJ

Bautista v. Bautista

In a New Jersey divorce case, Bautista v. Bautista, the wife received the marital home in a divorce. She was ordered to take the husband’s name off of the mortgage within a certain period of time, but failed to do so. Then, an enforcement order was issued requiring the wife to refinance the home and remove the husband’s name or the court would force the sale of the property.

The wife failed to comply with the order and was ordered to vacate the property unless she sold the property by an extended deadline, reasoning that the house might sell faster if the wife was not living there. On appeal, the court held that while the court has broad discretion, it must state its factual findings and correlate them to its legal conclusions, and that, in this case, the lower court failed to find any evidence that the wife intentionally delayed the sale of the house or that the house would sell more quickly if the wife was not occupying the property.

W.S.H. v. V.L.P.

In another New Jersey case involving the forced sale of a home, W.S.H. v. V.L.P., the court ordered a wife to sell a beach home that she retained in her divorce, after she failed to make alimony and equitable distribution payments and fell into arrears. Given her previous repeated failure to comply with the court’s orders, it also appointed an attorney-in-fact to sell the house.

Other Assets Besides the House that You May be Forced to Sell

As stated above, the court has a lot of discretion in deciding how a marital estate should be equitably distributed when the parties cannot otherwise agree or to enforce an order that is violated by one of the parties, as long as the remedy is just, fit, and reasonable. In addition to forcing the sale of a home, the court may order a party to cash out or liquidate other assets like stocks, bonds, vehicles, boats, and even other types of personal property like artwork or jewelry if it is marital property or property acquired during the marriage.

If You are Facing Divorce or Post-Divorce Issues with Real Estate, Do not Delay in Contacting our Brick & Sea Girt Locations

If you are going through a divorce or dealing with post-divorce issues with your former spouse, it is critical that you have the assistance and expertise of an exceptionally informed and creative New Jersey divorce attorney. The forced sale of a home either to equitably distribute assets or to pay alimony arrears can create a huge legal and financial burden. There may be another way to resolve the situation, but those solutions are very fact-specific. Before losing your home, contact our team of experienced attorneys at Bronzino Law Firm today.

On the other hand, if you are facing challenges with your spouse or former spouse in receiving the funds you are entitled to, our divorce lawyers are prepared to do the work to ensure that you are properly compensated. Contact us to address all of your divorce and real estate-related needs in Wall, Lacey, Holmdel, Toms River, Ocean Township, Red Bank, Sea Bright, Freehold, and other towns in Ocean and Monmouth County for a free consultation at (732) 812-3102, or complete our online form about your case and take the first step toward successfully resolving your home sale difficulties. We are here to answer and address all of your concerns and craft the best strategy to reach your goals during and on the road after divorce.

Correlation Between Divorce and Disability Benefits in Brick, NJ

Divorce Lawyers in Monmouth and Ocean Counties representing clients in towns like Manasquan, Jackson, Rumson, Marlboro, and Holmdel

When you can’t work because you are hurt, concerns about how you will pay your bills and take care of your family are at the forefront of your mind. Likewise, counting on your share of your social security disability payments, or your spouse’s, can lead to additional questions when you are considering filing for a divorce. SSI and SSDI benefits are essential to you, but unfortunately, divorce can affect your right to receive those benefits.  It is essential to have knowledgeable representation to help you understand how divorcing from your spouse impacts your social security benefits, what happens if you remarry or they do, and other ways things can change in the future based on changes in your respective life circumstances. The whole process can be complicated to follow if a knowledgeable family lawyer who understands the impact that a divorce can have on your benefits does not represent you.

If you are seeking help for social security and divorce matters in Monmouth, Ocean, and Southern New Jersey, contact the Bronzino Law Firm for a free confidential consultation at (732) 812-3102.

Two Different Roads to Access Disability Benefits

Impact of Divorce on Social Security Disability Payments in NJSSI (Supplemental Security Income)  is 100% based on economic needs by calculating the income and assets of the applicant. It isn’t funded by the SSI trust fund but by general tax funding.  It is based only on financial need, not work history.  To qualify, the holder cannot have more than $2,000 ($3,000 jointly) and an income of $841 a month (one person) or $1,261 (two people).  They usually receive Supplemental Nutrition Assistance Program (SNAP), also known as Food Stamps. Several years ago, food stamps were physical dollar-like pieces of paper. Still, as technology has advanced, the amount they qualify for is placed on a government-issued card similar to a credit card. The monthly stipend amount depends on where a person lives and the monthly income they receive.  People with a disability are also able to receive healthcare through Medicaid.

SSDI (Social Security Disability Insurance) is paid for through payroll taxes.  Applicants must be younger than 65 and have worked for a certain number of years, making contributions to the Social Security Trust Fund in Social Security taxes (FICA) and having earned work credits. You can earn up to 4 credits yearly. A disabled person will be eligible for Medicare after two years or receiving SSDI. A disabled person’s family will be eligible after two years. There is a five-month waiting period which can be longer depending on how much your salary is.  Typically, acceptance rates for SSDI are higher than SSI benefits because the latter requires nearly zero assets and earnings.

Conditions to Receive Disability Benefits of a Deceased Spouse

If you were married for at least ten years, are at least 60 years old, older than 49, are disabled, and you aren’t eligible for a more significant benefit under your own Social Security record, you may qualify for your late spouse’s Social Security benefits, barring haven gotten remarried.

If an ex-spouse had full benefits at the time of death, a living ex-spouse with disabilities must be at least 50  years old and have been married for ten years. The ex-spouse can seek eligibility for SSDI based on the ex-spouse’s work record.

Dealing with Disability Benefits in the Middle of Divorce

Diminished Capacity Although it is sad to consider, as one gets older, our ability to reason and comprehend procedures such as these, some states will allow a guardian to make decisions for a party based on the person’s interpreted wishes. Some jurisdictions won’t allow a divorce to take place if a party lacks capacity in any way.

When a divorce is friendly, an ex-spouse frequently wants to play a supportive role in their ex’s life, especially when minor children are in the relationship.  Unfortunately, more help could be required, such as round-the-clock care. Other family members could offer care services or apply for Medicaid waiver programs. The court will determine child custody if need be.  Sadly, what is wanted by the parent or child is not always what happens.

