Tag: Financial Experts in the Monmouth County Divorce Process

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.

Family Law Attorneys Help with Financial Information Statements in Your NJ Divorce

The Case Information Statement, which provides a comprehensive picture of your financials, becomes a critical document you need to pay attention to in your divorce process.

3 Things To Remember When Filing a Financial Information Statement for your NJ DivorceArguably the most important document in a divorce process, the Case Information Statement, commonly referred to as a “CIS,” provides a picture of financials by outlining all your marital income, expenses, tangible personal property, assets, life insurance, and debt in one legal document. If you or someone you know is involved in a civil union dissolution, divorce, child custody, or child support issue in New Jersey, they are required to complete a Case Information Statement for arbitration, mediation, litigation, or simply resolve legal matters between the spouses themselves.

As such, a thoroughly completed CIS prepared with the assistance of a knowledgeable NJ divorce lawyer will inform the court of your exact financial situation, including the monthly budget, personal and marital assets, and a “Statement of Special Problems.” This area, also known as Part F allows the litigant to briefly summarize issues unique to their case that they want the court to consider, such as complex business valuation issues, matters related to a family member’s health, a child’s special therapies/care, if there was a separation, or if a spouse is earning significantly less than they had in previous years.

A CIS should therefore be taken seriously and be as detailed as possible as they are significant in most post-judgment proceedings to modify alimony or modify child support, can save you significant legal fees throughout one’s divorce proceedings, and reduce the likelihood of being accused of hiding marital assets from equitable distribution.

Are you or someone you know struggling with child support, custody, spousal support, or other family law matter in New Jersey, or need help navigating the detailed CIS document’s instructions? At The Bronzino Law Firm, LLC, we are ideally equipped to deal with tough circumstances like these and win favorable resolutions for clients in Ocean County, Brick, Jackson, Toms River, Point Pleasant, and the surrounding areas. We patiently identify each client’s unique concerns and needs and craft a plan of action in their best interest and that of their children.

Contact an experienced Monmouth and Ocean County lawyer online today who can help protect your rights and complete any documentation or court filings accurately and with transparency and candor.

Is Accuracy Important When Completing a Financial Disclosure Form?

Yes. As part of the “discovery phase” and the backbone of most divorce litigation, failing to timely submit or detail the proper financial information that substantiates one’s income (i.e., W2’s, receipts, invoices, bank or credit card statements), liabilities, or expenses, or by providing insufficient and/or inconsistent information of the same, could result in an inaccurate picture of either the type of support you will have to pay or possibly what you can expect to receive based on your current or future needs.

Is Accuracy Important When Completing a Financial Disclosure Form?For example, it is critical to differentiate a regular salary versus a base salary that includes bonuses, commissions, restricted stock units, deferred pay, and other forms of compensation. With this information, judges have the most appropriate tools and resources to render a fair decision.

In addition, if there are childcare, school, sports, special dietary/allergy, or medical-related expenses as part of the monthly budget, these must be included to form a basis of temporary support as one awaits the final divorce decree.

Remember, an inaccurate and incomplete CIS could result in delaying the resolution of your case, destroy your credibility with the court, and prevent your lawyer from being able to advocate on your behalf effectively.

How Transparent Should I Be When Providing Financial Information for the CIS in Toms River, NJ?

An accurately completed Case Information Statement (CIS) form is a powerful tool to assess and uncover the true details of a family’s finances. You are obligated to disclose ALL earned and unearned income when completing this documentation. Overstating or understating expenses is not helpful and is unlawful.

Whether you expect you or your children to maintain a certain lifestyle, the judge will carefully evaluate your various current marital lifestyle expenses to determine what they believe are “reasonable” expenses and then determine the appropriate alimony award. If your expenses or certain child-related expenses may seem “high,” then consult your attorney about attaching the necessary confirmation or proof to substantiate your claim.

Since you must sign and certify that everything in your CIS is true, if you intentionally omit details, hide assets, or lie on your CIS, you could jeopardize your case and be subject to various fines, sanctions, be awarded a lesser portion of the marital assets, or face federal perjury charges.

Do I Need to Update My Case Information Statement if my Financial Circumstances Change?

Under New Jersey Court Rules, every litigant is obligated to update their Case Information Statement as their financial circumstances change. Most divorces take time to finalize, and due to the pandemic, the economic and living arrangements of many New Jersey citizens have drastically changed. Providing this updated information to your attorney will prevent confusion and save the court’s time and allow you to proactively modify your child support or modify your alimony, and help prevent you from being found in contempt of court for not fulfilling your court-mandated child support, child custody, or alimony obligations.

