In divorce, there are many factors to consider and many potential outcomes. It is easy to feel overwhelmed. Finalizing a Divorce Settlement is one of the most complicated aspects of the process. It is also the most impactful on your life moving forward.
Many people are unaware of exactly what they are entitled to or what they will be expected to give up. Aside from child custody and visitation, understanding your financial rights will have the most impact on your expectations. These include property division, child support, and spousal support.
Division of Assets
Division of assets is perhaps the most variable topic between different divorce cases. Many unique factors modify what to expect. Although New Jersey is an equitable distribution state, this does not mean property is divided equally in half. Instead, both sides receive a similarly valued amount of assets.
Valuing and Categorizing Property
Property division is more complex than simply dividing a home and a bank account. Who evaluates the property? A family business may be worth more to one party than the other. Complex property division often involves:
- Retirement assets and investment accounts.
- Credit card and other debt accrued during the marriage.
- Tax liability associated with specific assets.
- Short-term and long-term cash flow considerations.
Finding an attorney who consults with expert financial analysts is important. These experts can properly evaluate assets and recommend a sound course of action. Our team at Townsend Tomaio & Newmark includes lawyers who focus specifically on marital asset distribution. Partner Paul H. Townsend is a respected resource in this area. He has been published in Forensic Accounting in Matrimonial Divorce. This knowledge allows us to effectively tackle high net worth and complex distribution cases.
Child Support
Determining child support in New Jersey is somewhat more structured than asset division. However, it still has room for interpretation. Support is governed by the Child Support Guidelines. You can use an online calculator for a rough estimate, but there are limitations:
- Estimates usually reflect only a minimum standard of obligation.
- Calculators may not realistically meet the expectations for your child’s future.
- Peripheral expenses like braces, school supplies, and daycare are not usually factored into the base calculation.
The best way to secure your child’s financial future is to consult with experienced family law attorneys. They can help gather evidence of past expenses and present a realistic expectation of need to the judge.
Spousal Support and Alimony
Spousal support, also referred to as alimony or spousal maintenance, is the final financial element. In some situations, one spouse may have forgone a career to focus on the household. They may be entitled to a portion of the marital income after the divorce.
How much are you entitled to? Most states have no concrete formula for calculating alimony. However, the law generally states that both parties are entitled to live in roughly the same standard of living enjoyed during the marriage. Key considerations include:
- Avoiding situations where one spouse lives in luxury while the other struggles.
- Recognizing that alimony is highly subject to legal interpretation.
- Retaining legal counsel to determine exactly how much alimony is owed.
Contact an Experienced Divorce Attorney in Morristown, NJ
Townsend, Tomaio, Newmark & Clancy is one of the largest and most well-equipped family law firms in New Jersey. Our attorneys have the skill to handle the most complex and contentious situations. We tackle critical issues ranging from child custody to division of assets.
Our practice is built on the understanding that each case is unique. We tailor our strategies to suit you and your family. Contact us online today or contact our offices in Morris County at 973-840-8970 for a free, confidential consultation. One of our seasoned attorneys will discuss your case and outline your options.