SNT (Special Needs Trust)

Getting a divorce will change someone’s needs-based eligibility for government benefits.  An SNT (Special Needs Trust) should be created by the court to hold alimony payments or marital assets. According to federal regulations, a first-party SNT should be part of the divorce judgment.  The court created a type of shelter to hold an individual’s share of the divided assets and alimony payments. It is not available for the ex-spouse who needs government benefits and is 65 or older. Funds resulting from a personal injury settlement or inheritance are protected.

Will Your Divorce Be Affected If You are a Recipient of Social Security Disability?

Monmouth County Divorce and Family Lawyers Addressing Disability Benefits When you get divorced, a spouse can receive part of the ex-spouse’s SSDI benefits for a retirement plan, pensions, or anything else that counts for equitable distribution.  Since SSI acceptance is based on several requirements, benefits may not be granted unless you are 62 years old, you and your ex-spouse had been married for more than ten years, or you aren’t receiving a higher SSDI benefit on your record.

Dependents’ Benefits If One Spouse Gets Remarried

You won’t have benefits if the work history of the person with whom you were married is used to secure your benefits.  A disallowment is made if your present consort perishes, dissolves the marriage, or you submit an abrogation and your second nuptials transpire within a distinct age as considered above. However, if your current spouse is suitable for certain auxiliary Social Security benefits or survivor’s benefits, your benefits may be unfaltering. When your former husband or wife is procuring benefits based on your labor report, neither their benefits nor those of your dependents change. Suppose you choose to get married again, and your first spouse acquires benefits grounded in your work record. In that case, the person to whom you were married will not lose their benefits, nor will your other eligible people who rely on you.

If you remarry and your benefits are based on your ex-spouse’s work history (SSDI), often, your gifts will no longer be continued.  There is an exception if your second spouse dies, divorces, or seeks an annulment from you, and the age requirements listed above apply; you can keep your benefits from your first marriage.  If your former spouse is receiving disability benefits based on your work record, your benefits will be eligible to your dependents.

A parent’s benefits will not depend on whether or not a disabled or retired spouse is receiving gifts. Getting remarried will not change benefits either.  The requirements are that you take care of a child between the ages of 0-16, and that child belongs to your spouse or ex-spouse or a disabled child 22 and older who has been disabled since before they were 22. SSI payments cannot be garnished due to alimony or child support, even if an individual’s benefits increase.  You can receive benefits on an ex-spouse’s record if the child is younger than 16.

Consult with one of our Family Lawyers to Discuss the Different Scenarios for your Disability Benefits in Ocean County, NJ

Divorce is never easy, and even the most amicable ones can leave you concerned about your future and your dependents. At the Bronzino Law Firm, our highly respected divorce and family lawyers are prepared to answer all of your questions about divorce-related society security disability issues, outlining all of the possible scenarios clearly and compassionately.

With vast knowledge and many successes representing clients in the divorce process, our attorneys are at your disposal in Red Bank, Manchester, Beach Haven, Lacey, Lavallette, Bayhead, and towns in and around Monmouth and Ocean Counties. If you need legal help and representation regarding your divorce and your benefits, contact us by calling (732) 812-3102 or online for a cost-free consultation.

Much-Needed Documents for Getting a Divorce in New Jersey

Having an Outline with the Most Important Divorce Documents to Find will Help You Save Time and Money in Your Divorce in Freehold and Toms River NJ

Assemble these Documents before Your NJ DivorceThere are many ways to get a New Jersey divorce ‘right;’ and there are just as many ways, if not more, to get it ‘wrong.’ Not preparing or executing a divorce proceeding properly leads to the emotional and financial drain on both sides and can even mean a settlement in which your rights to an equitable share of marital assets, spousal support, child custody, and child support are not met.

Proper preparation for your divorce in New Jersey is a multifaceted process that can mean the difference in months of discovery and thousands of dollars in lawyer’s fees. When faced with beginning this process, there are a variety of different documents you need to organize. The sooner you start to gather them, the better it will be for your divorce. Keep this helpful outline in mind when considering how best to prepare for your divorce before you file, particularly when it comes to collecting all of the documents you’ll need.

Benefits of Preparing the Necessary Documents for Your Divorce Before You File

There are many benefits to collecting appropriate marital and financial documents before you file for divorce. One such benefit is that you’ll save time and money preparing what you can before you meet with a divorce lawyer. The more work you do beforehand, the more they’ll have to work with. Another benefit is that you’ll lessen the risk of one or more important documents disappearing if and when your spouse becomes disgruntled with the divorce.

Documents Considered a Must in a NJ Divorce

The key documents that you must have at the ready in a divorce can be divided into marital documents, financial documents, and assets documents.

Marital documents include both legal marriage documents and informal records about your marital affairs.

The legal marriage documents are must-haves: your marriage license and any prenuptial or postnuptial agreements you and your spouse have, as well as current copies of living wills and trusts.

Financial documents are an equally important and much vaster part of the information you must have at the ready. Obtain the following financial documents for each spouse, as possible:  statements for all personal and joint accounts, W-2s and other income statements, tax returns for the previous five years, marital property tax statements, retirement accounts, stock options, shared capital and property investments, outstanding joint debts, and stock options. Other financial documents that it will be helpful to have at the ready, organized in digital and hard copy form, are shared bills, joint credit card statements, and online account statements.

Assets documents are essential to the case information and include a complete itemized list of all joint assets with ownership documents such as titles. Marital assets include the marital home and other shared properties, automobiles, home decor and furniture, valuables, and even individual retirement accounts that were contributed to during the course of the marriage. Gather deeds and vehicle titles. Shared investments and rental properties that were purchased or invested in during the marriage are also considered marital assets. When creating the list of marital assets, it is helpful to gather all receipts and titles that show that the item was purchased during the marriage.

Creating delineation between separate and marital assets is important. Create a list of assets that you purchased before the wedding, as well as inheritances that you have not used with your spouse. Locate as many time-stamped purchase receipts as possible. If you received an inheritance, it is important to protect it as a separate (not marital) asset. Include documentation proving that it has been set aside untouched. Additionally, if your spouse received an inheritance and that asset was used for joint purposes, it could be considered a marital asset. Gather as much documentation proving its joint use as possible. Other assets documents include home and car insurance policies, mortgage statements, wills and trusts, and all insurance policies for you and your spouse.

