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.
For most New Jersey couples, there is no specific time at which they decide to get a divorce. Family law issues are complex, and the end of a marriage will generally happen when the spouses have determined they can no longer make the marriage work. Still, there is statistical evidence indicating there are certain times of year when divorce is more prevalent. January is one of those times.
Women in New Jersey who have gone through a divorce usually experience financial challenges. While men who go through a divorce are likely to experience an increase in their income, women who worked before or during their marriage are likely to see a 20% decline in their income after marriage. It is also more likely that women will experience poverty in comparison to men after divorce.
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.
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.
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.