When a couple wants to end their marriage, they most often choose divorce. Divorce allows a couple to part ways and move on to a better situation. In New Jersey, a divorcing couple needs to address issues related to the family in order to end their relationship, including the division of assets and alimony, also known as spousal support in our state. Some couples have more complicated divorces that include high net worth and businesses. After the divorce is finalized, some couples may need to request a modification to court orders in the face of changing, unforeseen circumstances. If you are going through a divorce, you have a lot to consider. You should contact an attorney who will offer quality legal advice and passionate representation in order to protect your future. If you need our services, don’t hesitate to call The Mark Law Firm, LLC.
In order to begin the process of divorce, a couple needs to satisfy some requirements. To establish jurisdiction over a case, a residency requirement must be fulfilled. One of the party’s must have lived in New Jersey for at least a year in order to get a divorce in the state. Another requirement is for a party to cite grounds for the divorce. New Jersey is a no-fault divorce state, but not a pure one. Though “irreconcilable differences” is acknowledged as a valid reason to end a marriage, you have the right to still cite “fault” grounds, like adultery and abandonment.
Once jurisdiction and grounds are established, a party may file a complaint for divorce. This will cite the grounds and detail what is necessary to end the divorce. Before a court hears a case, they will decide if it is appropriate for a couple to avoid litigation and pursue mediation in order to save time and money. If mediation is not the right choice for a couple, the divorce process will proceed.
Discovery can be the longest process of a divorce. A court needs to establish a clear picture of how the marriage functions. In order to do so, couples need to share financial information with each other and the court. This process can involve forensic accountants, both hired by the other spouse and court-ordered. Once all of the information is shared, the trial can begin. A court will address all applicable issues, including alimony, division of assets, child support, and child custody. Once all issues are decided upon, a Final Judgment of Divorce will officially end the marriage.
When a couple ends their marriage, they may need to address the issue of alimony. When a court decides on the matter, they will consider many factors related to the relationship, including the length of the marriage, the age of each spouse, financial status, each party’s role in the family, and monetary and non-monetary contributions to the marriage. New Jersey has abolished permanent alimony as it was never supposed to be forever. There are four types of alimony in New Jersey. These include open-durational, limited-durational, rehabilitative, and reimbursement alimony.
New Jersey is an equitable distribution state. When allocating marital property, they will divide assets and debt according to what is fair and just to both parties. In order for a court to decide on the matter, they must decipher the difference between marital and separate property.
In some cases, the definition of what constitutes separate property can be tough to decipher for courts. For example, if a vacation property is separate property when the marriage begins and the couple spends money to update things, fix problems, and better the property as a whole, raising the value, some or all of that property may then be considered marital property. When a court decides a case, valuation must be completed before they can proceed.
Courts will also take into consideration many factors related to the parties and their relationship. These can include the age and health of the parties, individual contribution to the marital property, economic status of each party and the marriage as a whole, and applicable tax consequences. According to the state, they will then allocate assets equitably. If one of the party’s purposefully wastes assets in order to manipulate the factors a court will review, the judge may decide to rule in favor of the other party and adjust allocation based on the deception. If you need legal advice or diligent representation during your divorce, contact The Mark Law Firm, LLC.
High net worth divorces are complicated matters involving some potentially high-profile clientele. The term “high net worth” constitutes combined finances greater than $1 million dollars. High net worth individuals often have more complicated issues to address. Some of these issues include multiple properties, professional practices, successful businesses, and high profile possessions. Accordingly, high net worth individuals need attorneys that have experience handling these complicated issues. High net worth couples also should consider the prying eye of the government during contested divorce trials. Courts are mandated reporters to the Internal Revenue Service. Anything out of sorts may draw unwanted attention to your finances. Most high net worth couples protect themselves through prenuptial agreements, but not all take unforeseen future factors into consideration when starting their relationship. If you need a law firm with experience with high profile, complicated divorces, contact The Mark Law Firm, LLC.
There are many couples who own a business that falls under marital property. In some cases, both parties work together, one owns the business while the other has another job, one owns a business while the other takes care of the family, or one owns a business while the other one does nothing. In any case, if a business falls under marital property, it will be valued and divided according to what is equitable. Though you may have worked at the business harder than your spouse, they are entitled to reap the benefits of the success. In order to protect yourself, you should consider a prenuptial or postnuptial agreement that details what will happen to the business when faced with divorce. If you work together, you may want to consider the option of drafting a durable shareholder’s agreement that details each party’s stake in the business and what will happen in the case of divorce. You do not want your divorce to impact the bottom line, protect yourself and your business from divorce. Contact The Mark Law Firm, LLC to discuss your case and guide you through your options.
When a divorce is settled and orders are passed down by judges, unforeseen changes in circumstances may compel the couple to request a modification. A court cannot decide on matters based on what may happen in the future and it is up to the individual to decide if a modification is right. A court is open to hearing post-judgment modification cases as long as the person requesting it can establish an ongoing and unforeseen change in circumstance that overwhelmingly impacts their life. Post-judgment modifications can be for a variety of issues, including spousal support, division of assets, child support, and child custody. If you need assistance with a post-judgement modification, contact The Mark Law Firm, LLC to assist you in your legal matter.
The Mark Law Firm, LLC serves the greater New Jersey area with quality legal services related to family law. If you are about to go through a divorce, you deserve a passionate and effective team of attorneys that are ready to advocate on behalf of your interests. The Mark Law Firm, LLC is ready to assess your case, guide you through your options, and represent you through your divorce. If you need our help, don’t hesitate to contact us today.