When some people think about the property division part of a divorce case, they think of splitting everything they own "50/50" with their soon-to-be ex-spouse. However, in New Jersey, that isn't always exactly how things end up. In family courts in New Jersey, the standard for property division is an "equitable distribution" of assets, as well as debts. That means that the court will be look for a fair result, not necessarily an even split.
There are some divorcing couples in New Jersey who, despite the fact that they are ending their marriage, can be civil enough with each other to consider divorce mediation to get through the legal process. Of course, such an option doesn't work for everyone. Each couple must consider their possible ability to get through the process successfully, so that they don't waste time and financial resources.
As someone who divorced since the year began, or as someone who foresees a divorce in your near future, it is important that you recognize how new tax laws that took effect this year can affect you. People who divorce this year and moving forward will face certain tax implications that those who divorced before them did not, and some of these tax changes can have considerable effects on your bank account.
Many of our readers in New Jersey have probably heard the term "grey divorce," which, generally speaking, usually involves people over the age of 50 going through a divorce, as opposed to younger individuals. Many people have probably also heard the common refrain that about half of all marriages end in divorce. These two concepts are causing major ripples in the family law field, and they may start to become intertwined.
Any given divorce case will involve quite a range of issues to address, from child custody and support to alimony and property division. However, when a couple has a significant amount of assets, it is the property division part of the divorce case that can become more contentious than even the parties involved might expect. After all, New Jersey residents work hard for their earnings and likely will not want to accept any out-of-court agreement they view as unfair.
Many New Jersey residents who are considering filing for divorce may feel quite a bit of trepidation about the move. As a result, they have many questions that they feel need to be answered. A recent article had a number of tips for those who are planning to go through a divorce case.