Financial abuse can complicate an already difficult divorce, creating unique challenges as one seeks to secure their financial future. By understanding the legal options available, individuals can protect their rights and rebuild stability.
Identifying financial abuse
Financial abuse often occurs when one spouse controls or manipulates the other’s access to money and financial resources. These could include restricting access to bank accounts, hiding assets, or lying about income. Additionally, running up debt in the other spouse’s name and preventing them from working or accessing their earnings is abuse. Recognizing these signs is the first step toward addressing the problem.
Seeking equitable distribution
In New Jersey, divorce law follows the principle of equitable distribution. This means the court will divide marital assets fairly, though not necessarily equally. Those injured by financial abuse should provide evidence. The court will take this information into account when dividing assets. Their goal is for injured parties to receive a fair share of the marital estate.
Filing for spousal support
Those dealing with financial abuse may also seek spousal support. This can provide financial stability during and after the divorce. The court considers various factors when determining spousal support. These may include the length of the marriage, the earning capacity of each spouse, and the standard of living during the marriage. If one spouse used financial abuse to limit the other’s earning potential, this could impact the spousal support award.
Freezing assets during the divorce
To prevent further financial abuse, injured spouses can request the court to freeze marital assets while the divorce is ongoing. This stops the abusive spouse from moving or hiding money before a fair distribution can take place. A freeze ensures that both parties retain access to the marital assets.
Steps toward financial independence
Spouses injured by financial abuse have the power to take control of their financial well-being. Gaining financial independence is not only possible but essential for moving forward with confidence and security.