Getting married is a major life event and change at any age or under any circumstances but New Jersey residents who get married after having previously been divorced face a unique set of concerns. If you are considering getting married for the second or third time, you should take the opportunity to carefully review your current and future financial plans with your to-be new spouse.
Are you a divorced spouse in New Jersey who receives spousal support payments from your ex-husband or ex-wife? If so, you will want to fully understand the ramifications of any future actions you take on your spousal support income. Specifically, if you choose to live with a new partner, you may end up seeing the amount of money you receive in alimony be reduced. It could even be eliminated altogether.
New Jersey residents who get married and then divorced commonly think about having to divide assets based upon what is considered marital property. For most couples, this includes assets obtained during the marriage. It may also include assets brought to the marriage that eventually became comingled. However, the wedding date commonly starts the clock, as it were, as to when marital assets are said to be in existence, even if a couple lived together prior to getting legally married. This then directs a divorce settlement to some degree.
If you are like most American adults today, you have at least one active social media account. Checking a Facebook, Instagram or LinkedIn feed each day has come to be almost as commonplace as having that morning cup of coffee for a lot of people. Why do we do this?
New Jersey couples who are getting divorced and deciding what to do with their marital homes have a few different options available to them. In many cases, one spouse wants to remain living in the home, often to provide ongoing stability for children. In this case, that spouse may need to buy the other spouse out or cede other assets that essentially do that. If that is not possible for whatever reason, the couple may choose to sell the home. When a home's current value is less than what is owed on the home, a short sale may be required.
There are many things about getting or being divorced that are not always commonly known or understood by New Jersey spouses. Lack of thorough knowledge in these areas may even have negative consequences. One such consequence could be the loss of financial benefits.
Have you and your spouse considered ending your marriage in New Jersey? Maybe you have had thoughts of divorce but have yet to talk to your spouse about them. Or, perhaps you are in the midst of a divorce. No matter where you are on the spectrum of the potential end of your married life, you are likely to have a myriad of questions about how this type of change will impact your life.
New Jersey residents who have weathered divorces know the pain and disappointment associated with letting go of the hopes and dreams of a life together with someone they once loved. That, however, does not mean that they have completely given up on the possibility of having this type of bond or future with someone else. However, the fact remains that with every subsequent marriage the rate or chance of getting divorced increases? Does this mean every remarriage is doomed to fail? What things should people watch for if they want to feel more secure in their chances of success?
The financial ramifications of a divorce on New Jersey residents can be as devastating as the emotional impact. This can be the case no matter which spouse earns more money or if both people earn relatively equal amounts. The need to split assets and debts alone can result in a serious change in financial status and then things like child support or spousal support can only add to the situation.
Have you been married for 20, 30 or even 40 years but all of a sudden may be contemplating a divorce? If so, you are not alone. Many other New Jersey residents have walked this path before you or are doing so now as well. In fact, there is even recent research that shows the immense growth of divorce among people at later stages of life across the nation.