Going through the divorce process while having a child who is preparing to go to college can make the situation more difficult. However, having a financial plan on how to pay for college on top of the changing finances could help.
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.
Tips for New Jersey seniors going through divorce
Since the 1990s, the divorce rate for people age 50 and older has doubled. Furthermore, second and subsequent marriages are even more likely to end in divorce for people in this age group. These older couples have several financial factors to consider before separating.
Crafting a parenting time schedule for divorcing parents of a special needs child
A special needs child requires structure and predictability in their daily schedules. The slightest deviation can compound a special needs child's anxiety. Indeed, parents of a special needs child are quite familiar with the meltdowns that can result from the most minute modifications to that child's schedule. Conversely, a strict maintenance to a consistent schedule can alleviate a special needs child's anxiety over time - as it provides comfort and certainty in a world they struggle to process and understand.
Early planning helps post-divorce finances
Picking out wedding rings and signing divorce documents may seem worlds apart to many New Jersey citizens, but high divorce rates are leading many to consider divorce planning right alongside wedding planning. While some consider it cynical, pragmatic couples who want to protect assets from divorce litigation see such planning as a type of insurance they plan on never using.
Reason to avoid revenge in divorce proceedings
The end of a marriage can be an emotional experience for many New Jersey couples, and these emotions could spill over when they are trying to reach a settlement. However, it is important that people do not see negotiations or litigation as a way to get revenge for a number of reasons.
How taxes may be impacted by a divorce
New Jersey couples may have a lot to deal with in the aftermath of a divorce. However, it is important to stay focused on what a divorce may do to how a person files his or her tax return. For those who finalized their divorce prior to the end of 2017, it may be necessary to file single. Those who did not finalize their divorce in 2017 may still choose to file a joint return.
How myths about marriage can be damaging
There are several common myths about marriage that can be damaging to couples in New Jersey. For example, some people might believe that they possess personality flaws that will ruin the relationship. However, it is not personality flaws that are the issue but how the couple handles them that will affect the marriage.