Uses for Your Divorce Documents

These documents will be used in part to determine what an equitable distribution of assets would be in your divorce. Additionally, they will be used toward the determination of spousal support payments and even child custody. As such, it is essential to provide a comprehensive set of marital documents. It is best to provide your lawyer with hard copies of each document, well-organized and ordered according to a table of contents. Make sure you make copies of each document for your files and scan digital copies of the documents as well. Ask your lawyer if they would prefer a digital copy of the collection for their records and ease of access.

How Hard or Easy is it to Gather these Documents?

Depending on how well you have organized your assets and finances over the years, the ease with which this documentation can be obtained varies. What is most often difficult to gather is your spouse’s (separate) personal information, such as W-2s, their work contracts, and their tax statements. For this reason, it is important to get a head start on requesting this information, as they may be less likely to allow its availability later into the divorce process.

What About International Documents?

A marriage that is legally recognized in another country is legally recognized in New Jersey. As such, gather as much documentation from your overseas marital life as possible to be included in your case information.

Divorce and Family Lawyers for Your Divorce Initiation Questions in Lacey NJ

With proper documentation, a well-qualified divorce lawyer can develop a compelling case that best represents your wants, needs, and the true value of what you deserve in your divorce. The more equipped they are with applicable material, the more robust their support can be.

Count on Bronzino Law Firm, LLC, for your questions about documents and tasks for initiating the divorce process. Our experienced lawyers know what it takes to bring a solid case to a divorce proceeding. Our firm deftly guides individuals in Freehold, Howell, Mantoloking, Bayhead, Beach Haven, Stafford, Point Pleasant, and other towns and across the Jersey Shore in preparing them for a successful divorce.

Contact our offices in Brick and Sea Girt today for a free consultation to discuss your divorce. You can call us anytime at (732) 812-3102.

Discuss the Benefits of Economic Mediation in the Divorce Process in Ocean and Monmouth County, NJ

The Economic Mediation Process can be a Very Effective Step, Saving Time and Money for the Parties Involved in a Divorce in New Jersey.

Economic Mediation as Part of the Divorce Process in NJFor New Jersey spouses who are undergoing a divorce, it may seem that the process of coming to a divorce settlement is never-ending. Even exes who get along and agree on the vast majority of negotiables in a divorce agreement may run into issues that make settling impossible. In order to avoid litigation, in which couples who can’t come to a settlement agreement take their case to the Superior Court: Family Part, thereby placing the system under further duress, along with their wallets, the court will often order alternative measures as a pre-litigation attempt at divorce settlement. One such measure is economic mediation. Read on to learn more about what economic mediation is and how New Jersey divorcees use the process to reach agreement on particular aspects of their divorce settlement.

What is Economic Mediation in New Jersey?

Economic mediation is a court-mandated process by which a divorcing couple meets with an approved third-party mediator, to attempt to reconcile unresolved financial elements of the divorce, such as the equitable distribution of marital assets and spousal support payments. Economic mediation is a follow-up to an Early Settlement Panel, which is another court-mandated attempt to come to settlement regarding unresolved aspects of the divorce, so litigation is not required. Unlike an Early Settlement Panel, which is comprised of a number of objective legal panelists who are familiar with New Jersey family law, as well as how the appointed judge is likely to rule and is Early Settlement Panel sponsored by the Court, the divorcing spouses must pay for the services of the mediator in economic mediation for any time beyond the initial two hours.

Target People for Economic Mediation

Spouses who are unable to reach a settlement agreement through initial attempts by each party’s divorce lawyers, and who are further unable to come to agreement based on the recommendation of the court-mandated Early Settlement Panel, will likely be assigned to economic mediation by the Family Part judge.

Economic Mediation as a Court-ordered Decision

Once a Family Part judge orders economic mediation, both parties are required to participate. Additionally, either party may request economic mediation at any point of the divorce process as a means of resolving disputes regarding financial elements of the settlement agreement. However, though a couple can continue to work with the mediator to come to an economic agreement regardless of how many hours and meetings it takes, there is still a possibility that they will not come to a conclusion through the sessions.

Purpose of Economic Mediation in a Divorce Process

The purpose of economic mediation is to come to an agreement regarding an impasse the divorcing couple has come to as it regards any financial element of the divorce. It is in the couple’s financial interest to come to an agreement through the use of a mediator instead of litigation, as that could mean thousands of more dollars in lawyer and Court fees and a lengthier process that is at the mercy of the Court’s availability.

Role of the Mediator in the NJ Process

An economic mediation session is handled by an approved mediator, who is usually an experienced family lawyer. The mediator reviews the disputed elements of the case and then meets with both parties. Throughout the course of economic mediation sessions, the mediator will get to the root of the disputes as it regards the finances of divorce and, though understanding each party’s concerns, attempt to move them closer to resolution.

Are Mediation Sessions Binding?

Divorce Economic Mediation Lawyers in Monmouth County, NJMediation sessions are court-mandated, so participation must occur if the Court calls for economic mediation; however, the spouses are not required to follow the recommendations of the mediator. As such, the sessions are binding as far as participation is concerned but not binding as far as outcome is concerned.

Role of the Memorandum of Understanding in the Mediation Process

When a divorcing couple has found common ground in an economic mediation process, the mediator will draw up a Memorandum of Understanding (MoU) outlining the arrangement to which the spouses have agreed on that will allow them to move forward with the divorce settlement. An MoU is not a legally-binding document; it is simply an outline of the arrangement.

Seek Help Before, During, and after Economic Mediation from a Jersey Shore Divorce Lawyer

Economic mediation is one of many potential steps of a divorce settlement process. A skilled family lawyer will help you protect your financial rights in a divorce, whether that means that the agreement can be obtained with only the support of each of your divorce lawyers, or whether mediation or litigation is the best route forward for your best interests and that of your children.

A family law lawyer is your representative and ally before, during, and after an economic mediation; while committed to helping you come to a viable agreement with your ex, they will protect you from entering into an agreement that financially disempowers you. They are an essential advocate through every non-binding step of the divorce process, including economic mediation.

Are you in the process of divorce, are disputing financial elements with your spouse, and the Court has mandated that you participate in economic mediation? At Bronzino Law Firm, we know how important it is to protect your financial rights in a divorce. Our attorneys are committed to being an advocate for your best interests and your children’s. We are frequently the successful representatives of clients in Manasquan, Red Bank, Howell, Berkeley, Lakewood, Ocean Township, Toms River, and across Ocean and Monmouth County, protecting their best interests in economic mediation and even litigation if it comes to that.

