Divorce During a Recession — Monmouth County Attorney

The economic climate can play a major role in your divorce. The strength or weakness of the  job market, the housing market, and the stock market can substantially effect the outcome of many if not all issues addressed in your divorce.  For many, it may add nearly imperceptible nuances that need to be addressed. The Law Offices of Douglas I. Krompier MBA LLC is dedicated to protecting New Jersey men who are going through a divorce or require post-divorce modifications during a recession or an economic downturn.

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How a Recession Impacts the Divorce Process

A common denominator in any divorce is the availability of income and assets.  Money of course naturally becomes harder to come by during a recession. Even if you are fortunate enough to still have your job and are still earning the same income that you were prior to the recession, you may have become more focused on how you should be spending your money. That focus should remain an objective throughout the divorce process. The fact of the matter is, that a divorce can be extremely costly. The decision to file for divorce through the traditional approach versus considering a Collaborative Divorce, which is often a less costly approach, both financially and emotionally, should be discussed with a divorce attorney formally trained and experienced in both Collaborative Divorce and litigation.  Before putting your money down, you should carefully review the steps that need to be taken and how they will impact your overall cost. Freehold divorce attorney Douglas I. Krompier MBA LLC is cost-conscious. Attorney Krompier will discuss the pros and cons of both methods of divorce with you.  He will review all costs with you prior to moving forward with your divorce case. In fact, he will have you sign off on all documents and expenses, so you can see exactly where your money is going.

The Recession and Post-Divorce Modification

If you recall, when your divorce was finalized, most of the outcome was based on your then income and your ex-wife’s income at the time your case was finalized. If you or your ex-wife are one of the many whose incomes have been negatively impacted by the recession, a post-judgment modification may be necessary.

If you have since lost your job, or your income has gone down or you have lost a substantial portion of your then income, by a cut in overtime or a loss of commissions or bonuses, you may need to alter child support and/or alimony obligations. You may need to rearrange child parenting plans to accommodate a new job. If your ex-wife lost her job, she may request these types of modifications and you will want to know how you can deal with them under your own financial constraints. Attorney Krompier will review your situation to help you understand the steps that must to be taken to adjust and adapt to the economic climate presently before you.

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Protect your rights. Every one of them. To schedule a consultation with a
New Jersey divorce lawyer serving Ocean County, Middlesex County, and Monmouth County, call (732)431-9188 or contact the firm by e-mail.