When considering a divorce in New Jersey, finances are a big piece of what goes into the decision-making process. Alimony is one of the most significant issues to be considered in divorce proceedings. There are many factors that go into determining whether alimony is appropriate and, if so, the amount and duration of alimony payments.
In New Jersey, there are 14 factors that go into determining whether alimony should be awarded, the alimony amount and the length of time it must be paid. These factors are part of New Jersey Statutes 2A:34-23. Some of the factors include one’s ability to pay, duration of the marriage and the age and physical health of the couple. An important factor is the standard of living enjoyed by the couple during the marriage and the ability of available assets to maintain that standard for both parties following a divorce. This is partly determined by information provided by each party on the Case Information Statement (CIS).
The CIS shows the income, assets, expenses and liabilities for each spouse. It details in one part personal expenses and deals in specifics. Items such as dry cleaning, hair care, clothing and restaurant expenses can be included here. Accuracy is important because one is required to sign the form and attest to its accuracy. It is best to use items that can be backed up by bank statements or credit card statements as this information goes into determining the couples standard of living during the marriage and the ability for that standard to be maintained following the divorce.
Divorce is a complex process. Determining the amount of alimony to be paid is a critical component of the divorce negotiations. An experienced family law attorney in New Jersey can review a person’s financial situation and offer valuable assistance in determining alimony parameters.