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Tag: divorce finances

Understanding Alimony and Child Support Payments

Alimony and Child Support PaymentsWhile browsing online, you can find just about anything you want.  For example, if divorce is in the cards for you, you can find a site where a calculator will determine what amount you may receive from your ex-spouse for alimony or child support.  These sites are great for giving you a general idea, but, are for discussion purposes only, since it is the judge who presides over the proceeding who generates the decision after a review of important criteria regarding your case.

So, what does a judge take into consideration regarding alimony and child support?

First, we’ll look at alimony…

Common Questions About Divorce

Questions About DivorceIf you are considering filing for divorce in the near future, you’ve no doubt skimmed articles in magazines, or scoured the internet on that subject … this is probably why you are reading this blog post right now.  Suffice it to say that filing for divorce and the time until the decree is rendered, can be a long and painful journey for most.  Some couples are able to go through the process amicably, but, for most couples, it is a lot of clawing and scratching until it is finally over.

You may have questions before undertaking this big step in your life.  Peruse this article, or others, and then consider consulting with a top notch divorce attorney right here in New Jersey to represent your interests and guide you through the legal process.  That attorney will be happy to answer any and all of your questions, but, in the interim, you might be able to find some answers to common questions about divorce below:

Divorce Laws in New Jersey

Divorce Laws NJWhen day-to-day existence is intolerable due to fractures in your marriage, there is sometimes no other remedy than to file for divorce.  For some, marriage counseling or living apart will work to slowly repair the damage in your marital bonds, but, sadly, for some it is a lost cause. Your best bet when considering filing for divorce is to consult with a reputable top family lawyer in New Jersey.  This specialty of the law will garner you the expert advice that you need to get through the entire divorce process.  Filing for divorce and the actual decree of divorce will not happen overnight, thus, you will need guidance and the expertise of a counselor to get through this process.

What is Child Support?

What is Child SupportChild support for minor children is defined as the payment that a non-custodial parent is ordered to make as support for the costs of raising his or her child/children (hereinafter just referred to as “child”).  The financial assistance is provided by the parent who does not have physical custody of his or her child, so that that particular parent’s income does not benefit the child on a daily basis.  The child support may be court-ordered, or voluntary, and may be set forth through a divorce decree or a separate order.  Sometimes, if child support is ordered, but not paid timely, or at all, state agencies may intervene forcing the payment of child support.  In the case where divorce has occurred, but both parents have full, or joint custody, in most cases there is no child support involved.  If you have questions about child custody or divorce you should contact a family law attorney in Short Hills for assistance in answering your questions.  A top NJ attorney will be happy to work with you to answer all of your legal questions.

Technically, the duty to support a minor child rests with both parents, even if the custodial parent has the means to care for the child on their own.  But, the support that is provided from the non-custodial parent not only pays for the child’s basic needs but allows the child to share in the standard of living both parents enjoy.

What is Spousal Support?

What is Spousal SupportSpousal support, also often referred to as alimony, is the legal obligation for a person to provide financial support to their spouse before or after a legal separation or divorce.  If you are on your way to divorce it is wise to consult a divorce attorney so that they can answer all of your questions in advance.  A top divorce lawyer in Livingston will be happy to meet with you and will be able to answer any question you have.

During the pendency of the divorce, and, after the divorce decree, one spouse may be entitled to financial support from the other.  The financial obligation to one’s ex-spouse permits the supported spouse to maintain a similar lifestyle as was enjoyed during the course of the marriage, until the spouse is able to support themselves.

Divorce Versus Separation

Divorce Versus Separation

For couples whose marriage is on the skids, the thought in each of the partner’s minds is “I’d be so much better if I could just leave and be rid of him/her”, even though the very finality of ending the marriage can be a scary prospect.  Unless each of the parties has a high-power job, and the financial ability to make it on their own, there is usually hesitation on either side.

Whether the marriage is of many years’ duration, or just recent, people often have a few spats, and it escalates a little further, and soon one of them threatens to end the marriage.

Retirement Planning and Divorce

Retirement Planning and Divorce

Divorce isn’t a fun topic at any age, and, it sure is not something most people anticipate as they happily stroll down the aisle while envisioning the years of marital bliss that lie ahead. Sometimes real life intervenes, and “happily ever after” isn’t always meant to be.  Things turn ugly with sharp words and accusations hurled – soon thereafter is talk of splitting up, or divorce.  Reconciliation may occur, but statistics show that only a mere 15% of all separations result in renewed marital bliss, and do not lead to divorce or reconciliation within ten years.  Those aren’t very good odds for the remaining 85% of couples, who at least believed their marriage was important enough to try to salvage.

Sentimentality aside, once the jeers and tears have gone away, the reality of divorce sets in.  Among the topics to consider going forward, is how retirement assets will be divvied up between the two partners.  Divorce can really take its toll, emotionally and financially, but the later in life it occurs, the greater the threat to retirement.   If you are getting divorced in your latter years it would be wise o consult with a top financial advisor in NJ.  A New Jersey financial advisor will be able to help you go through the process in the least painful way.

Types of Prenups

Types of Prenups

The wedding plans are in motion and it seems that there are a million details to attend to before the big day.  While you, ever the romantic, are pondering over what color butter cream roses should adorn the wedding cake, your intended tells you he has made an appointment for both of you to see a divorce attorney.  “A divorce attorney?” you ask with a smirk on your face.  “Why would we see a divorce attorney – we’re not even married!”  “To get a prenuptial agreement in place” is the response.  Immediately your eyebrows go up in a quizzical manner and you feel your mouth form a perfect “O” as you feel you might faint dead away.

While this scenario might sound like it straight from out of the afternoon TV. soap operas, it is a scene that happens more and more these days.  In an age, where nearly half of all marriages eventually are dissolved, one can never be too prudent.

What is a Prenup

What is a Prenup?

The mood is just right… a romantic, candlelight dinner for two in an elegant restaurant and when the dessert arrives, there is something much sweeter than the crème brulee, as the gentleman suddenly pulls a velvet box out of his chest pocket and pops the magical question to the woman.  We’ve seen enough romantic movies to know that the question is “will you marry me?”  After the young lady answers in the affirmative, suddenly there are a flurry of decisions to be made and many details to be dealt with before the big event.

But, should one of those details be putting a prenuptial agreement in place before the wedding day?

Nothing puts a kibosh on upcoming nuptials more than talking “prenup”, a word commonly used to describe a prenuptial agreement, or a “contract” that is created between two people before they marry.  This prenuptial agreement may exist between two heterosexual individuals, or, a same-sex couple.

When you read the title of this post:  “What is a Prenup?” you might have scoffed at the topic, thinking prenuptial agreements are just for the rich and famous and not applicable to everyday people.  If a budding romance seems headed to marriage in the near future, you should check out some of the reasons why you might want to consider the practicality of a prenuptial agreement, rather than merely dismissing it as something that is irrelevant to your relationship.

What Assets are Split in Divorce?

All our lives we acquire and lose things. We buy, we sell, trade and borrow. We spend all day at jobs to buy the things we desire. It’s not only physical things that we acquire however. We also acquire retirement plans, bank accounts, investments, and debts. We gain some of these things before marriage and some during. If and when these marriages come to an end assets must be divided between spouses. This is never easy and it’s important to understand your rights so that you receive a fair settlement. It’s wise to get a good understanding of exactly what the value of all these assets are and to hire some professionals such as an attorney and an accountant or actuary to help with this process.