There are many reasons to limit the number of people you tell that you are divorcing to only those who really need to know. Outside of close family and friends, that probably includes your boss, your kids' teachers and anyone who spends time in your home, like your housekeeper. Even then, it's often best not to share any more information than necessary.
You've made up your mind that you and your spouse need to separate. Maybe you're already separated, and you've decided it's time to begin the divorce process. You know that you'll need to be the one to take this step. Maybe your spouse wants to stay in the marriage more than you, or perhaps you're simply the more decisive of the two of you.
When New Jersey couples decide to end their marriage and seek a divorce, there are different paths they might take. While each divorce case is unique, in the end, couples will either reach a settlement during the process or end up going to trial.
For New Jersey couples who are getting a divorce, there is often acrimony. Lingering issues between the spouses can make the process more difficult than it needs to be. Despite the temptation to make negative comments to and about the spouse during divorce, there are several reasons why this should be avoided.
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.