New Jersey couples are supposed to split their assets equitably or equally in accordance with the law during a divorce. However, some spouses may try to cheat the system by pretending they have fewer assets to give. We at Newsome O'Donnell, LLC, are here today to discuss the signs of asset hiding.
Most people in New Jersey have probably heard virtual horror stories about how someone they knew lost their home, their treasured collection of some product, or another favorite item when they got divorced. It is true that couples must divide their assets and belongings when their marriage comes to an end. However, people should not only focus on the items that have some value, but also on the money that a couple may owe. Debts as well as assets are subject to division in a divorce settlement.
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.
Most people in New Jersey know someone who has gotten divorced and struggled to get back on their feet financially. Some people have an easier time doing this than others and there may be many factors that contribute to this. One of these factors may be age. Gray divorce, the term used to describe a divorce when the couple is in their 50s or later, can be especially hard on people financially as they have fewer years left to recoup any losses as they will not work as long as someone in their 30s or 40s.
People in New Jersey who are getting divorced or who are contemplating a divorce may understandably worry about their financial futures. The process of splitting a marital estate can leave both spouses with less money for retirement as well as less money on which to live every month, even though New Jersey is not a community property state.
People in New Jersey who make the choice to separate from or divorce their spouse know that they will have many new concerns to contend with and decisions to make. In the midst of navigating complex negotiations about asset and debt division, child support, parenting time schedules and more, divorcing spouses should also take the time to focus on their health. There is a body of research that indicates a person's physical and emotional health is subject to a dip during this time, and perhaps even after.
Divorce can bring with a great deal of uncertainty. You may have no idea where you will live in Florham Park or how you will be able to support yourself. Alimony may be an option (especially if you were not the primary income earner in your marital home), yet such a benefit is not awarded automatically. Plus, monthly alimony payments may not be able to help you if you need immediate funds to put down on a house or apartment, or pay to go back to school or receive vocational training.
Many people in New Jersey who get divorced or know someone who gets divorced may often wonder what type of factors contribute to a successful or a non-successful marriage. There may be no single, definitive answer to that but there are different surveys and research outcomes that provide some interesting insights about divorce trends.
Many people who live in New Jersey may well have heard people spout off about the high rate of failure among marriages today. There can be a lot of reasons that such claims are made or believed but it is useful to look at some actual data to confirm or deny these assertions. Some research actually seems to indicate that the divorce rate in America is not as high as many people might claim or think.
As you plan for your wedding in New Jersey, you should also think about crafting and signing a prenuptial agreement. A prenup is a contract that you and your spouse enter into before the marriage to make decisions about what happens in the event of a divorce. There are limitations involved in crafting such an agreement; it cannot address issues related to child support or parental responsibility, for example. Most commonly, a prenuptial agreement includes provisions for the division of assets and spousal support in the event of a divorce.