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.
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.
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.
When New Jersey residents like you go through divorce, you also have to deal with matters related to your assets. The primary focus will be on how you and your ex-partner wish to split said assets. How exactly does your net worth weigh into this, though? Why do they make divorce cases more complex?
People in New Jersey may well have heard for several years about how many marriages tend to end in divorce. In fact, most people likely have friends, neighbors, co-workers or family members who have been divorced even if they themselves have not experienced a divorce. Some new research conducted by a professor at the University of Maryland may indicate that the rate of divorce in America has actually dropped.
If you and your spouse are contemplating a divorce in New Jersey, you may also be facing serious financial problems. This is not an unusual situation as it is commonly known that money can be a major contributor to marital strife and even to the irrevocable breakdown of many marriages. But, what are you supposed to do when it seems that bankruptcy may be the best way for you to handle your debt relief needs?
It is not at all uncommon for a person in New Jersey to want to keep their home even after they get divorced from the person they may have bought the home with. This can be especially the case for families with young children as it may offer parents a way to give their kids some type of stability during an otherwise tumultuous period in their lives. For both spouses, there are special concerns before making the choice to do this.
When getting divorced, one of the things that many people in New Jersey can find difficult to accept is the fact that they may have to split their 401K assets with their to-be former spouse. Especially for people who have saved for decades and for whom retirement may be near, this can feel like a major financial setback. While splitting the retirement funds may be unavoidable, there is one thing that can help them to avoid additional losses. That is the use of a qualified domestic relations order.