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Ocean Township Legal Issues Blog

Post-divorce finances will require some adjustment

For people going through a divorce in New Jersey, the financial consequences and complications can be even more draining than the emotional and practical issues that arise at the end of a marriage. Even after the divorce settlement is finalized, there are a number of important tasks to keep in mind to ensure that financial issues are dealt with effectively following a divorce.

While the divorce agreement will contain the most important financial principles for post-divorce accounting, there are still some individual housekeeping items to keep up with. These can include simple tasks like changing emergency contact information with a variety of offices. More urgently, it can be important to quickly change beneficiary designations on one's insurance policies, pensions, retirement accounts and other investment vehicles to no longer name one's former spouse. Estate planning is another issue; existing wills, trusts and other documents may need to be updated in order to remove the former spouse as an heir. Credit cards are another post-divorce financial issue; joint cards will need to be cancelled, and each former spouse will need to establish credit in their own name.

How child custody can be arranged

Parents in New Jersey who are getting a divorce might have questions about their options for child custody. Before making a decision, parents should understand the difference between the two types of custody -- physical and legal. The child lives with the parent or parents who have physical custody. Parents with legal custody can make decisions about education, health care and other important things related to the child's welfare. Each of these types of custody might be joint or sole.

A typical joint custody arrangement might involve the child alternating between the parents' houses, spending a few days or a week with one parent and then the other. However, some exes opt for a less traditional arrangement in which the children remain at the family home while the parents take turns living there.

Divorce: Finding a better way

“You cannot shake hands with a clenched fist.” The meaning behind Gandhi’s phrase makes a lot of sense when you put it in terms of divorce. Deciding to negotiate—rather than fight or litigate—is a major step toward reaching an agreement. And, an agreement reached sooner usually means less expense, less heartache and less anger.

Are there alternatives to litigation?

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