Reach out to us at (732) 812-3102 for a free consultation to discuss your divorce case.

Experienced Lawyers will Provide Advice when Juggling Divorce and  Bankruptcy in New Jersey

Filing for Divorce and Bankruptcy plus deciding which one comes first.

What Should Be Filed First, Bankruptcy or Divorce in NJ?Divorce is the cause of financial ruin for many couples, and inversely economic issues are one of the leading causes for divorce. We mismanage our money as couples because we were taught not to talk about it. Should a couple consider divorce and filing for bankruptcy in New Jersey, what should they do first? Unfortunately, there isn’t a cut-and-dried answer. Every situation is different and cannot be determined without analyzing the factors and conditions of the divorce and the bankruptcy. The optimal way to do this is by hiring a skilled bankruptcy and divorce attorney promptly.

Pros and Cons If I File For Divorce Before Bankruptcy in New Jersey

First, it is essential to determine what kind of bankruptcy you are filing for. Chapter 7 clears out your debts with the court’s approval. This process usually takes a few months. Chapter 13 is a reorganization of your debts, and you repay them using a payment plan. Some of the obligations may eventually be discharged.

Filing for divorce before bankruptcy may be more straightforward because the property and the debts will have been equally distributed in the divorce. The heavy lifting has been done. Also, if you are listing your income alone, there is a better chance you will qualify for Chapter 7 in terms of revenue. Your payments will be measured individually, increasing your opportunities to be under the income limit for filing for bankruptcy. Also, If you and your ex do not work together well, this is ideal as you won’t have to work with one another on the bankruptcy case.

Now the bad news is that filing for bankruptcy after your divorce means you have to pay your filing fee and attorney instead of sharing the expenses with your ex-spouse. Also, if your ex-spouse was ordered to pay a joint debt, like a medical bill during the equitable distribution of the divorce, but it was discharged in the bankruptcy, the creditor can still go after you to collect on it. You cannot go to family court to uphold the order that your ex pays the debt because the discharge from the bankruptcy trumps family court.

What If I File For Bankruptcy Before Divorce in NJ?

Most of the time, people choose to file for Ch.7 bankruptcy because it takes three to four months rather than three to five years. Also, Ch.13 involves a certain amount of repayment on the debtor’s part through a payment plan, while Ch.7 removes any qualifying debt. You are filing for bankruptcy before your divorce can delay the distribution of assets. You will be assigned a bankruptcy trustee to keep your assets in a bankruptcy estate. Those items will be sold, and your debtors will distribute the money.

The benefits to filing for bankruptcy before divorce is that you can get rid of debts and get out of contracts like a car loan or your mortgage (if your house is underwater, it has no equity). You and your spouse can use the same lawyer and file together. When filing jointly, your combined income must be below the “means test.”  This is an analysis of your average monthly payment for six months before filing against the median income in your state. If you are in a one-income household, filing before your divorce will help you pass the means test because both of you have debt, but only one of you is earning a salary. Relieving some debts will make it easier for the wage earner to pay alimony in the future.

Advantages of Filing Together in NJ Courts

There are some advantages to filing together. The first is that you can double the exemptions in your bankruptcy profile. An exemption is an asset not placed in the bankruptcy estate, so it will not be sold to pay the creditors. This is an excellent way to keep more help than filing individually. Filing a joint petition will reduce the number of assets and debts distributed in the divorce proceedings. Moreover, the legal costs are lower when filing together and using the same lawyer. Also, couples who file together profess to a more organized divorce process when filing before their divorce.

Bankruptcy and Child Support in New Jersey

Bankruptcy does not discharge child support. It is impossible to include child support in the debt discharged by bankruptcy. There are times when a parent’s economic problems cause them to make late or partial payments, but they can file a motion to modify support until the situation improves. Medical bills or other debts incurred from a child’s care cannot be discharged either.

Why Is It Important To Include Credit Debt In Your Bankruptcy?

Bankruptcy & Divorce Lawyers in Ocean CountyThere are a few reasons you should include credit debt in your bankruptcy. First, credit cards are unsecured debt, Which means that whatever you purchase does not have to be returned, and your debt is not guaranteed against your house, car, or another asset. Second, if you and your spouse are preparing to divorce and the credit card debt is discharged for your spouse, the credit card company can go after you. It is essential to include that you must not make any luxury purchases or go on shopping sprees from six months of considering bankruptcy because, in all likelihood, that debt will not be discharged.

Advantage of Filing For Bankruptcy Before Divorce When it Comes to Joint Accounts

A joint filing can be challenging because it demands cooperation between spouses. The good news is it gets the debts and assets organized, making the distribution part of the divorce simpler and smoother. Legal fees and the time necessary to agree on everything are lessened because many of the decisions have already been made when it comes time for the divorce.

Navigate Through the Variety of Options and the Specifics of Your Divorce Case with Help from the Lawyers at Bronzino Law Firm in Brick & Sea Girt, NJ

Many are the pros and cons of filing for bankruptcy before or after your divorce. The only person who can advise you on your decision is an excellent lawyer. Each case is different, and your needs should be taken into account. It is scary to file for bankruptcy. What if you are refused? What if not enough debt is discharged? How long will my divorce take? There are so many questions.

At Bronzino Law Firm, LLC, we have many of the answers you need to move forward with your divorce and bankruptcy. Our goal is to stand beside you during the entire process and provide the representation you deserve as we analyze every angle and possible results.

The one mistake you don’t want to make is waiting too long. The sooner we can help you, the better. You can contact us from Freehold, Rumson, Red Bank, Manchester, Toms River, Middletown, Berkeley, and throughout Ocean and Monmouth County for additional assistance. Call us for your free confidential consultation at (732) 812-3102 or fill out here our convenient form.

Discuss with Our Family Lawyers the Advantages of the Early Settlement Panel in a Divorce Process in NJ

Learn how an Early Settlement Panel can be a helpful tool for mediating a divorce in New Jersey.

