Income is, well, income.
And that means it’s all treated the same for purposes of asset distribution in a New Jersey divorce, right?
Bottom line: A divorcing Garden State spouse who believes that might just find following marital dissolution that he or she was negotiating during the divorce process pursuant to a false impression.
And that can make for a pricey mistake, because income can actually vary materially by type. That is, there are multiple sources of income that can feature in a divorce, and a family law court might treat them in quite distinct ways.
That can breed some unanticipated – and unwelcome – divorce outcomes, a reality that a recent Forbes piece underscores. The writers of that article (a tag team deeply experienced in family law and divorce-linked property division) say that the failure to properly distinguish among different forms of income during the dissolution process can end up costing a soon-to-be ex plenty.
Indeed, Kelly Frawley and Emily Pollock stress that an individual’s success or failure in divorce-tied financial discussions can depend heavily on a single element. Namely, that is an “understanding of how various types of income are treated and how you time the [divorce] filing in relation to these considerations.”
We certainly grasp that point at the Somerville Law Office of Rajeh A. Saadeh. Indeed, we routinely ensure that our valued and diverse clients fully understand and apply its takeaway to maximum advantage in their personal divorce matters.
We will have to more to say about that in our next blog post.