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Divorce and asset distribution later in life

| Sep 16, 2019 | Divorce | 0 comments

Couples in New Jersey and elsewhere in the country have been waiting longer to get married and are staying married longer. This has contributed to a decline in the divorce rate in recent years for younger couples. On the other hand, divorce among couples in their 50s and older has been increasing in recent years. Ending a marriage later in life can add complications as there is often more at stake when it comes to asset distribution.

A person seeking to end a marriage may be concerned about the possibility of not being left with enough to maintain the standard of living that was enjoyed during the marriage. A person may be well acquainted with the value of the couple’s estate and concerned that splitting the assets 50/50 will leave both people in a weakened position. This can become particularly complicated if there is a family business that was created during the marriage.

New Jersey is an equitable distribution state. This means that assets, liabilities and so on will be looked at by the court and divided in what the court determines to be a fair, though not necessarily equal, manner. If one spouse founded a business and wants to retain the business, there may be creative ways to make this happen. One spouse may retain ownership of the business while the other receives other assets such as investments, retirement accounts or real estate.

One of the most important pieces of information to have when considering a divorce in New Jersey is a comprehensive understanding of one’s financial situation. Consulting with an experienced family law professional can help a person get a handle on his or her financial situation by providing the professional with documentation regarding all financial holdings. Having this knowledge can help facilitate an equitable settlement.