When a couple decides to share their life, they often look forward to the future. However, when one spouse has no trouble saving money, and their partner’s spending habits are out of control, it can cause financial stress. Financial stress is a leading cause of divorce because one spouse’s financial irresponsibility can significantly impact an economically responsible spouse. If your spouse’s spending habits have caused the irretrievable breakdown of your marriage, it is in your best interest to contact a skilled Ocean County Divorce Attorney who can help you safeguard your hard-earned assets.
Is my spouse’s financial irresponsibility grounds for divorce in New Jersey?
Unfortunately, when it comes to divorce, financial issues are one of the most common reasons why couples decide to split up. That being said, when a financially irresponsible spouse’s spending habits significantly impact an economically responsible spouse’s life, it causes them to wonder whether they can use their partner’s financial irresponsibility as grounds for divorce.
In New Jersey, you can pursue a no-fault divorce as it allows you to cite irreconcilable differences as your grounds for divorce. Essentially, irreconcilable differences mean the marriage no longer works and is beyond repair. You do not have to cite the specific reason, such as financial irresponsibility. Instead, you can cite irreconcilable differences as the reason for the irretrievable breakdown of your marriage, as you cannot regain a healthy future together due to their financial irresponsibility.
How can I safeguard my hard-earned assets from my financially irresponsible spouse?
If your financially irresponsible spouse spends substantial amounts of money without giving it a second thought and has repeatedly ignored your concerns, you may be left with no other option but to dissolve your marriage to safeguard your hard-earned assets. Sadly, your financially irresponsible spouse may try to hide money or start spending recklessly out of spite to hurt you. When this occurs, it is known as dissipation. While there is no way to prevent dissipation completely, you can still protect your hard-earned assets by documenting their behavior to prove they acted in bad faith before your divorce. Recording their bad faith will maximize your chances of the court ruling in your favor.
Furthermore, you should close your joint accounts to prevent them from draining your funds out of revenge. In addition, it is beneficial to remove them as an authorized user on all of your accounts to ensure they do not have access to your finances. While you may believe they will deliberately accumulate debt or waste money out of revenge, you cannot hide marital assets from your partner, as this is considered bad faith. Therefore, you should document their behavior as it can help you safeguard your hard-earned assets.
If you’re dealing with a financially irresponsible spouse, please don’t hesitate to contact our Ocean County divorce attorneys. At the Law Office of Sarina Gianna, LLC, we are proud to help guide our clients through every step of the complex divorce process to maximize their chances of achieving favorable results.