Benefits of the Early Settlement Panel in New JerseyThe process of divorce in New Jersey is a taxing one. Couples who have a respectful relationship with one another are likely to move through the divorce proceedings – which in New Jersey include the equitable distribution of assets, determination of spousal support if required, child custody when children are involved in the divorce, and child support payments – fairly swiftly and without too much back-and-forth requiring expert facilitation. However, not every divorce is amicable. Medium- to high-conflict divorces can cause the proceedings to drag out for many additional months, exacerbating expenses, stress levels, and exhaustion.

For couples who are able to collaborate in a respectful way during divorce but have been unable to reach a divorce settlement alone, the Early Settlement Panel is a helpful strategy to reach an agreement without costly litigation. Explore with our Divorce & Family Lawyers what a Matrimonial Early Settlement Panel (ESP) is and how this process can be advantageous for your divorce.

The Early Settlement Panel Program in NJ

A couple that has reached a divorce settlement agreement through facilitation by their family law attorneys or another divorce mediator will present the settlement agreement to the Family Part Court for approval. If they have been unable to come to an agreement, the Court will refer them to an Early Settlement Panel for continued mediation in service of avoiding litigation.

Panelists include experienced family law attorneys. These lawyers work pro-bono to support the Court in helping couples reach a divorce settlement agreement without ending up in litigation.

Purpose of the NJ Matrimonial Early Settlement Process

As noted above, the Early Settlement Process is a Court-mandated divorce mediation process that attempts to support couples in coming to a divorce settlement without having to go into a lengthy litigation. The Early Settlement Panel process is mutually beneficial for couples and the Court because litigation backs up the availability of Court judges to attend to other important matters regarding the welfare of New Jersey citizens, including children.

Because couples who have been referred to the ESP program are required to participate, they can face financial penalties if they do not appear.

What Happens During an Early Settlement Panel?

As part of the earlier Court appearance, each party will have submitted a case information statement to the Family Part Court judge. This information is reviewed by the Early Settlement Program panel at the time of the hearing. In addition, each party is required to submit a memo that outlines where they stand on elements of the divorce agreement, including equitable distribution of assets and debts, child support, spousal support, and additional information that is appropriate to the specific case.

The panel reviews the information and recommends a divorce settlement. This recommendation carries their insights into the fair application of New Jersey divorce law and their interpretation of how the Superior Court: Family Part judge is likely to rule the case if it goes to litigation.

Types of Divorce Issues Handled by the Early Settlement Panel

The Early Settlement Panel addresses the financial elements of a divorce settlement. Many of the issues that arise in a couples’ divorce proceeding involve the equitable distribution of marital assets, the distribution of outstanding shared debts, child support payments, and spousal support payments. The experience of the family lawyers on their panel supports their recommendation of a fair arrangement that both parties are likely to consider viable.

Advantages of the Early Settlement Panel

Early Settlement Panel & Divorce Process Lawyers in Ocean County, NJOne primary advantage of presenting your divorce case before an Early Settlement Panel is that it provides an alternative to what will likely be a very costly and timely litigation. Couples who cannot reach an agreement regarding their divorce prior to being referred to an Early Settlement Panel have an opportunity to advantage the insight and experience of a group of skilled family lawyers who can interpret New Jersey’s equitable distribution laws fairly and provide a read on what the judge would likely rule if the case were to go to litigation.

Are Early Settlement Panel Recommendations Binding?

While couples are required to participate in an Early Settlement Panel mandated by the Family Court, the couple may decide whether to accept or reject the recommendations of the panel.

Steps After the ESP Recommendations

A couple who chooses to accept the Panel’s recommendations faces a very swift road to divorce. Often on the same day that the couple’s case goes before the Early Settlement Panel, the recommended settlement will be placed before a Family Part judge, at which point the judge will hear the evidence, and both parties will affirm under oath that they understand and agree to all elements of the settlement.

Are you going through a divorce and have been referred to the Early Settlement Panel? Contact a Divorce & Family Lawyer Serving Freehold, Toms River, and Surrounding Areas Today

Having the support of a skilled family lawyer makes all the difference when preparing for an Early Settlement Hearing. Because an ESP could be seen as a ‘practice round’ for litigation, the recommendations of the panel based on what you present will provide insight into how a divorce settlement is likely to play out, with or without your cooperation. Your family law attorney can help you prepare the documentation and memo you are required to submit to the panel and ensure that it is comprehensive.

At Bronzino Law Firm, we understand the importance of ensuring your terms are met in divorce while moving along the settlement process. We’d be happy to represent your best interests and those of your children. Our talented lawyers successfully represent clients across Lakewood, Tinton Falls, Toms River, Rumson, Howell, Freehold, Middletown, and towns throughout Monmouth and Ocean County to prepare them for an Early Settlement Panel. No matter what the case may be, whether the ultimate avenue is mediation or litigation for your divorce, our goal is to ensure that a viable settlement is reached in your case.

Contact us at (732) 812-3102  or access our online contact form to schedule a free consultation to discuss your case.

Mediation Offers Several Advantages You Can Discuss With an Experienced Mediation Lawyer in NJ

There are several benefits to mediation, whether it is voluntary or court-ordered.

Benefits of Mediation in the Resolution of Family Law Matters in NJMediation is consistently being chosen by couples seeking to divorce in a less combative and hostile manner. It consists of the couple and a mediator who will direct discussion around the critical points such as child custody, child support, alimony, and distribution of debts and assets. The mediator is usually familiar with family law and financial matters. Several sessions are typically paid for down the middle by the couple. The mediator prepares a “Memorandum of Understanding” to be given to each party’s lawyer. They will write up the PSA (Property Settlement Agreement), a binding document in the divorce.

Mediation Advantages Over Litigation in New Jersey

Money

Cost is one of the biggest advantages when it comes to mediation. It is substantially less expensive as opposed to litigation. A mediator is paid per hour, per session, and the cost is split between two people. Many mediators do not require a retainer as lawyers do (from $2,000 to $10,000) and charge about $200 per hour instead of a lawyer’s fees which can run from $250-$600 per hour. If the Carrisons choose to mediate their divorce settlement, on the first day, they spend 4 hours with their mediator at the cost of $150 per hour. That means each spouse paid $300 for that session. If the Greens went straight to litigation and spent 5 hours waiting for their turn in court, they have just spent $1,250 each and haven’t even started their case. Of course, there will be times when mediation can stall and become more expensive, but even then, it is less than litigation.

