Q: In my divorce under higher education its stated parties shall pay to their ability with the newburgh vs arrigiano law...
If my ex takes me to court to pay half I'm told they look at all ur money in ur checking and savings acct. I don't make much and put a portion of the house money in a savings acct for my nest egg when things get bad. Does the state of nj take that money into account on paying for college? Or do they take into consideration I will need that eventually.
A: In Court you will need to disclose more than just the balances of your bank accounts. You will need to probably fill out an updated Family Court Case Information Statement, which provides your last year's income, your current YTD income, you income based on your last three pay stubs, your monthly household expenses, all of your assets (bank accounts included, but also real estate, securities, businesses, retirement assets, etc), and liabilities. You will need to attach your last years income tax return and most recent pay stubs. Your former wife will have to disclose all of this information too. You can make the argument that you have a small savings for a rainy day, but that will only be one consideration among many. Also, there is a propensity for New Jersey Courts to order a parent to help contribute an amount toward a child's college expenses, even when parents may not feel that they have enough savings really to cover it.
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