For most people considering a divorce, it is often their first time through the process, and – understandably – they don’t know much about it. Below are three things you can expect to happen during the divorce process.
1. You (or your spouse) will need to file a complaint for divorce
In order to officially start the divorce process, either you or your spouse will need to file a complaint for divorce with the court. The complaint for divorce includes basic information about yourself and your spouse, including the reason for your divorce – which is generally the New Jersey “no fault” basis of irreconcilable differences. The complaint for divorce also includes your requests for relief, such as alimony and child support. In some instances, you may wish to try to resolve your case before filing for divorce so that you are not on the court’s clock, and instead reach a resolution in your own time. However, this may not be appropriate in all cases, and it’s necessary to file the complaint with the court so that you can get relief as needed.
2. You will need to exchange financial information, including bank account and retirement records
As part of the “discovery” process of a divorce, you and your spouse will need to exchange financial statements. This is necessary not only to determine spousal and child support, but also to determine what is necessary to divide in equitable distribution. Retirement accounts, such as pensions, 401k accounts, and IRAs are all subject to equitable distribution, and the marital portion – the amount that accrued in each account between the date of marriage and the filing of a complaint for divorce – is to be shared by the parties.
3. You will need an additional order to divide the retirement accounts
While you may agree at the time of your divorce that you need to divide the retirement accounts – and even if you agree to a specific amount you are to receive – you will still need an additional order, known as a “QDRO,” in order to divide the accounts. After the divorce is finalized, your attorney will assist you in completing the necessary paperwork to have the QDRO drafted. Once it is reviewed by your attorney and signed by yourself and your spouse, it will be submitted to the Court for the judge’s signature. When the signed copy is received, your attorney will forward it to the plan administrator for each retirement plan, and the accounts will be divided. This does not mean that you automatically receive the money, though; it is simply segregated from your spouse’s share. In order to withdraw the money, you will need to take the proper steps and pay any penalties and taxes associated with the withdrawal.
If you are considering a divorce, contact the attorneys at DeTorres & DeGeorge to schedule a consultation today.