January is recognized in some legal circles as divorce month because many see an increase in divorce filings in New Jersey during that month. This is sometimes attributed to the idea of starting over with a clean slate. February is regarded in some circles as engagement month due to the preponderance of engagements that occur around Valentine's Day. When a person is contemplating getting married, it may not be thought of as the time to consider future property division in the event of a divorce.
Most people get married with little thought that they might one day get divorced. But when divorce does become a reality, there are many financial considerations to be made regarding property division in New Jersey. New Jersey is an equitable distribution state which means the court will focus on ordering a fair and equitable distribution of marital property, though not necessarily a 50/50 split.
Divorce is a difficult process and marks the end of a partnership that was begun with the belief that the partnership would last a lifetime in New Jersey. When a marriage ends after several years the issue of property division can become one that is fraught with emotion, and those emotions can make the issue that much more difficult to resolve. This can be particularly true when attempting to resolve issues regarding property division and the definition of marital property versus separate property. Real estate is frequently the largest asset held by a couple.
Divorce can be a very emotional time in New Jersey, and this can be particularly true when it surprises one partner in a marriage that has lasted many years. Emotions should not get in the way of clear thinking and the determination of what one is entitled to when it comes to property division. Emotions can cloud one's judgement, which could have a negative effect on settlement negotiations.
A couple embarking on the journey of a divorce face far different emotions than they may have faced at the beginning of the marriage. Where happiness, hope and anticipation often follow the marriage vows, dread, anger and hurt can follow the decision to divorce. These emotions can cloud the important decision making and fact gathering that go into the process of property division in New Jersey.
When a couple decides to divorce in New Jersey there are many issues to be resolved around who gets what. One issue that may arise is what assets are considered marital property and what are not. Many may understand that assets held prior to marriage are not usually considered marital property. However, there may be exceptions to this where property division is concerned.
Deciding to end a marriage is seldom a decision that is made lightly. People enter a marriage in New Jersey with the hope that they are embarking on the beginning of a lifetime relationship. Sadly, this is not always the case as relationships mature and people sometimes grow apart. Once the decision has been reached that the marriage is unsalvageable, the task of property division begins.
Divorce rates have been on the decline for most age groups in New Jersey and elsewhere around the country with the exception of one group, those over 50 years old. Among older Americans divorce has actually seen an increase. Of course, it comes with property division issues at any age, but these concerns can be particularly tricky for older Americans.
Marriage is the beginning of an exciting adventure undertaken by two people in New Jersey with the usual intention of remaining together for life. Although the divorce rate is believed to be declining, the possibility does exist. While no one wants to begin a marriage worrying that a divorce may result, there are steps that can be taken to protect oneself in the event of property distribution that may happen down the road. These steps can also promote openness and honesty regarding property and finances. Financial disagreements can cause issues that may lead to a divorce.
As the time for certain aspects of the new tax law to go into effect approaches, new financial arrangements for divorce are being considered in New Jersey. Since the federal tax law regarding alimony is changing, people navigating divorce proceedings are in search of alternative property division options. One such arrangement involves IRAs. A question was recently posed as to whether it is possible to split an inherited IRA.