For divorced spouses in New Jersey who must pay alimony, the burden can feel great at times. For those spouses who receive alimony, the financial assistance can be highly beneficial in building a new life as a once-again single person. The length of time that spousal support can be required for varies from situation to situation and can include lifetime alimony.
For many people in New Jersey, the financial angst that may accompany a divorce is as difficult as the emotional trauma that can result. This may be the case if money was a source of conflict or challenge before you and your spouse discussed divorce. It can also arise out of the divorce process itself. Forbes indicates that some people end up filing for bankruptcy when they get divorced.
After you and your spouse have made the often painful decision to end your marriage, you must then choose how you will proceed with your divorce. At this point, you have more than one path from which to choose. No one option may be right for everyone but it is important that you understand what each one entails in order to avoid making a decision that seems right at the time but later on ends up costing you dearly.
It is understandable for New Jersey residents who are getting divorced to be concerned about how they may be able to pay support awards if required. They can also wonder what their property division settlement will look like and if they will owe their spouse any money for that once it is all over. Some people may have enough liquid assets or income to take care of these items. Others, however, may need to find funding in other places. Retirement accounts may be one source for this. In fact, the assets in a retirement account are sometimes split between the spouses when getting divorced.
It may be a commonly held belief among New Jersey residents that once a divorce decree has been signed by a judge, everything is over. That is not true. Many things can change after this and what spouses thought was history can become current news again. Child support and alimony are some areas where ongoing changes can happen but they are not the only ones.
As the holidays are now in full swing, most people in New Jersey are believed to be enjoying countless celebrations and event preparations. However, this is not the case for everyone and may not be the case for you. If you are in a marriage that you believe is over, you might be wrestling with the decision about when and how to initiate a divorce.
In many New Jersey divorces, spousal support awards are part of a final divorce decree. If you are the spouse who is to receive alimony, this assistance may be critical in helping you get back on your financial feet after your divorce. If you are the spouse who is ordered to pay alimony, you may be concerned about remaining current on payments and counting the months until your obligation is over.
New Jersey couples who are engaged or married do not necessarily want to think about the prospect of getting divorced. A divorce causes a lot of emotional upset and can be very financially difficult as well. However, divorces can and do happen. While there may be no way to predict which couples will get divorced, some experts do look at and recognize trends in divorce.
Among the many financial aspects in a divorce that New Jersey spouses must contend with is the payment or receipt of alimony. This can have a significant impact on your ultimate income level for quite some time depending upon the circumstances of your situation. In the past, people married beyond a certain length of time could virtually count on lifetime alimony awards after a divorce. That, however, is not the case anymore.
When you have worked hard to build a business in New Jersey, the last thing you want to happen is to see half of its value given to your former spouse. Even worse is the scenario in which you are forced to sell your business to pay an ex-wife or ex-husband as part of a property division settlement. Situations like these do happen but you will be glad to know that there are ways to prevent this from happening to you.