One of the most important aspects of your divorce will be seeking fair and reasonable terms to your property division order. This will have a direct impact on your future, and seeking fair terms will ensure that you have what you need for long-term stability and security. A critical aspect of this process is consideration of all income, including imputed income.
Calculation of child support, spousal support and more is based on the assets, income and debts of both parties. When there is an inaccurate picture of how much one truly earns, it can skew the final arrangement, resulting in an unfair final arrangement for one New Jersey spouse. You have the right to fight for terms that are fair, reasonable and representative of each party’s true financial situation.
An accurate financial picture
During the divorce process, there will be a full financial disclosure by both parties. This means accurately listing all income, debts and assets of each party. Accurately calculating and disclosing all imputed income is a critical part of this process, including all imputed income. Imputed income is any additional source of income that is not listed as part of your regular salary or pay, even if you pay taxes on it. Examples of imputed income include:
- Fringe benefits offered by employers
- Some types of health savings accounts
- Cellphones or access to company-owned vehicles
- Group life insurance
- Moving expense reimbursement
While these benefits and others may not be part of one’s salary, they are sources of income that provide financial benefits. If you feel that your spouse is not properly disclosing all relevant financial information necessary to seek a fair property division order, you may fight for the information you need to make the best possible decisions. Imputed income is income, and failure to include this information could be an attempt to defraud you, or keep you from your fair share of marital property or financial support.
The best financial future for you
There is a lot at stake for you in the terms of your final property division order. It is in your interests to seek an understanding of how you can seek fair terms, especially if you suspect that the other party is hiding or downplaying imputed income. You may benefit from seeking knowledgeable counsel as you navigate a complex financial divorce and fight for what you need for the future.