With over 40 years of Divorce and Family Law experience, Shane and White, LLC have seen complex cases come across our desks. If you are going through a divorce you are already going through a hard time. The strain that a divorce can have on relationships with friends, family, and partners are usually pretty serious.
As experts in the divorce and family law space, it is our job to help identify all of the issues you may run into and assist you in overcoming them as seamlessly as possible.
Financial Issues in Divorce: Dealing with Alimony and Equitable Distribution
Throughout our 40 years, we have noticed common trends in the financial issues clients seem to go through with their divorces. Alimony and equitable distribution play a major role in the cases we handle.
Though all cases are unique, let’s break down the issues that might play a part in your divorce.
Equitable Distribution
Split it right down the middle, right? Well, anyone who has ever been in an argument knows that things aren’t that easy. There are sides, opinions, and belongings that need to be considered in every divorce case. New Jersey law requires a determination of what is equitable, not necessarily what is equal. There are various deciding factors that all play a part in deciding who gets what. Things like, if a spouse decides to forego a career to stay home and raise children that have come from the marriage, you can expect the court to take that into consideration when determining what is equitable in the distribution of assets and liabilities.
Dealing with Alimony
Alimony is one of the last boxes to check off when finalizing a divorce, and it can often be the hardest to work through both financially and emotionally.
Alimony is a legal obligation of one spouse to provide financial support to their spouse during or after marital separation or divorce. For the most part, alimony agreements will result in a monthly payment to the spouse. The payments will be enforced until:
- a date set several years in the future which is determined based upon the length of your marriage and each party’s individual needs and abilities,
- your former spouse remarries,
- your former spouse cohabits with an unrelated individual who contributes to their support,
- some other significant event—such as retirement—occurs, convincing a judge to modify the amount paid, or
- one of you dies.
As with all issues in divorce and family law, it is important to realize that each situation is different. If you can’t see yourself and your spouse coming to an agreement about alimony, you might need to go trial, which can cost you plenty of time and money. Whether you are expecting to pay or receive alimony, it is very important to have a clear understanding of the process and set reasonable expectations. Without a clear understanding, you might cost yourself thousands of dollars to walk away with results you are not happy with.
Long Story Short
When in doubt, it’s best to reach out. No one plans on going through a divorce. Regardless of the situation, divorce plays a major part in your life in determining the future for yourself and your loved ones. It is critical to make the right decision when it comes to your divorce lawyer. Any mistakes made throughout the divorce process can result in you not getting what you deserve and costing you along the way. At Shane and White, LLC, we highly encourage you to find the lawyer who is going to work hard for you. Your lawyer should help you understand your options and get you what you deserve.