Generational differences are nothing new. Residents in New Jersey for years have segmented people's behavior and beliefs in part based on their age. Now it appears that yet another area of life is the subject of differences between major generations. This area is marriage and divorce.
More than half of the attorneys who took part in an American Academy of Matrimonial Lawyers (AAML) survey said that more millennials are seeking prenuptial agreements. One of the reasons why this could be happening is that New Jersey residents and others are getting married later in life. Men get married for the first time at age 29 on average while women get married for the first time at age 27 on average.
New Jersey women who are thinking about getting a divorce should be aware that one aspect of their lives likely to be negatively impacted is their finances. Forty-six percent of the divorced women who participated in a survey reported experiencing financial surprises as a result of their marriage coming to an end.
It is an unfortunate fact that many people in New Jersey will end up divorcing. One of the biggest reasons why marriages fail is money problems. There are several different money issues that may lead to divorce as well as ways that people can solve them.
When people in New Jersey decide to divorce, there are a range of financial considerations to keep in mind. Tax law changes could significantly impact when people decide to finalize the end of their marriage. Individuals concerned about these changes may find it advantageous to finalize their divorce in 2018 before the new tax rules begin with the new year on January 1, 2019.
Many married couples settle into a regular routine. One spouse will pay the bills and the other will take care of other items on the "to do" list. The result of this arrangement is that, more often than not, one spouse is more familiar with the marital finances and assets than the other spouse. Marital bliss renders this a non-issue and the arrangement is fine ... until things are no longer blissful.
New Jersey residents and others who are age 50 or older are getting divorced at an increasing rate while divorce rates for other age groups stabilize. One thought is that individuals in this age group grew up during a time when the concept of marriage was about fulfillment. It is also possible that the rate of gray divorce is increasing because there are more Americans who are 50 or older.
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.
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.
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.