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divorce Archives

Planning for the future while finalizing a divorce

The divorce process is different for every separating couple in New Jersey. It can involve an array of financial, practical and emotional complications. Therefore, when spouses go through a divorce, they should be careful to avoid making errors that could be financially damaging in the long term.

How law change affects divorcing couples and tax savings

Tax deduction laws for alimony payments have changed and will affect recipients and payers in different ways. Couples in New Jersey will have to explore different avenues to seek out tax savings. The Tax Cuts and Jobs Act reverses a law enacted in 1942, and one of the expected outcomes is a shift in how alimony payments are treated during the negotiations process.

Planning for college funds during a divorce

For many New Jersey parents, paying for their children's higher education can be a major source of stress. The College Board estimates that the already-high costs of university education rise by around 3 percent every year. The sum is already substantial, especially when multiplied over the course of four years; every year at a private university costs approximately $46,950 when tuition, fees and room and board are taken into account an a year at a public university costs an average of $20,770. However, many parents are committed to making a substantial commitment to their children's university education.

How equal marriages may reduce the likelihood of divorce

When New Jersey couples embark on a marriage in which the gender roles are equal, they may be creating a more solid base for their relationship than couples who begin with traditional gender roles and then change. According to researchers in Sweden, this may lead to divorce.

Study finds housework arguments lead to divorce

When couples in New Jersey do not share household chores equally, they might be more likely to get a divorce. Harvard Business School studied 3,000 couples and found that 25 percent of the ones who split up did so because of fights over housework. According to a 2017 study, even when women work full time, they still do a majority of the housework.

Retirement funds require precision for divorce distribution

The financial issues that arise in a New Jersey divorce can be quite challenging. For example, dividing retirement funds will require proper planning. In a 2016 recent survey, 62 percent of divorce lawyers stated that retirement fund division was the most difficult issue to address for their clients.

Why married couples should prepare for divorce

New Jersey residents and others may benefit from planning for a divorce before getting married or while married. Doing so may make it easier to protect assets from being divided in a divorce or being seized by creditors. Creditors may come after funds in a joint account if one spouse has unpaid debts or other liabilities. Therefore, it may be a good idea to keep funds in separate accounts.

Divorce later in life comes with financial considerations

Since 1993, the rate of divorce for people in New Jersey and throughout the United States who are over 50 has doubled, and trends show that it continues to rise. For people who are considering a divorce later in life, the financial aspects of the end of the marriage can be particularly complex, especially as couples who have been married for many years may have accumulated a significant number of assets, investments and insurances.

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