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.
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.
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.
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.
Ending a marriage can be complicated when two people have been together for a significant length of time. Property division process can be particularly complex, and many eyes are on the recently announced split of Jeff Bezos, the founder of Amazon, and his wife, MacKenzie. While that divorce could be interesting, few people have that kind of money and may be concerned about protecting more modest assets in the event of a divorce in New Jersey, which is an equitable distribution state.
The New Year is upon us and with the beginning of 2019 will come some major changes to tax laws that potentially impact divorces in New Jersey and the rest of the country. Chief among those is how alimony payments will be handled for tax purposes in a divorce. For the past 70 years, alimony has been deductible for the payor and taxed as income for the payee. The benefit to this was that the payor got to reduce his or her amount of taxable income and the recipient paid the income tax, which was typically at a lower rate than that which the payor would have paid.
When considering a divorce in New Jersey, finances are a big piece of what goes into the decision-making process. Alimony is one of the most significant issues to be considered in divorce proceedings. There are many factors that go into determining whether alimony is appropriate and, if so, the amount and duration of alimony payments.
Ending a marriage is seldom easy and can be particularly difficult when children are involved. One of the more challenging issues to resolve can be that of parenting roles following a divorce in New Jersey. Parents may wish to both be an active part of their children's lives but may have difficulty seeing the possibility of that because of differences with a partner. Co-parenting is becoming a popular option, and while celebrities do not often serve as role models, there are some who are modeling co-parenting methods that others can aspire to.
As adults in New Jersey, people accumulate a myriad of important information that is stored in databases and is important for obtaining jobs, bank loans and any number of other aspects of life. Few pieces of information are as important as one's credit rating. A married couple will frequently establish a solid credit rating through the establishment of credit via mortgages, credit cards or car loans. Many, if not all, of these may be held as joint accounts. If a couple decide to divorce, one partner may be left without a credit rating in his or her own name.
The idea of a divorce in New Jersey is never easy to contemplate. A frequent contributor to stress is brought on by concern about post-divorce finances. While that is certainly a valid issue, having an understanding of what is involved with one's finances can be helpful.