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Posts tagged "Divorce"

Prenuptial agreement can protect business in divorce

Small business plays a significant role in the economy of New Jersey and around the country. Many of these companies are started by people prior to marriage as many are waiting until later to marry. While the divorce rate does appear to be on the decline, there is still a significant risk of one's marriage ending in divorce. In the event that this happens, what becomes of the business?

Financial understanding can reduce stress that can end in divorce

Embarking on a marriage is one of the most exciting times in a young couple's life in New Jersey. They are full of hope for the future and what they anticipate to be a long and loving relationship. While the divorce rate among young couples is down, there is still almost a 50% chance of a marriage ending in divorce. For this reason, couples may want to take certain steps and consider certain financial issues prior to getting married.

Divorce and asset distribution later in life

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.

Job loss can complicate a divorce

Contemplating the dissolution of a marriage is one of the most stressful tasks people can take on. One enters a marriage in New Jersey thinking it's forever, and when it's not, the stress and emotional toll can be overwhelming. If children are involved a divorce can become even more complicated as one struggles to figure out the financial arrangements regarding child support and spousal support.

Divorce and claiming dependents under the new tax law

Divorce is never easy and it is far more difficult and can be far more complex when there are children involved in New Jersey. One area that is affected as a result of the Tax Cuts and Jobs Act of 2017 is the ability to claim children as dependents on one's tax returns. There are several items one should be aware of if considering a divorce.

Divorce and the military

It is no secret that being married in the military can be a challenge. With long separations caused by multiple tours of duty a relationship can be difficult to maintain in New Jersey and elsewhere in the country. However, a recent study by the Department of Defense shows that the rate of divorce among the military has been very slowly declining.

Divorce and children's feelings

People in New Jersey get married, start a family and plan to live happily ever after. Sadly, in about 50% of cases this may not happen. At some point divorce may enter the picture and cause major disruption and anguish within the family. This is particularly true when young children are involved.

Should parents who stay home get more during divorce?

While small pockets of individuals may disagree, the consensus in New Jersey and across the United States is that the contributions of a mother have great value. The work of a mother does not bring extra income to a family, which is why the decision for the woman to stay home with the children is often a difficult one that takes planning and sacrifice. However, no matter how much value society places on motherhood, when parents divorce, it may not be easy for a mom who leaves the workforce to obtain a fair share of marital assets.

Financial implications of divorce can be complex

The outcome of a marriage breaking up has an impact on every aspect of one's life in New Jersey. The largest impact may be a financial one. There are steps that can be taken to prepare for the financial effects of a divorce. The more one plans for life after divorce the better prepared one may be to handle any surprises that may arise.

Credit card points may count as an asset in divorce

Dividing property and assets in a divorce can be a difficult process. Typically, one thinks of insurance policies, retirement accounts, investment portfolios and real estate as property to be divided up in the divorce proceedings. One asset people may forget about in New Jersey is all of those accumulated credit card points.

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