Florham Park New Jersey Family Law Blog

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.

While the idea of a person asking their spouse for a divorce in order to save money may seem awkward, some New Jersey couples are considering doing just that. The so-called "marriage penalty" along with some proposed wealth taxes from presidential candidates are stirring up chatter about how a strategic divorce could help some couples save some money.

A strategic divorce can save a couple money in several ways. First, filing as single individuals may give some couples, especially high earners, some tax breaks. Second, if one spouse is ill and does not qualify for Medicaid, divorcing may be a way that the ill individual can get the coverage needed without the couple exhausting all of their savings. Third, couples may be able to benefit from more federal student aid if they were to divorce and the custodial parent was considered low income.

It is no secret that going through the end of a marriage can be a stressful and intimidating experience for everyone involved. Should you and your spouse decide to part ways, you may worry about the impact the process might have on your kids and wish to take every possible measure to safeguard their well-being.

While you and the other parent may agree that meeting the needs of the kids should come first, finding common ground on how to achieve this goal might not always be an easy task. Although it can seem difficult at times, finding ways to limit conflict when co-parenting the kids could prove imperative.

When you and your spouse in New Jersey have discussed the potential for getting a divorce, the topic of money most likely came up in some manner. Talking about money is never easy, especially between spouses who are experiencing significant marital challenges, often brought on or exacerbated by money. If you are worried that a divorce will leave you in financial ruin, you should get the facts about your financial situation today and use that to guide your divorce negotiations and your planning for your post-divorce life. 

USA Today explains that many people do not fully understand just how much it really costs them to live. You should look beyond just your mortgage and utility payments when assessing housing costs, for example. Make sure to calculate in taxes, insurance, maintenance and repairs as well. Health care costs should be tracked by any employment pay deductions, copay costs and general out-of-pocket expenses.