No, an order regarding division of property cannot be modified based on a substantial change in circumstances. Unless appealed, these orders are final. Michele E. D’Onofrio is a family law attorney practicing in Warren, New Jersey.
Debt, Credit, Bankruptcy
What happens if the non-military spouse runs up a lot of credit-card debts in the military spouse’s name while the military spouse is deployed?
No, debts are automatically considered during property division. You would look at it all as a whole. And to some degree, the most appropriate way to look at it is to incorporate the division of assets because you want to look at the debts and how the assets are divided. Is there enough assets to […]
The answer is likely yes. Typically, domestic support obligations such as alimony and child support are not terminated as a result of bankruptcy. In other words, those obligations survive the bankruptcy. However, it may be that the bankruptcy provides grounds for a modification based upon changed circumstances. Diana N. Fredericks, a […]
Do I have to include credit-card debt on my financial statement during divorce?
DebtWave Credit Counseling, a nonprofit credit counseling agency in San Diego, answers: Many people are unsure of how to handle outstanding credit-card debt after a divorce. Going through a divorce can be messy, but there are neat guidelines that tell you which credit-card debts you are responsible for, which should be handled by your former […]
John J. Gilligan, a family lawyer in Long Beach, answers: The filing of bankruptcy does not discharge a child support order. Child support must still be paid by the bankrupt party in the amount set forth in the family law court order. John Gilligan is a founding partner at the family law firm offices of […]
New Jersey couples that are considering or experiencing divorce can benefit from learning as much as possible about the financial aspects of divorce, including equitable distribution of assets and debts. Couples with significant assets or a stake in a business may face particularly complex challenges in dividing their marital property. Another important financial consideration in […]
Lawyers are experts at the law, not financial issues, including the importance of credit reports and credit scores, and the effect such changes can have on the value of economic decisions. The right financial expert can be crucial in helping the lawyer and the court understand the importance of credit related changes and putting a […]
What happens in a case of shared debt? For instance, if one spouse started a business during the marriage and lost money, are both of the spouses equally responsible for that debt?