Examples of changed financial circumstances include a job loss, changing jobs, receiving unemployment benefits, and additional living expenses if one of the spouses has moved out of the family home.

Get Help Preparing Financial Documentation for the Divorce Process in Monmouth County, NJ

Monmouth County, New Jersey Family Law Attorneys Help If you need help understanding the divorce process or preparing the necessary financial documentation for the equitable division of assets, talk to a knowledgeable family law attorney with experience crafting viable long-term financial solutions. Couples who are divorcing, dissolving a civil union, or are unmarried with children, can rely on the advice and creativity of the family law attorneys at The Bronzino Law Firm, LLC, who have helped countless others come to reasonable marital arrangements in Keansburg, Fort Dix, Wildwood, Brick, Brielle, Island Heights, Lavallette, Manasquan, Mantoloking, Normandy Beach, and throughout Monmouth and Ocean County.

Completing the CIS form can be intimidating, confusing, and requires a substantial time investment. You don’t have to go it alone. We can assist you with this process.

Contact us online or our Brick or Sea Girt, NJ office at (732) 812-3102 to discuss your current situation in a free, personal and confidential consultation.

An Experienced Divorce Attorney Will Guide You with Financial Strategies

Money missteps are costly, but knowledge is power. If you are considering a divorce, there are reasonable safeguards to save you money and aggravation and protect you, your mental health, children, rights, and financial assets.

10 Financial Strategies & Wellness Tips to Prepare You for Your NJ DivorceAlthough many couples feel physically distant and emotionally divorced from their partner, they are still married financially. Since a married couple or one in civil union’s assets in New Jersey are divided through equitable distribution, it is even more vital that you start meticulously preparing yourself for the division of assets such as real estate holdings, investment portfolios, retirement accounts, and family businesses and business partnerships to not only to ensure your financial well-being but also to take advantage of any tax benefits therein.

At the Bronzino Law Firm, LLC, we have invaluable experience helping clients understand the property at issue and legally securing what is rightfully theirs. By regularly communicating with clients in a straightforward and informative manner, we can establish what marital property is a priority to you and how to negotiate for that property effectively.

Contact us online or call our Sea Girt or our Brick, NJ office today at (732) 812-3102 to speak with our legal team in a free and confidential consultation regarding the division of your assets and how we can best assist you and your family.

10 Ways to Protect Your Emotional & Financial Well-Being While Preparing to Divorce

Divorce is a chance to start over and begin identifying key building blocks for your ideal future. Now is the time to start focusing on the big picture. Relocation? New career path? A more stable family life for you and your kids? Beginning with the end in mind, the more details you can envision, the more control you can have over the outcome. By taking actionable value-oriented steps now, the less overwhelmed you are likely to feel, the greater your negotiation position moving ahead.

1. Collect, safeguard, & make copies of personal papers & important records

Now is the time to start gathering your personal records, like birth certificates, diplomas, and making a copy of all jointly-owned records like titles, deeds, bank statements, real estate records, previous tax returns, and W2 statements. This type of documentation may be harder to get once the divorce process has started and provides the basis of support issues in your divorce proceedings (i.e., child support, alimony, or college contributions). Provide your spouse with a copy and make sure your copies are stored in a safe location.

2. Make an Inventory of All Marital Property

Make an Inventory of All Marital PropertyDocument marital property, valuable personal property, mementos or irreplaceable items,  and the contents of the marital home by video recording or photographing it together with your spouse, if that is possible. Store the original recording or images somewhere safe, and make an extra copy. If items are somehow “misplaced” from the family home, you’ll have a solid record of what’s missing.

3. Budget. Track Current Expenses and Anticipate Possible Future Ones

If you start tracking your household bills, food, clothing, entertainment, home maintenance, transportation, child care, and anything else that you spend money on, you will be better prepared post-divorce, and this information is necessary for your attorney and later the judge when deciding how to handle marital debt, divide the assets, and whether to award alimony and/or child support. It may be possible to use previous bank and credit card statements to estimate spending before this time period.

4. Separate Debt: Understand Your Current Credit Score & Future Credit Worthiness

Preparing for single life means taking control of and knowing more about finances. This may mean meeting with your spouse to cancel jointly owned credit cards and running a free credit report to get an idea of where you stand as an individual. This is a great opportunity to repair your credit score or to contact a debt collection agency to remove bogus items mistakenly attributed to you.

