Some couples in New Jersey have considered a strategic divorce in order to save money on taxes and experience other financial benefits. Of course, before any couple would decide to do this, they would want to look at any long-term financial and social ramifications this may bring.
Very few people intend to get a divorce after they first get married. However, couples in New Jersey and other states are becoming increasingly aware that setting up a prenuptial agreement can be a smart move. This is especially true when one or both of the spouses own businesses before getting married. To avoid having a business end up as marital property subject to division and distribution during a divorce, a prenup will clearly state who owns what assets.
New Jersey couples who have gone through a divorce know that separation can take a major emotional toll. Things become even more complicated when there are children involved. That's why parents should understand some of the considerations that are made when it comes to child support.
People in New Jersey increasingly rely on their digital devices for all aspects of life, from choosing a meal to watching an entertainment program. As a result, these devices are hubs for highly personal information and communication. During a divorce, people may use email or chat programs to communicate with their divorce lawyer or to share their concerns with friends and family. As a result, people may want to think about ways that they can protect their tech security during and after a divorce.
Going through a divorce requires people to make difficult financial and child custody decisions after they have already become unhappy with each other. Dividing the marital estate and sharing access to children naturally produce strong emotions for parents in New Jersey. Feelings of anger and resentment might undermine negotiations meant to decide the details of the split, but people can make a strategic effort to avoid hostile encounters that ultimately prolong the process.
Most New Jersey couples tying the knot aren't too concerned about divorce statistics, such as the fact that about half of all first marriages come to a sooner-than-expected end. The odds of subsequent marriages lasting aren't so good either. Despite all of these facts and figures, it's generally advised that couples considering a split should also consider the possible financial impact of ending a marriage.
People in New Jersey who are considering divorce may wonder how the end of their marriages will affect their financial situation. While dividing assets is a major part of reaching a divorce settlement, it can be equally important to divide debts, including credit card debt. It can be particularly crucial to eliminate joint debts before finalizing the divorce. This can mean paying off joint credit cards with other assets or transferring the debt to cards in the name of only one person.
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.