New Jersey couples who are ending their marriages often rely on friends and family for advice regarding the divorce process. Unfortunately, this may mean getting professional assistance too late or not at all and suffering the consequences. A number of beliefs about division of property during divorce can set one or both partners up for serious losses in the final agreement.
A study that was published in 2016 examined more than 6,300 couples to identify likely causes of divorce. Based on the findings that spanned 46 years, couples in New Jersey and throughout the country may be more likely to divorce if the husband is not working full time.
Figuring out what to do with the home is often one of the many issues that have to be addressed at the end of a marriage. New Jersey estranged couples should know what their options are and how to avoid making decisions that can result in costly mistakes.
New Jersey business owners who are considering getting married may wish to give thought to what could become of their valuable assets should their marriage ever end. Although it might seem unlikely, the business itself could benefit from having a prenuptial agreement that carefully outlines which aspects of the company are separate and which are jointly owned.
While most people in New Jersey understand what alimony is, there is often confusion about why and when it might be ordered in a divorce case. Family law judges make decisions about requests for alimony based on a number of factors.
When a couple is about to get married, divorce is probably the last thing they are thinking about. However, divorce is a possibility, and a prenuptial agreement might make it less complicated. Most people assume that prenups are for the wealthy, but New Jersey residents might be surprised to learn that these agreements benefit all couples.
When a New Jersey couple goes through a divorce, their assets as well as their debts will be divided by the court according to the principle of equitable distribution if they are otherwise unable to agree on a settlement. However, how the debt is divided may partially depend on who is legally responsible for the obligation. For instance, if a couple had a joint credit card, both parties may be responsible for that debt regardless of who was expected to make the payment.
While prenuptial agreements are a way to protect one's assets in case of a divorce, couples are not always able to agree about using this tool or one partner may fear bringing the subject up. There are ways to safeguard separate assets in case of a divorce, though this requires being careful during the marriage, and those planning to tie the knot in New Jersey may wish to discuss whether one of these alternatives or a prenuptial agreement is best for them.
New Jersey residents whose divorce cases included an alimony order or agreement should be aware of how the IRS treats these payments, both for the payer as well as the recipient. People who make qualifying payments are able to claim deductions for them, while those receiving qualifying payments must report them as income on their federal income tax returns.
According to a study recently published in the Journal of Health and Social Behavior, couples were 6 percent more likely to divorce if the wife became ill. When a husband had an illness, conversely, it did not lead to any corresponding increase. There were some theories offered as to why this may have been the case.