If you are considering filing for divorce, you might be worried about all the different logistical decisions you’ll have to think about throughout this process. A divorce impacts nearly every aspect of a person’s life, so inevitably, many divorcing spouses wonder how their financial status could be affected by the upcoming legal proceedings. Perhaps one of the most important decisions is how shared assets are divided between both spouses. Continue reading this blog to learn more about property division agreements in New Jersey divorces and whether they can be altered in the future. For further information, you may also reach out to an Ocean County Property Division Attorney who can provide individualized legal counseling.
ARE PROPERTY DIVISION SETTLEMENTS FINAL IN A DIVORCE?
Yes, property division agreements must be followed after a divorce is finalized no matter what happens in the future. There are only a few exceptions where a judge might consider altering the division of assets order in the divorce process. For example, the settlement can be adjusted if the judge makes a mistake in the original legal agreement. A divorcee might also be able to change their property division order if their ex-spouse purposefully hid assets during the discovery process of divorce. Other than in situations such as these, a divorced couple’s property division is final once the divorce is finalized in court.
HOW ARE ASSETS DIVIDED IN A NEW JERSEY DIVORCE?
Nowadays, more divorcing spouses are choosing to hire divorce attorneys or mediators to help them decide on legal agreements outside of the courtroom. If a couple cannot come to a reasonable agreement on their own, a judge in a divorce court will need to make the final decision. The judge might take the following factors into consideration:
- The length of the marriage
- The value of the marital property
- Each spouse’s age and health
- Prenuptial and postnuptial agreements
- Each spouse’s overall financial status, including their annual income, inheritances, debts, trusts, and earning potential
- Each spouse’s contributions to the marital property
- Each spouse’s standard of living during and after the marriage
- If the couple has children, child custody arrangement and child support orders
CAN ANY DIVORCE SETTLEMENTS BE ALTERED?
While it’s pretty rare for a property division settlement to change once a divorce is finalized, other legal agreements could be amended under certain circumstances. Since child custody and child support arrangements are contingent on each spouse’s present living conditions, these agreements can be more easily changed. However, the divorced couple will need evidence to show that a change in their legal agreement is necessary for the child’s best interests.
Are you currently in the midst of a New Jersey divorce? If so, you might be looking for a trustworthy divorce attorney who can help you to protect your best interests. Look no further because our highly experienced legal team is on your side every step of the way! Contact the Law Office of Sarina Gianna today for an initial consultation.