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April 2013 Archives

Two ways to protect assets during a divorce

Residents of New Jersey who are well off may want to think about protecting their assets if they are married or considering marriage. Few people want to think about ending their marriage before it begins, but when someone has a high net worth, protecting his or her assets from divorce is essential. Some of the ways this can be done include prenuptial agreements and keeping money and inheritances separate from the other spouse. The goal of a prenuptial agreement is to protect the assets of the individual with the most property in a marriage, and it can also reduce the chances of a drawn-out court battle if a couple divorces. Prenuptial agreements have become standard fare, and these legal agreements can help couples communicate exactly how their finances will be arranged during and, if necessary, after a marriage.

New Jersey Powerball winner owes back child support

A Powerball winner and father of five was due in Superior Court in Paterson, New Jersey, on April 1 at 1:30 p.m. The man acquired $338 million from the Powerball jackpot and was subsequently issued a child-support warrant for allegedly owing $29,000 in back child support payments. After paying around $152 million in taxes, the man will come away with a lump-sum payment of $221 million from his Powerball winnings. A Sheriff's department official stated that Lottery Division usually satisfies judgments such as the one the father is facing before any winnings are released.

New Jersey Powerball winner owes back child support

A Powerball winner and father of five was due in Superior Court in Paterson, New Jersey, on April 1 at 1:30 p.m. The man acquired $338 million from the Powerball jackpot and was subsequently issued a child-support warrant for allegedly owing $29,000 in back child support payments. After paying around $152 million in taxes, the man will come away with a lump-sum payment of $221 million from his Powerball winnings. A Sheriff's department official stated that Lottery Division usually satisfies judgments such as the one the father is facing before any winnings are released. According to authorities, the warrant for the man has been stayed until his scheduled court appearance. His unpaid child support payments have accumulated since 2009. It is unclear at this time which of his five children the court appearance is focused on. 

2,223 NJ parents owe more than $100,000 each in child support

According to the New Jersey Department of Human Services, 2,223 of the state's residents have the dubious distinction of owing more than $100,000 in child support. That's slightly less than one percent of New Jersey's 299,238 child support cases. A 34-year-old Phillipsburg man was taken into custody on March 5 for falling into this group of parents who owe more than $100,000 in their payments. The Warren County Sheriff's Office recently picked up several other people who are allegedly in the same boat of delinquency as well. The court issues warrants after two or more missed child support payments, and warrants are also issued in cases of failure to appear. In New Jersey, child support is calculated through a formula based on income and expenses for the child. The payments are then usually taken out of the parent's paycheck automatically although there are exceptions to that rule.

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