Few New Jersey couples look forward to getting divorced. It can be an emotionally draining time for themselves and their children. However, once a divorce is finalized, there may be no one to scrutinize another person's spending or other financial habits. Those who like to save are free to do put their paycheck in the bank or otherwise secure their financial future on their terms.
Many New Jersey couples who get a divorce may be dealing with issues such as property division, alimony and child support. There are a number of common financial mistakes people tend to make around these issues that can be easily avoided if they are aware of them.
A recent study presented by FlowingData found that jobs associated with science and math tend to have lower divorce rates than those associated with night life or transportation. Some jobs that tend to attract rural populations, including military careers, forestry, farming and fishing, also have lower divorce rates. However, nightlife and travel-related jobs in New Jersey and throughout the U.S. have higher divorce rates.
Mediation involves a couple sitting down with or without their attorneys and attempting to create a divorce agreement. It can be an alternative to litigation in many divorces, but it is important for New Jersey couples to prepare for the process in order to have the best outcome. The first step is to get ready for what may be a more emotional experience than they anticipate. A person who has suppressed feelings of anger or sadness might find them coming up in mediation. It is fine to ask for a break in order to regain composure in this situation.
Spousal support may be an issue in many divorces in New Jersey. When there is a substantial disparity in the incomes of divorcing spouses, judges may order the higher-earning spouses to pay spousal support to the lower-earning spouses for specific durations or for indeterminate periods.
New Jersey couples who are getting a divorce may want to consider mediation instead of litigation. However, mediation is not the right choice for everyone. For mediation to work, the couple must generally wish each other well. If one person wants revenge, there could be problems in the process.
Women in New Jersey who have gone through a divorce should reconsider how they handle their finances. The household income of a divorced woman drops an average of 41 percent according to information from a 2012 report by the United States Government Accountability Office. This is nearly two times the loss of income a man will sustain after a separation.
Some people in New Jersey who are getting a divorce might want to buy a house or keep the home they are living in. They may need to apply for a mortgage or might need to refinance the home. However, the post-divorce financial situation might make this difficult.
Some New Jersey couples whose marriages are failing may decide to postpone a divorce until they have a better idea of what health care options may be available to them. The Affordable Care Act helps protect people who lose their health insurance by making it more widely available. This can be particularly important for people who have preexisting conditions or for those who are in the middle of treatment. However, Congress may repeal the ACA, and it is not yet clear what will replace it.
Based on an analysis of the Census Bureau's Public Use Microdata Sample, the career website Zippia found that people in some professions are more likely to divorce compared to others. Of the top 10 career fields with the greatest number of divorces, three of them were military. Certain aspects of military careers such as long deployments can create a great deal of strain in a marriage. Military workers had the highest likelihood of divorce by age 30. Among all careers, divorces were most common for first-line enlisted military supervisors.