In this article, you can discover:
- Marital vs. Non-Marital Debt
- How to organize your debt information to be presented in a divorce trial
- Tips on making the decision to move out of a marital home
Should I Move My Funds To Other Accounts Or Give Them To Someone I Trust?
Prior to or during divorce litigation, moving money to a different account, giving it to someone for “safe keeping”, or hiding it away is not advisable, even though you believe the money is rightfully yours due to your employment status. Anything earned between the date of marriage and the date of complaint is considered marital property and would therefore fall under our state’s equitable distribution statute. Taking the above actions can lead to additional costs during litigation and should be avoided.
Can I Distinguish My Debt From My Spouse’ s Debt?
When married, there are two categories of debt: marital debt and non-marital debt. Non-marital debt arises from expenses made by one partner outside of the marriage and is generally not subject to equitable distribution.
For example, my client thought her partner was having an affair. During the discovery process (a topic that will be addressed at a later time) , we saw their checking account had various hotel stays on the Jersey Shore along with multiple Victoria’s Secret purchases – In New Jersey these would be considered non-marital debts that the partner not having the affair wouldn’t have to pay for since she was never at the hotel nor did she ever receive the Victoria Secret gifts that were purchased using marital bank account debit card.
Marital debts, on the other hand, are those incurred or paid for during the marriage and will be divided between the parties during divorce litigation; this includes home mortgages, car loans, and vacations. Simply put, expenses involving both parties.
Prior to litigating the issue of debt, it is important to collect records of all money spent on creditors during the marriage, such as a mortgage company, any and all credit card companies, and finance companies you owe if you have car payments. This will ensure both parties are held accountable for debts incurred throughout the duration of the marriage, no matter how long it has been. It is essential to gather these records in order to protect yourself and ensure a fair outcome.
Should I Move Out Before Finalizing Divorce? Does This Give Me Rights To Any Property?
Deciding to move out of the marital home is a complicated and personal matter. It is often seen as a sign of the end of the marriage, and the implications can be difficult to face. The answer can vary depending on the status of the marriage, because there are times when both parties remain in the home when tempers flare and disagreements can become hostile and dangerous. The last thing someone wants is a domestic violence restraining order being filed during their divorce proceeding.
Each individual’s circumstances must be taken into account when making this determination and this is something that should be discussed with a qualified family lawyer specializing in divorce. It must be remembered when making this decision that NO abandonment of property rights occurs when one party leaves the marital residence during divorce litigation. Divorce litigation is not considered abandonment, but rather a safety or mental health precaution.
It is also important to consider if one party will be able to maintain the marital residence for settlement purposes, as this could be a factor in the divorce settlement. Discuss with your skilled divorce lawyer whether the party remaining in the home can properly maintain the marital residence and what precautions can be put in place to ensure that the marital home is properly maintained for resale purposes. At all costs, your safety or mental health is of utmost concern, but at the same time, a plan should be developed to protect the assets you have worked so hard for. Ultimately, however, it is up to the individual to decide if leaving the home during divorce proceedings is best given their circumstances.
With the guidance of a skilled attorney for Family Law Cases, you can have the peace of mind that comes with knowing that we’ll make it look easy. For more information on Family Law in New Jersey, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling
(732) 365-3299 today.