5. Secure Trusted Financial and Tax Advice

There will no doubt be tax consequences related to your divorce, which can cost you thousands of dollars. In addition, the timing of your divorce will have an impact on eligibility for benefits and taxes owed. It is highly recommended that you consult a trusted accountant and/or financial advisor to assess any tax breaks, exemptions regarding filing jointly or not, complicated tax issues you may be facing, as well as future tax obligations.

It might benefit both parties to stay married till December 31 and file to enjoy a lower tax bracket. In contrast, other couples may prefer to defer their retirement for a year or two so the non-employee spouse to bridge health insurance until age 65.

6. Talk to Your Children and Consider Their Feelings and Concerns

Just know that even in the best situations, there may be increased tension which could lead to fighting in front of your children or the children sensing the discord between you and your partner. Be aware of this, and work to minimize friction. If your children are older your then they will likely have numerous questions and concerns. You and your partner should do your best to listen to them, reassure them, and focus and what’s in their best interest. Custody and child support issues play significant roles in the progress of your divorce and can stonewall financial issues like equitable distribution and financial support.

7. Start Securing Health Insurance

If you are under 65 and not yet eligible for Medicare, you may be wondering how to cover health care expenses. After a divorce, the non-employee spouse often can either continue coverage of the employer plan for 36 months under the COBRA rules and later get their own plan. Do your research. Explore all the options and if your new coverage isn’t as complete as the current, get all your check-ups, vision care, and dental care up-to-date before you switch plans.

8. Hire An Experienced and Compassionate NJ Divorce And Family Law Attorney

Going it on your own or hiring a lawyer who is not uniquely knowledgeable and skilled in family law can cost much more money and unnecessarily increase conflict with your spouse. Make sure your lawyer is on the same page as you, especially if you wish to resolve your divorce amicably or through mediation.

9. Practice Self-care

Set time aside to nurture yourself and support your mental, physical and emotional, well-being. Don’t ignore your most basic needs: healthy food, regular exercise, decent sleep. Your physical wellbeing is the basis for your mental and emotional wellbeing. Making sound choices and practicing self-care will provide you with a decent foundation in the coming days and months.

10. Have a Support System

Contact our Experienced Brick, NJ Family Law And Divorce AttorneysDivorces can be lengthy, traumatic, and emotionally draining. But, you do not have to go through it alone. Instead, start creating and building your network of allies to help you through the challenging moments, which will help reduce the burden. By surrounding yourself with positive family and friends and engaging a mental health professional, you’ll be better able to see the light at the end of the tunnel and be in a better place once the divorce decree has been finalized.

The steps you take now can deeply impact your economic future, do not risk such an important facet of your life by proceeding without a team of experienced family law and divorce attorneys to protect your rights.

Contact our Experienced Brick, NJ Family Law And Divorce Attorneys

At the Bronzino Law Firm LLC, we take pride in having successfully represented clients across New Jersey, including towns like Brick, Sea Girt, Asbury Park, Wall, Manasquan, Neptune, Spring Lake, Brielle, and across Ocean and Monmouth Counties. We will be happy to walk side by side with you to guide you in the details of your personal financial case.

Peter J. Bronzino, Esq. has extensive experience helping clients negotiate, draft, and finalize marital property division agreements, which are both fair and protect the assets they care most about. By consulting with qualified and trusted financial experts, we help properly evaluate complex marital assets, investments, accounts, and debts, thus helping us draft a settlement that protects our clients’ rights and future.

Contact us online or through our Sea Girt or our Brick office at (732) 812-3102 today to schedule a free and confidential consultation regarding your divorce and any issues or concerns you may have.

Divorce and Property Division Handled with Professional and Experienced Knowledge

Providing Professional Divorce Advice on How Property is Split in Ocean and Monmouth County Areas

How Property is Divided in a Divorce in New JerseyIn late 2020, the Institute for Family Studies found that out of every 1,000 marriages that last one year, 14.9 ends in divorce. This statistic was seen as a promising one, as it marked a 50-year low in national divorce rates. However, though the numbers of divorces seem to be declining at a national level, divorce is still quite prevalent. When one or both spouses decide to file for divorce, they are setting up an extensive process to end the legal contract of marriage, which includes the division of marital assets. For each spouse to fairly receive the assets that are justly theirs, the support of a skilled and experienced team of family law attorneys is essential. A skilled divorce attorney knows how the division of property and marital assets is handled at the New Jersey Superior Court: Family Part level, where divorces and custody arrangements are heard. Read on to learn more about how New Jersey Superior Courts handle property division in a divorce.

