Making the decision to move forward with your divorce can be complicated and involves many moving parts. Although some divorces can be highly contested, there are many situations in which spouses can work together to resolve their issues and complete an uncontested divorce. Uncontested divorces allow the parties to come to solutions that are tailor-made for their situation and their family. Uncontested divorce can definitely be a good solution for your divorce, and there are some financial focuses you should keep in mind when choosing uncontested divorce for your case.
One financial focus you need to keep in mind is the difference between marital property and separate property. Under New Jersey law, marital property is subject to an equitable division during a divorce. Conversely, separate property is not subject to a division. Having a solid understanding of the difference between separate and marital property is essential to making sure that you are not making financial mistakes by sacrificing your interest in property that should actually be divided in your divorce.
Another important financial focus is the marital debt you are equipped to take on. During a marriage, it is likely that you and your spouse have divided the bills and both financially contributed to the household. After the divorce, however, you will both have to restructure your budget. When deciding whether you are in a position to assume responsibility for certain marital debts, make sure you have taken a close look at the budget you will have after the divorce is over.
Finally, understanding how child support is set is yet another important financial focus. If you and the other parent share a child, it will be necessary for the two of you to work out not only parenting time and custody, but also to set child support. Child support is set using the income of both the parents, which includes income from a variety of sources, including overtime, workers’ compensation, or trust distributions. Child support is also impacted if either parent has children from a different relationship that he or she is legally obligated to support. Setting your child support accurately is a very important financial focus for your uncontested divorce, as it can have consequences for years if you overestimate or underestimate your obligation.
We have extensive experience helping our clients with uncontested divorces and reaching their goals. Call us today and let us talk to you about your divorce.
Are you interested in seeking an annulment? If so, contact Williams Law Group, LLC right away. Our family law attorneys will review your case to determine if an annulment is an option. If it is, we will guide you through the process and ensure you make the best decisions for your future. Call our office at (908) 738-8512, email us at[email protected], or contact us through our confidential online form to schedule a consultation
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