People in New Jersey who are divorced or who are getting divorced may wonder how that divorce affects their Social Security benefits after retirement. If the couple was married for at least 10 years, then a lower-earning person may be eligible to receive Social Security benefits based on the ex-spouse's earnings records. The amount a divorced spouse can receive is up to 50 percent of the full amount that the other spouse would earn on reaching full retirement age.
When New Jersey residents want to divorce, it is smart for them to prepare before they actually file. It is not uncommon for many people to rush to file for divorce shortly after the start of the new year. Instead of rushing, it is better to plan ahead in order to make things go more smoothly.
The idea of planning ahead for divorce might seem odd to a New Jersey couple. However, the recognition that things could change in the future makes it prudent to pay close attention to financial issues from the beginning of a union. Even if divorce never becomes a reality, these factors are important for the financial health of a couple throughout their lives.
While the divorce rates are trending lower in many age groups, divorce among those who are over the age of 50 has increased significantly since 1990. This is according to research conducted at Bowling Green University, which shows that the rate of divorce in that age group doubled between 1990 and 2014. Dissolving a marriage after the age of 50 is known as a gray divorce, and there are several reasons why it is occurring.
According to a study conducted by a Kansas State University researcher, if a couple argues about money early in their marriage, they are more likely to get divorced than their counterparts. This is in line with the fact that financial arguments are one of the leading causes of divorce.
New Jersey residents are likely familiar with prenuptial agreements, but they may not know that couples may sometimes enter into such arrangements after they have walked down the aisle. Postnuptial agreements have been growing in popularity in recent years according to the American Academy of Matrimonial Lawyers, and they are often sought by couples as a way to calm fears when a marriage has hit a difficult patch.
Asset division during a divorce is frequently a complicated matter, but if a spouse or a couple owns a business, it can become even more complex. This is due to the fact that a business has value, so it is in most cases considered to be marital property. Therefore, both individuals have a right to claim some of its value.
The details involved in a divorce can become overwhelming, especially if a New Jersey couple separates after many years of marriage. Although there are some basic issues to address, including property division and often child custody arrangements, there are many less obvious details that could create trouble if ignored. As one moves toward divorce proceedings, it is important to be aware of common errors that could lead to adverse circumstances.
As many New Jersey couples have found out, the end of a marriage can be an emotional event. Moving on after a divorce is dependent on many issues, including the process itself. Although some individuals choose to handle divorce without assistance, others recognize the need for legal help. While each case differs, there are many reasons why having an attorney's guidance helps.
Many couples in New Jersey who have substantial assets and whose marriages are ending may have heard their respective divorce attorneys suggest that a forensic accountant be retained. Some assets are hard to locate, and many others are hard to place a valuation on for purposes of the property division aspect of the proceedings.