Can Property Division Orders Be Changed After A Divorce Is Finalized?
The divorce process is complicated for various different reasons. Many spouses worry about the division of assets because splitting shared property between two people is inevitably stressful. The good news is that knowledgeable law firms like ours are here to help! Continue reading this blog to find out if any legal agreements can be changed after a divorce is finalized. For further information, feel free to reach out to a Morris County NJ Division of Assets Attorneys who can provide individualized legal counseling.
CAN I ALTER MY PROPERTY DIVISION ORDER AFTER THE DIVORCE?
Most of the time, no. Once a property division settlement is finalized in court, the agreement must be followed no matter what happens after the divorce. There are a few rare exceptions where a property division order could be changed. This really only happens if the judge made a mistake on the agreement or if one spouse purposefully hid assets during the discovery process. Otherwise, the division of assets is final, so you should take careful consideration when making these decisions.
HOW ARE ASSETS DIVIDED IN NEW JERSEY DIVORCES?
Many divorcing spouses today decide on asset division themselves, usually with the help of a divorce attorney or mediator. If the spouses cannot come to an agreement on their own, a judge will need to make the final settlement decision. Many factors could be considered, including:
- The length of the marriage
- Prenuptial and postnuptial agreements
- Each spouse’s age and health
- Each spouse’s overall financial status, including annual income, debts, inheritances, trusts, and potential earning capacity
- If the couple has children, child custody arrangements and child support orders
- Each spouse’s contributions to the marital property
- Each spouse’s standard of living during and after the marriage
Our law firm highly recommends hiring an attorney or mediator to help divorcing couples with the division of assets during legal proceedings. Having legal help can ensure that your best interests are protected.
CAN ANY DIVORCE ORDERS BE ALTERED AFTER THE DIVORCE IS FINALIZED?
While it’s pretty rare for property division orders to be changed, there are other divorce settlements that could be modified in the future if the court finds a reason to. For example, since child custody and child support arrangements are highly dependent on each spouse’s present living conditions and income, these arrangements could be legally changed if one spouse’s income greatly changes or another impactful occurrence happens.
Are you currently in the midst of a divorce in New Jersey? If so, you’ll need a dedicated divorce attorney on your side to guide you through this complicated process. Thankfully, our highly experienced legal team is on your side every step of the way! Contact Townsend, Tomaio & Newmark today for an initial consultation.