People in New Jersey who are experiencing serious financial hardship often also experience marital or other relationship troubles at the same time. This is actually quite logical given the stress that can accompany being under a mound of debt. Couples who are considering getting divorced but who may also be thinking about bankruptcy will need to decide which one of these life events they tackle first.
Parents in New Jersey and across the country have their children's best interests at heart, which is why so many worry about the effect a divorce could have. Yet while it is true that children whose parents divorce are also more likely to divorce themselves, the reason could be surprising.
People in New Jersey may well have heard or read reports over the years about marriage or divorce rates in the state and across the country. Some of these reports may claim that as many as half of all marriages will result in divorce while others may say that more couples are staying married longer. It can be hard to sort out what is truth and what is fiction in this arena. Sometimes, looking at the hard numbers may provide the best insight of all.
If you are considering a divorce in New Jersey and either you or your spouse have savings in an employer-sponsored retirement account like a 401K, you will want to learn about the qualified domestic relations order. Beware of proceeding down the path of simply relying on your court-issued divorce decree when splitting these assets as part of your property division settlement. Doing so is likely to leave you paying out large sums of money in the way of taxes and early withdrawal penalties. A QDRO can help you avoid both of these things.
Many New Jersey families understand the difficulty of trying to split their children's time between parents who are going through a divorce. Not only is it hard for the children, who are going through stress and change to their family structure, it is difficult for the parents who love and support their kids and may be feeling lonely. But new studies show that parents sharing custody results in the best outcomes for their children.
If you and your spouse are discussing the possibility of ending your marriage and you own a home together, it is very possible that you may have talked about one of you retaining your marital home and the other person moving out. For some people in New Jersey, this approach is taken when a divorce is initiated but eventually the plan to sell the home develops. For other people, the wish to remain in their home long-term is strong.
When going through divorce proceedings in Bergen County, there is typically one form of marital property that neither you nor your soon-to-be-ex-spouse will want: your debt. Yet just as New Jersey law mandates that marital assets be subject to equitable division, so too does it require that debts accrued during a marriage get the same treatment. Equitable, however, does not necessarily mean equal. Rather, it calls for the fair division of both assets and debts.