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Englewood Cliffs Legal Blog

What a spouse's unusual financial moves might mean

Some New Jersey residents may be alerted to the possibility that their spouse is planning to file for divorce by that person's financial actions. For example, one man's wife suddenly decided to put a significant amount of money into a certificate of deposit that only had her name on it. This was money the couple had made on the sale of their home. In addition to the $90,000 from the home, the woman added a $40,000 payout she received after a job loss. The man asked his wife to either add his name to the account or return the amount to their joint accounts, but she did not.

There could be other explanations for this including that the man is irresponsible with money. However, a person who notices a spouse's unusual financial activity, such as moving money into an individual account, might want to take a few steps for financial protection. One is documenting communications. The person may also want to talk to an attorney. It may be necessary to talk to the bank about how the spouse's accounts might be frozen and the money retrieved.

Financial mistakes to avoid during a divorce

States in the Northeastern United States, including New Jersey, have some of the lowest divorce rates in the country, according to the U.S. Census Bureau. That statistic can be partly attributed to the fact that people tend to marry later in life in New Jersey when compared to other states. 

high-net-worth divorce can become extremely complicated. The important thing for both spouses to remember is to keep their financial assets in order. No one wants to spend too much money on a divorce, but there are plenty of ways to hemorrhage money during this time. Avoid detrimental mistakes that can sink finances, such as:

Common errors to avoid in asset division

When New Jersey couples get a divorce, they need to be aware of the value and nature of their assets during property division. This means keeping in mind that tax penalties and other considerations may make some assets worth less than their apparent value when compared to others.

For example, a person might want to keep the house in exchange for another asset such as a retirement account. However, the person may not consider the cost of maintenance in looking at the value of both assets. Furthermore, the maintenance may be unaffordable on a single income.

Making consistent rules after a divorce

When New Jersey parents of young children are getting divorced, they may be focused on many different things. They may need to worry about property division, spousal and child support, child custody, and parenting time. An important part of the child custody portion of a divorce is making certain that the children's best interests are protected. One way to do this is to agree on consistent rules that both parents will implement in their respective homes.

Children's lives are disrupted when their parents get divorced. If their parents are also unable to get along, the children may be emotionally harmed by the conflict. When the parents are able to establish similar rules for their children that they both follow in their homes, the children may feel more comfortable because they will know what their expectations are.

The benefits of shared parenting

Shared parenting may be a concept that not a lot of New Jersey residents are familiar with. This is because in 80 percent of child custody cases, the mother is awarded physical custody of the child. This can hurt her chances of advancing in the workplace. It may also have negative consequences for both the father and the child.

A father who is only able to see his son or daughter every other weekend may experience may be sad to spend so little time with his children. Research has indicated that children do better when they are able to see their parents equally. This is generally true even if the child is still a baby or a toddler. Shared parenting has made it possible for more women in Canada to enter the workforce, and the concept is a familiar one to people in Sweden and other countries.

New standard for relocating kids after divorce

Raising kids after a divorce is often more challenging for both parents, and this is especially true when parents disagree about something major like where a child should live. A ruling from the Supreme Court of New Jersey will influence what happens when the custodial parent wants to move away from the state.

If one parent does not want a child or children to leave New Jersey, then the other parent must prove that relocation is in a child's best interests. Previously, the law considered whether a move would harm a child. This means a parent who wants to relocate now has the burden of proof to show that this will be positive for children.

3 financial mistakes to avoid during a divorce

New Jersey actually has one of the lowest divorce rates in the country. According to a 2016 article in The New York Post, the only states that have fewer divorces than New Jersey are Wisconsin, Rhode Island and Delaware.

With that being said, plenty of couples still deal with divorce in the Garden State. In fact, many couples end up spending more money than they should on the process. No matter how wealthy some couples may be, they still need to keep an eye on finances. Here are three common mistakes people should avoid making when going through this difficult process.

Determining what a business is worth during divorce

If a New Jersey couple is getting a divorce and one or both of them owns a business, it will usually need to be divided along with other shared marital property. A skilled valuation analyst can determine the value of the business so this division can take place.

How accurate this valuation needs to be depends on the circumstances. The couple must choose between a calculation of value and a full valuation. The full valuation is more expensive, more time-consuming and more accurate. However, it might be necessary if a third party, including an arbitrator or a judge, needs the information. If the couple plans to use it in mediation, it may be possible to do a calculation of value.

Blac Chyna vows to co-parent after Kardashian's Twitter tirade

New Jersey residents who follow the Kardashian family may be interested to learn that Blac Chyna, the model who has an 8-month-old baby with Rob Kardashian, was granted a restraining order on July 11. She had filed for the restraining order after Kardashian attacked her in a Twitter tirade that involved posting graphic content, nude photos and accusations regarding drugs and alcohol.

While restraining orders can have an influence on child custody agreements, Blac Chyna has gone on record to explain that it was she who had trouble with Kardashian, not the child. She said that she intended to work with the lawyers to determine how to continue to co-parent with Kardashian as he has been a great father.

Custody arrangements for undocumented workers

The American-born children of undocumented workers in New Jersey and around the country are automatically granted American citizenship, but this is not enough to stop the immigration authorities from initiating deportation proceedings against their parents. President Trump has been highly critical of the nation's border control policies and has vowed to clamp down on illegal immigration, and this has prompted some undocumented workers to put contingency plans in place to take care of their American-born children should they no longer be able to.

Some immigrant families are seeking individuals who can care for their children on a temporary basis should they be deported, but many parents would rather shield their children from political upheaval and violence in their home countries by putting child custody arrangements into place that would allow them to remain in the United States permanently. However, actually achieving this goal can be extremely difficult even when close friends or family members are willing to take on the added responsibility.