If you have begun the process of getting a divorce in New Jersey, you are no doubt quickly learning that divorce will touch every part of your life. What to do with your marital home, when you will be able to spend time with your kids, and what assets you will keep or have to give up are just some of the decisions that may have to be made.
The financial ramifications of a divorce can take some time for newly divorced New Jersey residents to recover from. You might have to manage your finances for the first time because your former spouse once did that or you may need to get back on good financial ground due to the actions of your ex-spouse. Either way, making a good plan is important on the front end to set you up for success.
It is probably safe to say that nobody expects to get divorced when they get married in New Jersey. However, despite that wish and intention, the reality is that many couples will ultimately divorce. But, what exactly makes that the case? Are there factors that may actually signal a higher potential for divorce than others?
The financial worries that often accompany a divorce for New Jersey residents may be many and are not limited to the details of a property division settlement. You may be trying to figure out a new and workable monthly budget for yourself based upon a reduced income and even somewhat greater level of expenses. Perhaps it was financial troubles that contributed to the breakdown of your marriage. A divorce can get you out of the marriage but does not always wipe away the debts that precluded the divorce.
If you are considering a divorce in New Jersey, what will happen to your house? If you are like most couples, your home is your biggest joint asset. Your mortgage may be your biggest liability. How should you handle this in your divorce?
Many New Jersey couples own businesses together. These may include technology startups, work-from-home operations, healthcare-related practices and more. U.S. Census Bureau data reported in 2015 by CBS News indicated that roughly 3.7 million companies were jointly owned by husbands and wives. But, what happens to these businesses when the spouses get divorced? Was this accounted for when the business was created? How can choices be best made?
New Jersey residents who are headed toward divorce and who are also experiencing serious financial challenges may need to evaluate the potential of also filing bankruptcy. Faced with this prospect, it can be difficult to know if the bankruptcy should come before the divorce or if the divorce should be completed first. As Divorce Money Matters explains, there is no standard answer to this question that is right for everyone, as individual circumstances can vary greatly.
If you are in a same-sex relationship in New Jersey, you may wonder about the potential that you may get a divorce if you are married or may get married in the future. Is your chance of getting divorced any different than that of a heterosexual person? This is among the questions that The Williams Institute at the University of California Los Angeles law school investigated.
Ask any New Jersey resident who has lived through a divorce and most will agree—the experience is extremely stressful. Even an amicable divorce can be difficult as every part of a person’s life is uprooted and changed. Uncertainty about the future includes everything from how much money there will be to live on each month to when and where children will be with each parent. Prevention explains that this uncertainty can contribute to anxiety. Anxiety is just one of many health issues that divorced persons must be on the lookout for.
If you have gotten divorced in New Jersey and now need to amend some part of your final settlement, you will want to understand how the state approaches these situations. According to the New Jersey Courts, there are many situations that may warrant such changes. Many of these are financial in nature but some are not.