Community Property Model vs. Equitable Distribution Model

Marital assets are divided according to one of two different models, depending on the state. Some states use the community property model, which evenly divides property and assets between spouses without exception. The community property model is a direct split. However, most states, including New Jersey, follow the equitable distribution model of dividing property and other assets. While the equitable distribution model offers a fair division of assets, it does not necessarily offer an even division of assets. The Superior Court: Family Part is responsible for handling New Jersey divorce and custody agreements and reviews various factors to determine how to most equitably divides assets. While the Superior Court judge is a fair representative of justice in the New Jersey court system, there are many ways to divide assets that require the judge’s subjective determination in the review of the applicable factors. As such, you must have a skilled and experienced divorce attorney representing your rights and your claim to your fair share of the marital assets throughout the divorce process.

What is considered in the equitable splitting of marital assets?

Marital assets are those assets that were shared by the spouses. They could include the marital home, land, autos, savings, and investments, among other shared sites both parties own marital assets, and both have a claim to their shared value when the couple decides to split. Separate assets or properties, on the other hand, are not owned by both spouses. They include assets that one spouse owned before the marriage or a spouse obtained during the marriage from an inheritance or another gift. Inheritances received during the marriage are not shared unless they are invested in a joint venture, at which point the other spouse may have a claim to part. Again, these grey lines in the division of marital and separate properties and assets are why it is important to have the support of a skilled family law attorney during this nuanced process.

A judge will consider the itemized list of marital assets and take the following considerations into account when determining how to justly and equitably divide them:

  • Is there a standing legal prenuptial agreement that addresses the division of assets in the case of divorce?
  • What was the duration of the marriage?
  • What was the status quo, or the standard of living, experienced by the couple during the marriage? The judge will attempt to help each partner maintain that standard of living in divorce by dividing assets to support that or assigning payment of alimony by the breadwinning spouse.
  • How many assets did each partner bring into the marital home at the start of the marriage?
  • How many assets and financial contributions did each partner bring to the marital home throughout the marriage?
  • How was financial support established throughout the marriage for one partner to pursue education, a What is considered when equitably splitting up marital assets?profession, or stay at home to raise a family? Did one partner provide financial support for the other’s professional growth, or did one partner sacrifice their career to raise the family?
  • What is each spouse’s state, physically and mentally? Do funds need to be legally set aside to provide support, such as a trust?
  • Is it necessary to set up a trust for any children of the marriage?

To ensure that your rights are upheld in a divorce, it is imperative that you seek the support of a qualified family law attorney.

Contact our Divorce Attorney for a confidential consultation

If you are navigating a divorce and want to ensure that you receive your fair share of the marital assets in the separation, we are here to support you.

Highly skilled divorce and family law attorney Peter Bronzino, Esq, has the knowledge and extensive experience to assist you with all manner of concerns amidst the divorce process, including the appropriate distributing of your assets. With local offices in Brick, NJ, we regularly assist clients throughout Monmouth and Ocean County areas, including Berkeley, Spring Lake, Toms River, Point Pleasant, Manchester, and Middletown.

To schedule a free and confidential consultation with our firm today regarding your family financial support issues, please send us a message or call (732) 812-3102 to speak to an attorney who can help.

Forensic Accountant and Divorce Attorney in Brick and Sea Girt NJ

A forensic accountant specializes in reviewing a spouse’s business and personal financial records.

Is a Forensic Accountant Necessary in My Divorce Action? The sad fact is that almost 50% of all marriages end in divorce. It’s also a fact that most marriages that end in divorce are in trouble long before the divorce petition is filed. This fact provides ample opportunity for either spouse to hide assets and income. The more animosity there is between the couple, the greater the chance that one or both is hiding income and assets.

Many spouses have significant experience hiding income or disguising nondeductible expenses for income tax purposes. It is a simple matter for them to apply these skills to their pending divorce problems. Typically, there will be little direct evidence that the income ever existed. If the client’s spouse suspects or knows that the other is engaging in these practices, a forensic accounting investigation is often necessary to provide supporting evidence of the hidden income.

What Skills Does a Forensic Accountant Possess?

