If you and your spouse are considering divorce, you might have concerns about what the process will entail. One of the most crucial aspects of divorce is financial information, which you may not feel comfortable sharing.
Your finances are your own personal business, but they are relevant to any divorce proceeding. Transparency can help you smoothen the situation and move on with your life.
Why are your finances important?
While alimony is not a factor in every divorce, it is quite common. The court will weigh your standard of living with that of your spouse’s to determine who pays who, and how much. It is not just your income or assets that go into this decision, but also your earning potential. Your job history and academic pursuits will give the court an idea about how much money you may make in the future.
What information will you share?
New Jersey residents who file for divorce must submit a Case Information Statement (CIS). You and your spouse will need to include your assets, income, liabilities and expenses. Also, if your finances change, you will have to amend the CIS.
Why should you include every detail?
You may be eager to get the CIS over with, but there are two important reasons you should take your time. For one, you can face legal penalties if you leave out pertinent information. On the other hand, you may be overlooking details that could actually help your case (such as sales taxes or cash payments).
Divorce can be difficult for everyone involved, especially when it comes to finances. However, the process may pay off in the end if you cooperate and provide the information that the court asks of you.
