If you are facing a divorce, you have many decisions to make, and the entire process can seem very overwhelming. In addition to the emotional stress and turmoil you are going through due to the breakup of your marriage, there are all the questions of assets and property distribution to resolve. If you have minor children, there will be decisions regarding custody, child support and visitation.
It is not unusual for a New Jersey parent who as an obligation to pay child support to fall on difficult times, particularly over the past several years when the economy was not very strong and the job market suffered. A parent who experiences a job layoff, for instance, may experience severe financial troubles, including difficulty paying his or her own basic bills.
New Jersey is actually home to one of the lowest divorce rates in the United States. Roughly 9 percent of adults in the state divorce, and one component of this seems to be that people in New Jersey tend to marry at an older age.
Equitable distribution in New Jersey typically applies to the assets that either spouse obtained during the time of the marriage. It also applies to jointly obtained assets. The time range excludes the period after one spouse has filed a divorce complaint that remains pending. The time frame for marital assets typically covers the day the couple got married until the date of the filing of a divorce complaint.
Asset division can be a hot-button topic for many divorcing couples, especially in a high-asset case. Understanding the fundamentals of how New Jersey law approaches division can help you know what to expect.
In recent years, New Jersey reformed its alimony laws in a manner that relates the amount of alimony to the duration of the marriage, particularly for marriages that were less than 20 years in length. As such, if a person is in a marriage that clearly is not blissful and there are disparate incomes and assets of the two spouses, he or she may want to consider what anniversary they are approaching. This factor may have an impact in terms of choice of dates to file for divorce and future alimony obligations.
Prenuptial agreements are quickly becoming the norm for any marriage. In fact, a report in Time Magazine showed that Millennials, more than previous generations, are hopping aboard the idea that prenups are fundamentally a good thing when it comes to marriage.