What do divorce and economics have in common? Well, a lot. But today I am focusing on the unlikely link between the theory of information asymmetry – which deals with the study of decisions in transactions where one party has more or better information than the other – and the New Jersey Divorce App.
According to the acclaimed book, Freakonomics, the theory of information asymmetry accounts for why we hire a real estate to sell our house, an insurance broker to purchase long-term health insurance, and a funeral director to purchase a coffin for a loved one that has passed.
So what does the information asymmetry have to do with divorce, you ask? Well, typically, when getting divorce, you hire an expert – a divorce lawyer – to handle your case. After all, we are well-versed on all things divorce, custody, alimony, child support, equitable distribution, tax issues, and many other issues with which you may not be familiar.
In other words, the divorce lawyer has an information asymmetry that the client seeks to tap into to achieve the best result possible.
But what if you could bridge the gap between the lawyer’s vast knowledge and your own? Would you achieve a better result if you could actively participate in the process?
Just like studying up on the housing market may assist the person selling or buying their house when working with a real estate agent, having more information as a litigant during the divorce process may help you inform your attorney as to the issues in your case.
That is where the New Jersey Divorce App can help tremendously. It is designed specifically for the client. It takes information regarding the divorce process, synthesizes it, and presents it to the client in a way that they can easily understand.
For example, when you download the app, you will see a section called “Divorce Information,” which covers the following topics:
- Overview of the Divorce Process;
- Child Support;
- Alimony; and
- Equitable Distribution.
Click on these larger topic headings, and you will get to a myriad of subtopics; many of which will pertain to your specific case. This section is a great compliment to the Finance Tracker and Asset Identifier, which allow you to interface with your attorney like never before.
So just like you would not buy or sell a house without doing a little research, don’t go into your divorce without making that information asymmetry a little less asymmetrical.
For more information and to download the New Jersey Divorce App, click here.
______________________________________________________________________________ Eliana T. Baer is a frequent contributor to the New Jersey Family Legal Blog and a member of the Family Law Practice Group of Fox Rothschild LLP. Eliana practices in Fox Rothschild’s Princeton, New Jersey office and focuses her state-wide practice on representing clients on issues relating to divorce, equitable distribution, support, custody, adoption, domestic violence, premarital agreements and Appellate Practice. You can reach Eliana at (609) 895-3344, or firstname.lastname@example.org.