  • Analytical skills and industry experience necessary to investigate a wide variety of financial documentation.
  • Classic skills of a CPA coupled with financial investigation tools.
  • Ability to testify as an expert witness.
  • Advisor to the attorney in finance, tax, and business practices

A forensic accountant specializes in reviewing a spouse’s business and personal financial records. Armed with this information, they detect the existence of hidden assets, the undervaluation of assets, or the underreported and/or understatement of income, and the overstatement/validity of liabilities. Some of the documents these financial experts analyze include bank accounts, credit card statements, and tax returns to determine the existence of marital assets and liabilities and their true fair market value. Based on the findings, the financial expert makes recommendations on how to best buy out the spouse, split any retirement assets, and, going forward, analyzes the cash flow for maintaining defined comparable lifestyles.

What Does a Forensic Account Do?

Here are some of the most common things that forensic accountants do:

  • Determine each of the party’s income available for paying support;
  • Calculate child and spousal support owed from one person to the other;
  • Identify and assign a value to the couple’s assets and liabilities;
  • Prepare a plan of how to divide the assets and liabilities between the couple;
  • Assess the value of one (or both) of the spouse’s businesses (ex: car wash, dental practice);
  • Account for how joint funds have been spent by each party since separation;
  • Trace any pre-marital property to its current location and value.
  • Identify any hidden accounts or cryptocurrency.
  • Identify major hidden expenditures.

What Does a Forensic Account Do?Often, both spouses will have his/her own forensic accountant, and the two can meet in the context of settlement negotiations with attorneys from each side.  In the settlement process, calculations of the value of the parties’ assets, the child and spousal support payments that should be due from one party to the other (if any), and other financial issues are typically discussed. This process can take anywhere from months to years, depending (in part) on the size of the estate, the income of the parties, and the complexity of the legal issues involved.  If the divorce is very contentious, and one or both of the spouses are very quarrelsome, the process slows down considerably and is sometimes completely unmoved.

When a spouse owns his or her own business, the other party may need investigative accounting to understand the value since it is not something that can be determined from reviewing tax returns. This business owner’s cash flow can be computed by a forensic accountant who will determine what should be included in the entrepreneur’s income. The complexities of this warrant a level of sophistication a forensic accountant can provide.  The components to determine who gets what and how much are abysmally more complicated than a divorce with few assets.  When was the business acquired?  How much effort did the opposing spouse put into the business?  Were there any individual investments made by a spouse into the business? These and a plethora more questions need to be answered to ensure a fair and equitable settlement.

Are There Other Situations in which a Forensic Accountant Is Needed?

Individuals with significant income such as highly paid executives and professionals such as doctors, attorneys, and accountants often have significant discretionary cash. Even if the opposing spouse’s primary income is from salary and wages, there will be plenty of cash available for investing and diverting from the marital unit.

A forensic accounting investigation may reveal previously unknown bank accounts, investments, and other assets. Often the client spouse has observed activity by the opposing spouse that indicates a forensic accounting investigation is appropriate.

A forensic accounting investigation is warranted when the assets listed in the prenuptial agreement may have been transmuted or commingled with the marital assets. If the agreement called for specific income allocation of the premarital assets, a forensic accounting investigation is usually called for to determine compliance with the terms of the agreement. Often, a forensic accounting investigation is needed to trace the assets listed in the premarital agreement to establish whether the assets remained as separate property, whether they were transmuted or commingled with marital property, and whether any incremental appreciation was created during the marriage that must be considered in the divorce.

Do You Want To Learn More? Contact a Monmouth and Ocean County Divorce Attorney

Matters of divorce and family law require the attention and skill of an experienced attorney who will fight for your future. Not only is your financial well-being at stake, but in a divorce, your emotional well-being is at risk as well. If you need a divorce attorney in Ocean County, New Jersey, please do not hesitate to contact Bronzino Law Firm at 732-812-3102 or fill out our online contact form.

Maintaining Status Quo During Divorce in Monmouth County NJ

Providing Divorce Clients with Financial Advice Across Spring Lake, Toms River, Point Pleasant, Brick, and the greater Ocean and Monmouth County Areas

Status Quo After Filing Divorce

During a divorce, the “Status Quo” of the marriage must be maintained, meaning whatever was happening before the divorce was filed, must continue. If you were paying your wife´s car insurance, you have to continue paying your wife´s car insurance. If you were paying your husband´s cellphone bill, you have to continue paying your husband´s cellphone bill. If you were paying the mortgage, you have to continue paying that mortgage.

