One financial mistake divorcing couples in New Jersey should take steps to avoid is fighting to maintain ownership of the family home despite the financial burden it may represent. There are many costs associated with homeownership, which can put a financial strain on the persons who own the home after the divorce, particularly if those persons have to deal with those costs with an income that is significantly lower than what they had before.
New Jersey divorcees of all ages may experience some negative impact on their health from their divorce. However, divorcees who are at least 50 years old may begin to suffer from a range of physical and psychological issues; this is especially true if they have existing medical issues.
Divorce may be twice as likely for people 50 and older in New Jersey and throughout the country compared to previous decades, and since 1990, divorce among the 65 and older age group has tripled. Researchers have wondered whether this could be attributed to major transitions that occur in this age group, including retirement and the empty nest syndrome, but studies do not support this hypothesis.
New Jersey divorces involving parents of minor children generally mean that the former spouses will have to continue their relationship on some level as co-parents. This could be challenging, especially if disagreements about child rearing contributed to the marital breakup. During the development of a written parenting plan, guidelines and procedures could be included that might improve communication about parenting duties and reduce the chances for arguments.
When New Jersey couples divorce, both parties usually want to conclude the legal process as fast as possible. The reasons for wanting a quick divorce include the need to move on after the end of a marriage, to avoid high legal costs and to sever existing legal connections between the spouses.
For older spouses in New Jersey considering divorce, there can be some important factors to keep in mind. Since the 1950s, the divorce rate for Americans over the age of 50 has doubled. This has led to major emotional and financial changes in the lives of many seniors.
New Jersey couples who are looking for an alternative to a litigious divorce may consider divorce mediation. The mediation process involves an unbiased third party who will work to smooth the way for both parties to come to mutually agreeable divorce terms.
Alimony, often called spousal support, is a form of compensation that can financially balance the post-divorce lives of two people that end their marriage. This doesn't mean that it will be "equal" in a financial sense after a divorce -- but it can help the spouse that may have sacrificed his or her career or professional prospects for the good of the marriage.
In a recent trial court published decision, the Court considered a parent's obligation to share in the incremental cost of a child's car insurance as an additional obligation beyond the child support being paid pursuant to the child support guidelines.
In one of the first published decisions specifically analyzing and reviewing the revised Alimony Statute, the Appellate Division had the opportunity to review a trial court's order regarding the statute in conjunction with a parties' request to terminate or modify alimony upon retirement.