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7 Things You Need to Know About New Jersey Divorce Settlement Negotiations

Going through a divorce can be one of the most difficult experiences in life. The process can be emotionally charged and complex, especially when it comes to settling matters such as property division, alimony, child custody, and child support. If you're involved in a divorce in New Jersey, you need to understand certain essential things before entering into divorce settlement negotiations. There are nine key points to keep in mind in regard to New Jersey divorce settlement negotiations:

  • New Jersey is an equitable division state
  • Marital property division includes a wide range of assets
  • Debts are also divided during divorce proceedings
  • Alimony may be awarded to one spouse
  • Child custody arrangements must be approved by the court
  • Child support is determined by a specific formula
  • Mediation is a common approach to divorce settlement negotiations
New Jersey is an Equitable Division State

When it comes to New Jersey divorce settlement negotiations, it is important to understand that the state uses the equitable division of property standard. This means that marital property is divided in a fair way. Such a division does not necessarily have to be equally made between spouses during divorce proceedings. It is important to recognize that equitable distribution does not mean an absolutely even split will occur between the divorcing spouses. A divorce court takes several factors into consideration, such as the length of the marriage, each spouse's contribution to the marriage, and each spouse's earning potential.

Marital Property Includes a Wide Range of Assets

In addition to bank accounts, real estate, and personal property, marital property can also include business interests, retirement accounts, and even intellectual property. It's important to have a clear understanding of what constitutes marital property as well as what is not considered to be in this category. Appreciating this difference can have a significant impact on the outcome of your divorce settlement.

Debts are also Divided During Divorce Proceedings

New Jersey divorce settlement negotiations also include debt division. This includes credit card debt, mortgage debt, and any other debts incurred during the marriage. It's important to note that debts are also subject to equitable distribution, so it's crucial to have a comprehensive understanding of your debt situation before entering into divorce settlement negotiations.

Alimony May be Awarded to One Spouse

Depending on the circumstances, the court may require one spouse to provide financial support to the other spouse following the divorce. Alimony can be awarded on a temporary or permanent basis, and the amount is determined based on several factors, such as the length of the marriage, each spouse's income and earning potential, and each spouse's contribution to the marriage.

Child Custody Arrangements Must be Approved by the Court

If you have children, it's important to work with an experienced family law attorney to develop a parenting plan that meets the best interests of the children and is acceptable to the court. The court takes several factors into consideration when deciding on child custody arrangements, such as each parent's ability to provide for the child, each parent's relationship with the child, and the child's wishes (if they're old enough to express them).

Child Support is Determined by a Specific Formula

New Jersey has guidelines for determining child support payments based on the income of both parents. The formula takes into consideration each parent's income, the number of children involved, and other factors such as the cost of healthcare and childcare. While the formula is a guideline, the court may deviate from it if there are any special circumstances.

Mediation is a Common Approach to Divorce Settlement Negotiations

Mediation is a process where a neutral third party helps the spouses reach an agreement on various issues related to the divorce. Mediation can be a cost-effective and less adversarial approach to divorce settlement negotiations, and it's often preferred by spouses who want to maintain a cordial relationship post-divorce. In some cases, a court may recommend parties to a New Jersey marriage dissolution case attempt mediation.

In conclusion, going through a divorce can be a challenging and emotionally charged experience, but with the right support and guidance, you can move forward and start a new chapter in your life. This includes seriously considering a capable, experienced attorney to represent your interests, including when it comes to New Jersey divorce settlement negotiations. Call (201) 845-7400 for free consultation.

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