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.