Divorce and the value of an education
Morristown residents should learn how the value of their education or career can impact a divorce.
Residents in and around Morristown, New Jersey, that are facing the end of their marriages know that many difficult challenges and decisions lie ahead. Decisions about how marital property will be divided can be more complicated than some people think. There can be unexpected factors that come into play in these decisions and they can also become intertwined with child support and spousal support decisions.
Debts as well as assets must be split
For many people, the prospect of a property division settlement brings to mind concerns about various assets. However, that is only part of the picture in a divorce settlement. It is debts as well as assets that must be handled and included in any divorce proceeding. This can include balances on jointly held credit cards, car or truck loan obligations, mortgages and more.
While student loans are always in the name of one person only, these liabilities can sometimes be considered marital responsibilities. According to mainstreet.com, this can happen if the loans were incurred while a couple was married. This is because a court can consider the financial support of the spouse not in school as an aid to the person who attends school.
If student loans do become part of a marital estate, a court can order one person to pay the other sometimes in the form of alimony to assist with the repayment of the loans.
A look at future income potential
Generally speaking, people choose to pursue a higher education path in order to improve their financial situation. A particular career could hold the promise of a better income or earning potential. The Huffington Post notes that for people with professional practices, this can be the case.
The value of the income to be earned after paying for what can be a rather pricey education can then be considered a marital asset-especially if some or all of that education occurred during the marriage. This asset may come into play in a final property division order or in an order for child support or alimony.
Vocational experts can be useful
A new type of professional is sometimes relied upon in divorces in New Jersey today. This is referred to as a vocational expert. Forbes indicates that these people are able to determine the value of a particular career or education within the parameters of a divorce.
Recommendations for divorcing spouses
When a divorce is imminent, New Jersey residents should plan to be prepared to protect themselves and their assets. Working with an experienced attorney is important at these times.