Getting divorced in New Jersey can certainly be emotionally challenging. However, it can also be financially difficult, and unfortunately, the wrong moves can have long-term repercussions. Here is a look at one commonly made financial mistake to avoid during an upcoming divorce proceeding: keeping the family home.
Dealing with the monetary aspect of marital dissolution can no doubt be challenging. Not only must divorcing individuals tackle asset distribution, but they also have to adjust to single incomes following the divorce. However, a couple of tips may make handling finances easier, following divorce in New Jersey.
While divorce in general is on the decline, a significant number of marriages still don't last in New Jersey. Common perceptions of what life after divorce might look like have also changed. Child custody arrangements, the advent of collaborative and mediated divorce settlements and the idea of conscious uncoupling popularized by certain celebrities have all contributed to a new perception of divorce in the 21st century.
In the event of a divorce in New Jersey, there are many issues that need to be resolved before a marriage is legally dissolved. One of these issues pertains to spousal support, also known as alimony. Alimony is the money paid by one spouse, typically the higher earning one, to the lesser or non-earning spouse. The issue of alimony is one that must be resolved before a divorce can be finalized.
Another year is about to begin, and the new year may mean a divorce for many couples in New Jersey. More people typically file for divorce in January than in any other month. Another issue that typically comes to the fore in January concerns taxes and personal finances in general. When divorce and taxes are combined, frequent questions involve who is entitled to what assets and how taxes will be implicated?
The rate of people getting divorced, in general, is on the decline in New Jersey and around the country. However, the rate for those over 50 has increased significantly in recent years, resulting in the coining of the term "gray divorce." In addition, studies show that a person who has been divorced once is more likely to do it again than a person who never ended a marriage. An extreme example of this is that of well-known TV personality Larry King, age 83, who is ending his eighth marriage.
Marriages are entered into with a promise of for better or worse. Many couples who have been married for a long time, raised families and had careers are questioning that promise as they consider their happiness in their golden years. The rate of divorce generally has decreased except for those over 50. The rate of the gray divorce is increasing in New Jersey and around the country.
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?
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.
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.