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Divorce Archives

Finances and divorcing women

New Jersey women who are thinking about getting a divorce should be aware that one aspect of their lives likely to be negatively impacted is their finances. Forty-six percent of the divorced women who participated in a survey reported experiencing financial surprises as a result of their marriage coming to an end.

How tax law changes can affect divorce

When people in New Jersey decide to divorce, there are a range of financial considerations to keep in mind. Tax law changes could significantly impact when people decide to finalize the end of their marriage. Individuals concerned about these changes may find it advantageous to finalize their divorce in 2018 before the new tax rules begin with the new year on January 1, 2019.

I'm getting divorced... so what does this mean in terms of finances?

Many married couples settle into a regular routine. One spouse will pay the bills and the other will take care of other items on the "to do" list. The result of this arrangement is that, more often than not, one spouse is more familiar with the marital finances and assets than the other spouse. Marital bliss renders this a non-issue and the arrangement is fine ... until things are no longer blissful.

Marriages can end at any age

New Jersey residents and others who are age 50 or older are getting divorced at an increasing rate while divorce rates for other age groups stabilize. One thought is that individuals in this age group grew up during a time when the concept of marriage was about fulfillment. It is also possible that the rate of gray divorce is increasing because there are more Americans who are 50 or older.

The option of nesting as a child custody arrangement

Some New Jersey parents might have heard about a child custody trend known as bird nesting. Its growing popularity is reflected in a sitcom about the arrangement, "Splitting Up Together", as well as an interview with actor Josh Lucas in which he discussed how it works for him, his son and his son's mother. With bird nesting, parents who split up keep a home that the children stay in full time while their parents take turns living there.

Lack of financial knowledge could lead to surprises in divorce

Statistics show that older couples are now twice as likely to divorce as they were in the 1990s. Unfortunately, this may present particular financial challenges for some seniors in New Jersey. In particular, women appear to be disproportionately more likely to lack a knowledge of household finances. A "gray divorce" can lead to unpleasant post-divorce surprises, such as learning about secret debts.

A parent's role during divorce

New Jersey parents who are going through a divorce should be aware of how to speak to their children about the separation process and what it means. A divorce can impact every member of the family, especially children. Therefore, it's important that any concerns the kids may have be properly addressed.

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