Let Our Ocean County Divorce Attorneys Guide You and Your Finances Today

At Bronzino Law Firm, LLC we have served many clients through the divorce process and helped successfully resolve financial disputes in towns such as Spring Lake, Toms River, Point Pleasant, Brick, and the greater Ocean County area.

To schedule a free and confidential consultation with our firm today regarding your divorce and financial support issues, please contact us today or through our Brick, NJ office at (732) 812-3102.

How Lifestyle and Income Impact Monmouth County Alimony Settlements

How Lifestyle and Income Impact Monmouth County Alimony Settlement

Divorce represents a difficult, trying, and in some cases messy process to litigants on both sides and can even impact close family members in similar ways. Many issues can and will arise throughout the litigation process, especially the pursuit of equitable distribution which is often hard fought by both spouses. One of the key issues that is often raised is alimony. The court decides alimony payments based on lifestyle and spending patterns that the couple have grown accustomed to during the marriage. Problems can and do arise in many cases when the lifestyle and spending may far exceed the actual income. In these instances it is most often necessary to retain the services of financial experts in order to accurately provide the court with a figure for fair alimony; the retention of hired financial support is apparent especially, but not exclusively, in high-asset divorces.

The Bronzino Law Firm LLC, has represented clients in many communities across New Jersey including Asbury Park, Neptune, Wall, Manasquan, Point Pleasant, Brick, Jackson, Sea Girt, and all of Monmouth County, Ocean County and across the Jersey Shore. Our attorneys that make up the Bronzino Family Law Team understand the  difficult task ahead, and are here to walk our clients through this often complicated process by providing client-centered counsel every step of the way.

Contact our Brick or Sea Girt offices today by calling 732-812-3102 for a free and confidential consultation regarding your potential divorce.

Alimony Reduced as NJ Couple Lived Outside Their Means

As more and more couples support themselves with credit as opposed to actual income “lifestyle” is something that the courts must look at more critically before deciding an award of alimony.

In Ponzetto v. Barbetti, decided on June 28, 2016, the spouses were ending  a nineteen year marriage. There were no children from the marriage and the only issues in the case were equitable distribution and alimony. The husband had started what at one point was a very lucrative business, for which the wife kept the books. However, the business suffered during the economic downturn. The parties’ lifestyle, however, did not represent this as they continued to spend lavishly.

While it is normal for a judge to look at the parties’ spending during the last several years of the marriage to determine lifestyle, in this case, the trial judge found that it would not be appropriate to do so, where the lifestyle was not based on actual income.

As a result, the judge declined to use the parties irresponsible spending in determining marital lifestyle. This allowed an alimony judgement that was far less than what the wife was seeking but more accurately represented what the supporting spouse was able to pay. This is an excellent example of why an experienced and skilled divorce attorney is critical when one is entering the divorce process.

Financial Experts in the Monmouth County Divorce Process

Depending on how financially complicated matters are, trials can last for days or even longer, as parties may unload documents showing expenses, assets, and information regarding income. If one of the spouses is self-employed, runs their own business, gets-laid off, or quits work to take care of children, the imputation of income of the parties for the purposes of calculating child support and alimony should be looked at carefully. Sometimes, the division of some marital assets, which may include houses, retirement accounts requires a valuation to be made. The use of qualified financial experts may be required to educate the trial judge.

In addition to determining actual income of the parties as compared to their lifestyle, experts may also help with the valuation assets that may be subject to equitable division in New Jersey.

  • An expert such as a certified public accountant, may aid the court with the valuation of retirement plans.
  • Real Estate experts can aid in the appraisal of houses, apartments, land, or commercial property the parties co-owned.
  • The court may also appoint an economic expert to resolve economic/financial issues.
  • A forensic accountant may also be used to determine the value of a self-employed party’s business, which is also subject to equitable distribution.

Contact our Experienced Ocean Divorce Attorneys Today

The experienced divorce attorneys of the Bronzino Law Firm, LLC served the New Jersey community by guiding and representing clients through all kinds of divorce and family law matters in Ocean and Monmouth County towns including Toms River, Brick, Ocean, Point Pleasant, Red Bank, and across the Jersey Shore. From the beginning our firm has believed in aggressively and zealously representing our clients and using every possible legal tool to help them realize the best post-divorce life possible. 

For a free and confidential consultation, please contact us online or through our Brick and Sea Girt offices by dialing (732) 812-3102 today.