Many New Jersey couples live together without getting married. Some want to wait until they have both established their respective careers before tying the knot, while others decide to marry when they start a family, and some never get married. Just like marriages, some cohabitation arrangements come to an end, but the division of assets and property can be more complicated for those who were not married.
Going through a divorce is never easy, and some of the most challenging divorce-related procedures involve children and assets. When there are significant debts that form part of the property division process, it becomes even more challenging. New Jersey is a common-law state, which means that assets and debts are divided equitably, and this process will involve determining whether debts are separate or marital.
Many marriages in New Jersey are between people who may have already been married before, and they enter into new unions with significant assets already accumulated. If the spouses do not sign prenuptial agreements, the division of assets and property in the event of another divorce could become a contentious affair. Under some circumstances, a postnuptial agreement is recommended to avoid this,
Common law marriages are not legal in New Jersey, although many couples in long-term relationships choose not to get married. These relationships can work well, but if unmarried couples split after years of acquiring assets and having children together, the division of assets and property could be a challenging process. There are no rules or legal requirements for ending a cohabitation arrangement, making it less costly and time-consuming -- but not always less traumatic. Contention may arise because of the lack of laws to govern the fair division of property.
There is an expression that says criminal court brings out the best in bad people, and divorce court brings out the worst in good people. Divorces are typically challenging and traumatizing, but prenups can ease the process. Although many people in New Jersey might believe that prenuptial agreements are only for the rich and famous, these marital contracts can simplify the division of assets in the divorces of the rest of the community. While prenups require full disclosure of debts and assets, they can also address additional matters.
Anyone in New Jersey who is considering a second or subsequent wedding after a divorce will likely have many concerns. Most people expect the best from a subsequent marriage, but plan appropriately for the possibility of another divorce. It is crucial to avoid previous mistakes, especially those that only became evident during the division of assets in the divorce.
Going through a divorce is challenging on many levels, and it is certainly not for the faint-hearted. When it comes to the division of assets, the process can become significantly more complicated if a small business forms part of the assets in a New Jersey divorce. Matters to consider include whether the business was established before the date of the marriage, and the value of the spouse's personal investment into the company before the wedding.
Going through a divorce is one of the most emotional and difficult things anyone can face. When it comes to the division of assets, many New Jersey couples focus on the obvious and overlook the less obvious. An example is couples who did a lot of traveling. They might have thousands of dollars worth of accumulated frequent flyer points, which can be split by sharing the value or by the spouse owning the points issuing free travel tickets in the name of the other spouse.
It is not unusual for New Jersey couples to live together for some time. Some choose to marry later, but others might continue to cohabitate. Like married couples, they accumulate assets during this time, and they might even have children together. However, what happens when the relationship ends? How does the law treat property division for unmarried couples?
Some couples in New Jersey choose not to sign prenuptial agreements because both parties have limited assets at the start of their marriage. However, once one or both spouses acquire assets during the marriage, they might need a way to secure the ownership of their respective holdings if their marriage should end in divorce. The solution comes in the form of a postnuptial agreement that will protect each spouse's interests during the division of assets and property.