Time

Private mediation sessions can be scheduled at the convenience of everyone involved. This provides ample time for preparation and reflection instead of court sessions which are subject to availability on the calendar. The efficiency of mediation takes much less time in terms of conflict resolution than litigation.

Confidentiality

Rest assured that litigation leaves no stone unturned, no matter how delicate the subject matter. What is left of your dignity disappears as every text message, and email rapidly becomes common knowledge and on the record. Mediation is a confidential process that allows couples to be upfront and sincere, their minds eased by the fact that the sessions and their contents are private.

Emotional Distress

Anytime a relationship ends, emotions are running high. Mediation is effective at turning points of contention into points of consideration. This is not to say that sensitive subjects suddenly become inconsequential. Still, the ability to speak in confidence in a meeting room instead of putting on a show of sorts in an extensive, formal courtroom provides an opportunity for sincerity and flexibility in a safe space of mutual respect.

And the Kids

The less conflict, the better for everyone involved, especially the children. It isn’t just about “winning” when you are both hurting your kids. It is essential that you set an example of how to reach a compromise, even when you may not like each other very much right now. Children should never be forced to choose sides or to “tattle” on the other parent as fodder for mud-slinging in court. Adult issues should stay between the adults, but children will overhear or perceive discord. There is no doubt that there will be questions, but it is an excellent opportunity to talk about peaceful conflict resolution.

Benefits of NJ Court-Mandated Mediation

There are times when mediation is not voluntary. The NJ Courts frequently send couples to mediation before settling the divorce in a courtroom to allow the couple an opportunity to resolve their disputes through mediation rather than hashing them out over a lengthy, contentious trial. Parents focus on the best interests of their children more often than not, putting their well-being ahead of any personal agenda against their ex. Divorce is a scary time for everyone, and when children see the grown-ups acting as such, they feel more confident and less anxious. Another plus is that court-mandated mediation for child-related issues is free.

Mediation and Divorce Attorney in Ocean County, NJThe MESP (Matrimonial Early Settlement Panel) is one kind of obligatory mediation. This panel will look into all of the financial disputes holding your divorce settlement back. Each spouse creates a memo with their lawyer that indicates where they stand on the economic area of the settlement. The lawyers will present the positions to a panel of two family law attorneys who will then recommend. This is not mediation because the couple does not settle the matter directly through a mediator, but their proposals are considered. If the suggestions are accepted and there is no custody problem, the divorce can be finalized the same day as the MESP. If not, the divorce will be scheduled for trial.

Whenever child custody is involved in a split, the couple is ordered to participate in mediation. The couple must construct a parenting plan in mediation to present to the Court. Not all plans are complete because sometimes the relationship breaks down and will not move further, but custody mediation gets the ball rolling. Parents who take an active role in the choices made regarding their parenting plan and child support are more likely to work together when future situations require it.

If You Want to Know More About what Mediation can do for You, Contact Our Family Law Offices in South Jersey

Mediation is not for everyone, but it can be a quicker and less expensive way to settle your divorce. Also, couples who go through mediation have more success in their relationships with new partners thereafter. There is nothing easy about getting a divorce, but you can be given negotiating tools that you can use moving forward by using mediation.

Bronzino Law Firm knows that there are many issues on which you need to decide. We do not believe in a cookie-cutter divorce. Our goal is to map out a plan with you, listen to what you want for your family, and help to implement that plan. The alternative dispute resolution options are there for the taking, if that is the most suitable venue for your family law matter. Whether you choose to litigate or go to mediation, we will be behind you all of the way.

If you want to discuss the possibility of mediation with one of our mediation lawyers in Sea Girt, Toms River, Berkeley, Stafford, Howell, Holmdel, Jackson, Freehold, or any town in Ocean and Monmouth Counties, contact us at (732) 812-3102 to schedule a consultation or fill out our online contact form to get back to you.

Experienced Attorneys will Assist You When Handling a Memorandum of Understanding in New Jersey

A memorandum of understanding is a document with the agreement of the parties involved in divorce mediation.

Memorandum of Understanding for Divorce Mediation in NJGetting a divorce involves several steps and can take a year or more. However, when there is a meeting of the minds, also known as mediation, it can transform a lengthy, tangled fight into a negotiated closing of the relationship. Unless the split is particularly acrimonious, judges usually approve the couple’s decisions, ensuring they have legal grounds. With the right divorce attorney guiding you, you can have the hard choices settled in a Memorandum of Understanding (MOU) created in a few mediation sessions between you, your spouse, and a mediator, which can then be converted into your Marital Settlement Agreement.

What is a Memorandum of Understanding (MOU) in NJ?

A Memorandum of Understanding (MOU) is an outline, an agreement of how everything will be divided between the parties and what conclusions they have reached in terms of their separation. It is a roadmap of how the divorce will move forward. An MOU is the direct result of mediation, an assenting created by the parties in the form of a checklist or summary of points. The MOU is later converted into a Property Settlement Agreement (PSA) by each lawyer filed at court, attaching the MOU as evidence. The PSA is the document that explains how things will be done after the divorce is finalized.

Role of Mediation in Drafting a MOU

In mediation, a professional mediator (a lawyer but not for either party) facilitates the discussion providing a format that allows each partner to describe the outcome they want from the negotiation. Many couples choose mediation because it is less costly and less litigious. A successful mediation does not necessarily mean that every aspect of the settlement is agreed on, but a partial agreement is undoubtedly better than none. This isn’t an all-or-nothing situation, although the more covered in the MOU, the less time in court will be needed. A typical mediation has three to eight two-hour sessions, and they can be intense, but when they are productive, and the give and take starts to happen, couples usually find a way to push through to the end. That does not mean that either side will be delighted; this is, after all, the dividing of a business of sorts, and there is bound to be some resentment, but when cooler heads prevail, everyone benefits.

Aspects Included in a Mediation Memorandum of Understanding

The contents of an MOU are very similar to a PSA (Property Settlement Agreement). There are four general topics of discussion. The first is equitable distribution of all property, vehicles, retirement, and bank accounts and debts such as mortgages, credit cards, and loans. The second topic, which is usually the stickiest, is the children. Custody, parenting time, vacation time, and religion are the components of this section. The following section is child support, and the last one is spousal support. Usually, there are one to three weeks between each session to gather information, discuss with lawyers and experts, or reflect on possible further compromise.

