Florham Park New Jersey Family Law Blog

New Jersey residents who have gone through a divorce can attest to the fact that emotions and expenses run high during the divorce process. However, individuals and their bank accounts can eventually bounce back. A study done by Fidelity Investments shows that it usually takes about five years to recover financially after a divorce.

The same study revealed some of the biggest financial regrets that people have after a divorce. Eighty percent of respondents said that they regretted not being more involved in their daily finances when they were married. These individuals took a longer time than others to recover financially after divorce. Another regret was not being involved in long-term planning and retirement investing.

When New Jersey parents decide to divorce, they may determine a temporary custody agreement while a permanent child custody order is being decided. These types of temporary orders can be determined by a court in the best interests of the child. While this is the most common use of temporary custody orders, there are other reasons why a child may be placed temporarily in the custody of a party other than the parents. For example, parents who are unable to afford care for their child may want to provide temporary legal custody to a grandparent, aunt, uncle or other relative, along with the legal authority to make decisions for the child.

Other parents may also ask relatives to care for their children when they are unable to for other reasons. For example, parents may become very ill, require surgery or be hospitalized. While they are receiving care, their child will still need someone to make decisions, and temporary custody can be one way of dealing with this issue. The same may be true for parents, especially single parents, who have some kinds of demanding work schedules or responsibilities and willing relatives happy to step in to provide care for the child.

It may come as no surprise that going through the end of a marriage can be a stressful and daunting process. If you and your spouse decide to take separate paths in life, you may face a variety of difficult choices, each of which could have a substantial impact on your future and the outcome of the situation.

As you seek to make informed decisions concerning your future, you might worry that your emotions may cloud your judgment. While dissolving a marriage can be an emotional experience, there may be certain tips that could help you achieve focus and become better prepared for what comes next.

New Jersey couples with complex investments may face some challenges if they get a divorce. These challenges could be even greater if one person has handled the majority of the finances. The other person may be at a disadvantage and should learn what the shared and individual assets are.

People who are concerned about a spouse taking an action with a joint account, such as making a withdrawal, may want to have the account frozen. Whether or not this is the case, individuals may want to consult with legal and financial professionals to be sure they understand their rights and the limitations around dividing and selling assets. For example, there may be capital gains taxes on the sale of some property. Other investments, such as annuities, could penalize investors who leave early.