Divorce settlements are never straightforward, and this year, they became even more intricate. The federal government's sweeping overhaul of the tax code reformed many of the calculations that influence divorce. Many New Jersey couples learned this year how tax code changes affected their return, with some people owing more than they had expected. Many divorce experts believe that the amendment will make negotiations tougher.
New Jersey residents who have credit card debt may be interested to know that the credit card debt rate in the United States has risen significantly. People often fail to realize the risks associated with uncontrolled borrowing and those who do not plan well may soon find themselves facing financial obstacles. Those people should understand that debt may seriously affect their economic and social life.
If you are considering filing for divorce in New Jersey, it is a good idea to sort out your finances as soon as possible so that you can ensure an equitable division of both your assets and liabilities. Most couples are so concerned about dividing their assets/property that the latter gets overlooked, and such a lack of concern about debts can lead to financial disaster for one or both spouses following their divorce. Here's what you should know about how credit card debt is treated in a New Jersey divorce case.