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October 2015 Archives

Prenuptial agreements growing trend for business owners

A New Jersey business owner entering into the divorce process will learn that business assets could very well be counted among marital property and thus subject to division. To provide some level of protection in the event of a divorce, business owners are looking to prenuptial agreements before marriage. This document will spell out the ownership of the business assets and establish what claim, if any, a future spouse might have. Partners and other shareholders appreciate these legalities because they offer some assurances about the future.

Risk of fatal car accident involvement in New Jersey

Many people hear sad stories about fatal accidents on the news, but they may not understand what the risks are that they will die in such an accident themselves. A recent report sheds light on the risk of dying in a car accident as well as the risks for dying to other common causes.

Bankruptcy and foreclosure

When New Jersey homeowners are faced with significant financial challenges, one of the first things they may worry about is losing their home to foreclosure. Unemployment, unexpected health issues or other unforeseen circumstances can create financial challenges that make it difficult for people to make their mortgage payments. While it is possible to seek a loan modification, some people find themselves in such financial distress that their mortgage lender cannot or will not work with them.

Financial fraud in divorce proceedings in New Jersey

Although financial fraud is not a common issue in divorces, if someone seeing a lot of red flags, such as the other spouse being vague or evasive about income or assets, it may be a good idea to have a forensic accountant take a look at the situation. While a spouse may not be trying to hide income from the government, it could represent an attempt to keep the other spouse from receiving a fair share of marital assets.

Bankruptcy trustees can sell IRAs because of debtors' bad faith

New Jersey consumers who are considering or are in the process of filing for bankruptcy may want to take some cues from a North Carolina couple on what not to do. A district court ruled on Sept. 29 that because the debtors acted in bad faith during the filing process, the bankruptcy trustee can sell the husband's $240,000 individual retirement account.

Truancy complications may lead to serious penalties

New Jersey youths who fail to attend school could be charged with truancy if their absences are unexcused. Although federal law states that minors can't be incarcerated for being truant, judges at the state level may elect to send them to jails or detention centers if they don't comply with probation orders or exhibit further truant behavior after being formally cautioned.

Benefits of an attorney during divorce

New Jersey residents who are going through a divorce may wonder whether they need to hire a lawyer or if they can do it themselves. One good reason to hire a divorce lawyer is because if the case does go to court, an individual is likely to be unfamiliar with the ins and outs of matrimonial law. Not being a lawyer does not excuse a person who has chosen to represent themselves from being prepared.

Financial points to remember in a New Jersey divorce

Many New Jersey couples who are contemplating a divorce may not understand how complicated the process can be. There may be concerns about financial aspects and debates on how property will be divided. Having a basic foundation of what to expect when it comes to finances can help as the process moves forward.

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