Who Issues a Mediation Memorandum of Understanding?

The mediator issues the MOU, which each lawyer then converts into the PSA, which each spouse signs and will be submitted to the court, with the MOU attached as evidence. If, after mediation, there are still issues to be resolved, that can be done through the divorce lawyers. If an agreement cannot be reached, it will be decided in court. When the parties have signed the PSA, they are legally and officially entering into a binding agreement.

Importance of a Memorandum of Understanding

As mentioned previously, an MOU is a plan for the divorce settlement, which can save a lot of time and money in litigation. Of course, each party needs to have a lawyer who can advise them throughout the process (although they can’t be present in the room) because the mediator may be familiar with the law, but they cannot offer legal advice.

There are three other reasons why an MOU is of value. First, if the couple participates in pre-complaint mediation, they can create an agreement before the divorce, saving time and money by filing for an uncontested separation, and the MOU is the rough draft for their separation plan. Second, when spouses cannot agree on parenting plans and child support, they are nearly always sent to mediation to work out an agreement. Why not do it from the start and save time and money? Lastly, when the parties cannot agree on anything, frequently, a judge will order mediation to find at least partial agreement between them. This kind of mediation is usually less productive than the others because the spouses are unwilling to give in, even ever so slightly, to “win” no matter the cost.

Proof that an MOU is Valuable

Divorce Lawyers & Memorandum of Understanding in Monmouth County, NJIn February of 2016, a divorced couple (M.M. v. J.M.) took their case to trial. Essentially, the husband wanted to stop paying the alimony he had been obligated to pay since the divorce decree in 2010. The PSA stipulated that if any child were to be emancipated, he would no longer have to pay alimony. Two of his three children are emancipated, but the court says he must keep paying his ex. The MOU talked about alimony as being permanent without exception, while the PSA said the alimony would end as the children got older and were emancipated. The Appellate Division decided that more investigation into the matter was required, and, in the meantime, the ex-husband would continue to pay alimony. We conclude that although an MOU is not legally binding, it can serve as evidence of a decision made at the time of negotiation, agreed to by both parties.

Retain a Divorce Lawyer to Help you Draft a Memorandum of Understanding in Middletown, Red Bank, Berkeley, and Nearby Areas

Your lawyer cannot be with you in the mediation room, but they can guide your decisions and give you the legal advice you need to negotiate your divorce successfully. A Memorandum of Understanding is an ideal place to start, even if there isn’t a complete agreement about everything. Divorce is hard, but it doesn’t need to be ugly.

The Bronzino Law Firm is ready to help you gather your important documents and set up a family plan to prepare you for your divorce. We know this is an incredibly emotional time for you and whether it is filing for divorce or simply answering your questions, our knowledgeable and compassionate team of family lawyers is ready to see you through this. We serve clients in Belmar, Red Bank, Jackson, Sea Girt, Howell, and throughout Ocean and Monmouth County.

Call us today at (732) 812-3102 or contact us online for your confidential consultation. There are many options, and you decide how to settle your divorce. We look forward to hearing from you soon.

Redefining the Use of Prenuptial Agreements in Freehold and Toms River, NJ

Different from the past, more younger couples opt for a prenuptial agreement to cover aspects like student debt and other up-to-date topics.

Are Prenuptial Agreements Becoming a Trend?In New Jersey, as in all of the United States, marriage is a court-enforced union that brings many benefits and conditions to a couple’s legal and financial life. When a couple splits, however, the process of dividing their assets is a matter that must be settled, either by a couple or by the courts. New Jersey is a state that follows the equitable distribution model in divorce: when a couple legally dissolves the union, marital assets are distributed based on considerations the Superior Court: Family Part reviews, if the couple cannot come to a settlement agreement with the help of their own legal counsel or mediators. Assets obtained or developed while the couple is married are legal property of both parties, and if the spouses divorce, each has a fair claim to the assets, including savings, properties, valuables, and investments.

Because marriage is such a binding reality, and in this day and age, more and more young professionals are deciding to get married and bringing in assets of their own, many couples are choosing to develop prenuptial agreements to protect personal assets and prior investments in the case that the union dissolves.

Read on to learn more about the uptick in prenuptial agreements and why it is important to hire a family lawyer to help you with your prenup.

Prenups on the Rise Among Millennials

A prenuptial agreement is a legal document that outlines each individual’s rights and outlines specific conditions and controls, should the marriage be legally dissolved due to divorce or even death. Couples entering into prenuptial agreements generally outline such elements as distribution of particular assets and spousal support or alimony rights.

Many believe that only very wealthy couples enter into prenuptial agreements, or that signing a prenup means that the marriage is fated to fail. Neither of these is true. In fact, Business Insider reports that no evidence exists that couples who have a prenuptial agreement have a higher divorce rate than those who don’t. As more and more millennials are getting married, many of whom have established professional careers and a sense of independence that lends itself to forming a prenuptial agreement to protect one’s own assets in the long term, a more diverse subset of people in New Jersey include prenups in their marital preparations.

According to the American Academy of Matrimonial Lawyers, more millennials are requesting prenuptial agreements. The study notes that later marriage and student loan debt play a role in the decision to sign a prenup. Over 60 percent of lawyers polled noted a rise in the number of prenuptial agreements among this population. And CNBC reported that prenuptial agreements have skyrocketed in the past two decades to five times their prior rate.

Common Reasons to Draft a Prenup in NJ

Family Law & Prenuptial Agreement Law Firm in Ocean County, NJAs noted above, many millennials are interested in protecting their assets, as they are developing their professional lives and marrying later than prior generations. Other common reasons that a couple would elect to enter into a prenuptial agreements to protect a business or joint venture in the case of a divorce and to protect dependents such as children. In order to prevent assets from being equitably distributed in a divorce in a manner that does not suit the couple, they may determine how certain assets would be distributed, allowing them to rest at ease that those assets are protected in the future.

Spouses of millennials with substantial student loan debt may want to enter into a prenuptial agreement to protect against inheriting that debt, just as those with substantial savings may want to protect their assets from equitable distribution once they become maritally claimable.

