Usually, the family home is the most expensive asset that individuals own. But a home is more than a financial investment—it is also an emotional one. And these emotional attachments can make dividing the home incredibly difficult during a divorce.
What will happen to the house during the property division process is a common worry for individuals dealing with a divorce. So, here is a quick overview of how spouses can approach dividing the family home.
One of the most difficult conversations to have is when someone tells their spouse they want a divorce. However, the conversation that comes in at a close second is telling the kids about it.Â
Every family is different. So, there is no single strategy that parents should take when telling their children about the divorce. However, there are a few general tips that might help New Jersey parents manage this tough conversation.
Social media has become a common part of life for many New Jerseyans. Whether you are an active social media user or simply enjoy digitally catching up with family and friends, you may wonder how to proceed on social media during a divorce.
However, those going through a divorce should exercise caution while using social media in any capacity. Posting a seemingly harmless photo, status update or even comment could affect your divorce proceeding. What should you keep in mind about navigating social media during your divorce?
Money is a common source of stress for many New Jersey couples. Financial concerns are stressful, and over time, this stress can begin to take its toll on the relationship. This is the case for couples who have two very different ideas about money. Over time, it can cause damage to the relationship.
If you made the choice to move forward with divorce, chances are that money may have played a role in the breakdown of your marriage. Couples cite financial strain as one of the leading causes of divorce, and these financial struggles can carry over into the divorce process. It's in your interests to learn about your rights and what you can do to fight for a fair division of all marital property.
When you separate from your spouse, it is going to have an effect on your child. They will have to deal with moving between two homes, spending holidays away from one of you and the idea of their parents potentially dating other people.
You may want to be prepared for the coming changes in their behavior. Every child will react differently to these changes-but there are some things you should expect and be ready for.
Your alimony payments to your ex-spouse in Matawan are not meant to be punitive in any way. Rather, the fact that you are paying alimony is simply a recognition that your ex-spouse is not in the position to enjoy the same standard of living you achieved while married, and that your assistance is needed until they are able to reach that point again on their own. However, they may come to rely on what you pay in alimony as income, and thus may attempt to remain in a situation where you continue to be obliged to pay it.
That may mean remaining unmarried even after entering into a relationship with another. Them being supported by another offers the court reason to terminate your alimony obligation. Yet your ex-spouse may think that if they do not marry their new partner, you will still have to pay them alimony. The court offers a way, however, for you to terminate your obligation on your own by proving that they are indeed in a supportive relationship.
For New Jersey parents, getting a divorce can be a scary experience in large part due to the fact that they will need to figure out a way to raise their children with a partner they are no longer married to. Part and parcel of this for both parents is figuring out how to balance time and share time with each other so their kids can maintain and continue strong relationships on both sides.
Parents.com recommends that moms and dads focus strongly on the quality of the time they have with their children over the quantity of that time. That does not mean they try to fit too much into every moment as that only ends up leaving parents and kids exhausted. Rather, creating quality time requires ensuring that a connection and bonding is able to occur.
If you are starting off the new year facing a divorce in New Jersey, you will no doubt have a lot of questions. A divorce is a legal event and therefore, there are many laws that will influence the decisions you and your spouse will make as you work through the details of your divorce agreement. This year, some of these laws have changed thanks to the Tax Cuts and Jobs Act.
As explained by CNBC, no longer will the person paying spousal support deduct this money from their tax return. They will now be the one responsible for paying income tax on the money instead of the person who receives the funds. For the receipient spouse, this change may impact them in a few ways. First, they may end up with less money in alimony than they would have previously as the paying spouse will end up with less money to pay out at alimony once they factor in the tax liability.
If you are like most married people in New Jersey, you have named your spouse as the person who would be responsible for making financial or medical decisions on your behalf if you would ever be rendered unable to do so. Your spouse is also likely the executor of your will and the beneficiary of any retirement account or life insurance policy. That fact means that these things should all be reviewed and updated when you get divorced.
As explained by Forbes, some parts of your estate plan may be able to be changed once you separate from your spouse but other parts might need to stay in place until your final divorce decree has been signed. Some of the things you will want to check into include your financial power of attorney and your advance health care directive. You will also want to reconsider who you would like to inherit your belongings and assets after you die.
Most people in New Jersey know someone who has gotten divorced at least once in their life. A good number of these people have been divorced at a later stage in life, passed the age of 50. In fact, according to The Pew Research Center, the number of people divorcing at this point in life has doubled since 1990. The impact of a divorce at this age may well be different than the impact of a divorce at a younger age.
As explained by MarketWatch, people in their 50s or 60s have far less time left to work and to make up the financial losses they experience when getting divorced. In addition to losing assets in a property division settlement, spouses of this age may also have just paid or are still paying for their kids' college educations. Providing care for aging parents may also be a financial burden for people in their 50s and 60s.
It costs you nothing to get the information you need to move forward. To discuss your divorce or family law matter with a proven lawyer, call our New Jersey office today at 732-566-0500 or email us to get in touch. We serve clients in Middlesex, Monmouth and Ocean Counties.
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Robin Jill Schneider
30 Freneau Avenue Suite 1A
Matawan,
NJ
07747
Phone:
732-812-4944
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