Any assets that a spouse acquired before marriage is considered non-marital property, otherwise referred to as separate property. For instance, if a person purchases a car in his or her name, then gets married, the vehicle is typically not subject to marital property division because it is separately owned. If a spouse purchases a car during marriage but does not put his or her spouse’s name on the title, it is still generally considered marital property.
Before a fair settlement can be achieved, a fully disclosure of all marital versus nonmarital property must be exchanged by the parties. It is also important to note that a fair (or equitable) division of property does not necessarily mean that the court will split assets equally between the spouses. It merely means that the court will determine how to divide the value of all marital property in question in a way that is fair to both parties.
It is common for complex property division issues to arise in divorce, especially if spouses disagree on a specific matter. To protect one’s financial interests, it is helpful to consult with a financial adviser and to act alongside an attorney who is well-versed in New Jersey divorce litigation issues. The more a person learns ahead of time about the rules of property division in this state, the better able he or she will be to ensure a fair settlement.
]]>When preparing for a divorce, the sooner a concerned spouse establishes financial independence, the better. Regarding credit card accounts, it may be best to cancel all cards that are jointly owned. It is best to consult with your attorney as soon as possible to determine whether or not on which accounts to close. The balances can be transferred to new cards in one spouse’s name only. Especially in situations where there is contention, and one spouse might be taking revenge by going on a spending spree, this step prevents him or her from creating debt that the other spouse would be responsible to pay.
If spouses co-own a credit card and the spouse who has assumed responsibility for the debt after divorce does not pay it off, the other spouse is still legally responsible for it, as well. Unpaid debt can ultimately have a negative effect on one’s credit score. This is another reason why it is a good idea to establish separate ownership of all credit cards and bank accounts when planning to file for divorce.
No one wants to be caught off-guard in court during property division proceedings. To avoid this, a spouse who is unsure about credit issues may want to ask an experienced New Jersey family law attorney to review his or her case. Such an attorney can recommend a best course of action for protecting credit and preventing other financial problems during and after a divorce.
]]>A concerned parent who is worried about child custody issues during the holidays after a divorce can incorporate specific terms of agreement into a co-parenting plan to help avoid problems. Spelling it all out in writing leaves little room for confusion or dispute. A parent can write out an entire holiday schedule, including where kids where stay, who will drive them here or there and who will finance gift-giving and other holiday expenses, etc.
Especially if two parents tend to argue when they are together in person, taking advantage of advanced technology resources can help keep the peace during between co-parents during the holidays. Cellphone apps, virtual chat software and other electronic means helps parents keep clear lines of communication open without having to have stressful conversations in person. Parents can provide kids with apps for scheduling, as well, so everyone has access to the same digital calendar with all holiday events filled in.
A parent can make the best use of resources and still encounter child custody problems if the co-parent refuses to cooperate. This can be annoying and intensify holiday stress. It can also spark serious legal problems that are difficult to resolve without the court’s intervention. If a problem arises, it is a good idea to request a meeting with an experienced New Jersey family law attorney because the sooner the issue is resolved, the sooner the parent in question and his or her children can get back to enjoying their holidays.
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