Profile of Couples Getting Prenups

The profile of the couple entering into a prenuptial agreement is diversifying. While traditionally, mostly very wealthy couples entered into prenuptial agreements, as the profile of New Jersey couples is changing, the profile of the ‘prenup couple’ is changing. Millennials filing prenuptial agreements is on the rise, as couples who have waited until later to marry seek to protect their professionally-gained assets and protect from taking on educational debt of their spouses.

Retain a Respected Ocean Township Prenuptial Agreement Lawyer to Draft Your Document

Having an experienced family law attorney on your side to help you draft a prenuptial agreement is an essential asset. New Jersey marital law is binding and the state’s equitable distribution model ensures a fair separation that may not suit the needs of each spouse in a relationship in the case of divorce. Having clear expectations and agreements about the agreed-upon distribution of assets and potentially spousal support, as well as other factors, is important when the couple is on the same page and seeing eye to eye. An experienced lawyer knows nuances of asset distribution that a couple entering into marriage will likely not have any idea about, and as such, their perspective is invaluable.

Are you entering into a marriage in New Jersey and want to protect your assets, as well as protect yourself from taking on your partner’s debts? Our family law team at Bronzino Law can help. We have successfully supported hundreds of clients in drafting a comprehensive and tight prenuptial agreement in Monmouth Beach, Red Bank, Rumson, Sea Bright, Bayhead, Long Beach Township, and other towns along the Jersey Shore. Contact us at (732) 812-3102 for a free consultation to discuss your marriage preparation today.

The Costs of Running the Household as a Factor in Your New Jersey Divorce

There are Several Financial Ramifications to Consider Once the Divorce is Underway, Housing Related-Expenses being One

How Household Expenses Impact Divorce Issues in NJGetting a divorce is costly, but living as a divorced person can be even more so. Expenses double when needing to provide for two households. In all likelihood, the standard of living to which a family is accustomed is drastically changed after a divorce. Spousal support, distribution of assets and debts, child support, and the costs of running two households can put severe stress on an already difficult situation. The best way to manage the changes is with the help of a financial planner and an experienced divorce lawyer.

Household Finances when Getting a Divorce

With divorce comes sweeping changes to the household finances. The most obvious of these is the family home. Usually, the mortgage is paid by whoever lives there. If both spouses are on the deed, the loan must be refinanced by that person to place the mortgage in one name. If the loan is not approved, or the payments are too high, the house must be sold, the debt paid, and any remaining income will be divided through the equitable distribution process. Another option is a buyout. One spouse pays their share of the equity in the house to the other. If the home is “underwater” (more is owed on the mortgage than what the house is worth), a short sale can be held where the bank will purchase the home for the asking price even when it is below what is owed. This frequently occurs when the house has been purchased within five years of the divorce.

If spouses live apart during the divorce, keeping up with two households can be a budget buster. There are fixed expenses such as rent, mortgage, car payments (for two cars), insurance for vehicles, health, life, and homeowner’s or renter’s insurance, childcare, cable/internet services, utilities, gym membership, and extra-curricular activities such as sports or dance/music lessons for the children. Variable expenses are either unexpected, or their amount is not the same every month. Examples of varying costs are groceries, gas, car maintenance, apparel, footwear, one-time purchases such as household appliances (if the house or apartment is unfurnished), household goods, and furniture. Vacations or weekends with the children will also need to be considered.

Factoring in Housing Expenses during the Equitable Distribution Process in NJ

Like many states, New Jersey divides assets and debts in a divorce “fair but not equal” manner. Separate assets such as a property purchased before the marriage or an inheritance can be left out of the distribution under certain conditions. Marital property is divided based on the contributions of each party. It is seen as a partnership even when only one person works outside of the home. If one partner chooses to sacrifice their career to stay at home and take care of the children, it is still considered a valuable contribution. Still, a judge will not calculate a monetary amount.

Debts have to be distributed as well, primarily credit card debts. Usually, the person with more income will pay the lion’s share of the debt. Although it may be tempting, running up a huge credit card bill just before settling the divorce is a terrible idea. The court could obligate the binging spender to pay the entire bill independently. Credit card debt is the leading reason people file for bankruptcy post-divorce. If the credit cards are in both names and one person files for bankruptcy, the other is left holding the bag, and the credit companies will go after them aggressively.

The age of the spouses when getting a divorce is also important to consider. For instance, grey divorce is when a couple over the age of 60 gets divorced. Financially, this kind of divorce can be the most devastating. After decades of commingling assets, buying a home, sharing debts and savings, equitably dividing it all will take a significant amount of time, discussion, and probably heartache. Dividing retirement accounts and investments has severe penalties and tax issues. If there are children, even adult children, their inheritance will be divided between spouses. The house which was supposed to be used to grow old in, will be sold and its earnings divided.

Family & Divorce Lawyers Advising on Financial Issues in Monmouth County, NJ Maintaining a Household Alone after the Divorce

As a divorced parent, you are responsible for maintaining your household alone. Yes, alimony and child support help somewhat, but money isn’t the only issue. You independently must work out the children’s schedules, when to drop them off and pick them up, prepare all of the meals, maintain the grounds and the interior of the home when minor repairs are necessary, with no other adult to lighten the load. Moms and dads experience anxiety equally. But women struggle more financially than men after divorce. In 2019, in New Jersey, single mothers earned 35% less than single fathers after their divorce. Another financial consequence is that children of divorced parents earn less and are more likely to get divorced, affecting them financially.

Outline an Action Plan for Handling Household Financial Considerations in Your Divorce with Help from our Divorce Lawyers in Sea Girt and Brick, NJ

Divorce is not something you want to do alone. Alimony, parenting plans, custody issues, child support, division of assets are only complicated issues faced in the divorce process. It would help if you had a qualified divorce attorney prepared to guide you through the divorce process, answer your questions, quell your anxiety, and provide you with a result you feel confident to accept.

At Bronzino Law Firm, with local offices in Brick and Sea Girt, we have a team ready to analyze your specific divorce case and discuss how we can help protect your financial future. There is a lot of work to be done, and we look forward to doing it with you.

If you are considering a divorce, have already filed for divorce, or know someone who has, please reach out for legal guidance and representation by calling (732) 812-3102 or via our online contact form. We can be of assistance in Brick, Beach Haven, Manasquan, Rumson, Red Bank, Monmouth Beach, Ocean Township, and towns throughout Monmouth and Ocean County. Do not hesitate to get in contact and allow us to work together with you on how to best position you during and after the divorce process.