New Jersey Law Blog

Why parents get involved in the prenuptial process

Older Americans in New Jersey and elsewhere will soon begin transferring as much as $60 trillion in assets to their children and grandchildren. At the same time, there has been an increase in the number of younger married couples who are seeking prenuptial agreements. As parents want to protect their assets after they are handed down to future generations, they have become more involved in the process of negotiating those agreements.

Depending on the circumstances, a parent insisting that a child get a prenuptial agreement could strain the relationship between the two. However, it could also provide an excuse for the individual getting married to request that such an agreement be crafted. In some cases, it may be a good idea for parents to get involved because they have a better understanding of how much the family is worth. A parent may also have more knowledge about a child's net worth than he or she does.

The top three challenges divorced women face

Women in New Jersey who have gone through a divorce face unique challenges. While divorce can definitely affect men, it affects women in some ways that are different. Here are the three biggest challenges women face after divorce.

Women often face unique financial challenges after divorce. One study showed that men are likely to see an increase in their income after a divorce while women are likely to experience a decrease in income by up to 20%. Women are also more likely to live below the poverty line. In order to meet these challenges, it is essential that women have a grasp on their finances. It may be beneficial to speak with an accountant, especially when it comes to understanding taxes, health insurance and retirement benefits and how these are affected by divorce. It is also essential to create a new budget based on one income and stick to it.

Are you going to get financial support after your divorce?

As you prepare for your divorce, you are thinking about the financial adjustments you will have to make in the future. You know the end of your marriage will affect your finances in many ways, and naturally, you are thinking about ways you can protect your long-term interests. This is a particularly pressing concern for individuals who are the lesser-earning spouse.

If you earn less money than your spouse, you probably know that it's possible you could be eligible for spousal support, also called alimony. There are certain factors that will determine whether you are eligible for these payments. Of course, it is possible you and your spouse could resolve this issue with a fairly negotiated agreement. Either way, it is in your interests to know and understand your right to financial support after your divorce.

Detecting marijuana intoxication can be difficult

Law enforcement officers in New Jersey have breath analysis equipment to detect and measure alcohol intoxication. Detecting and measuring marijuana intoxication, however, poses multiple challenges. To prosecute cases against drivers allegedly influenced by marijuana generally requires evidence, but breath tests for marijuana so far cannot reasonably measure how much a person has used or when.

Hound Labs has tried to solve this problem for law enforcement with a breath analyzer device that can detect THC, the intoxicating substance inside marijuana, within three hours of consumption. Because the first couple of hours after marijuana use causes the bulk of intoxication, the company believes that its device offers law enforcement a solution.

Many DUI breath tests in New Jersey found to be inaccurate

New Jersey and Massachusetts judges dismissed over 30,000 breath tests after it was discovered that human error, poorly maintained equipment and other issues made at least some of the tests inaccurate. Some devices reported blood alcohol content as much as 40% higher because of improper calibration.

The New York Times investigated cases in which people were taken into custody for DUI and found that breath tests may not be as reliable as some people assume. For example, some devices no longer worked properly because of age. Others had modifications, including one that had a hole drilled in it because police believed it was returning readings that were too low. Breath mints can affect the result with some handheld breath tests. In other cases, there were errors in the programming on the device. As part of their investigation, journalists went over thousands of documents, including contracts, emails, court papers and more. They also interviewed dozens of professionals, including police, attorneys and scientists.

Consider all that is at stake before a strategic divorce

Some New Jersey couples are considering strategic divorce in order to save money on taxes, help an ill spouse qualify for Medicaid or secure more funding in order to help pay for a child's college education. However, before a couple decides to get divorced on paper in order to reap financial benefits, they should look at what is at stake.

Lots of people may feel awkward thinking of asking their spouses for a divorce in order to save some money. However, there are many reasons why chatter regarding this subject has been increasing. The Tax Cuts and Jobs Act requires married individuals to pay higher taxes as opposed to single individuals who would make the same amount of money individually. Also, some presidential candidates are proposing wealth taxes, causing some to feel that a divorce on paper could help them hold onto more of their money.

Calculating the marital home's value during a divorce

The marital home is one of the most valuable assets that most New Jersey couples own. When a couple decides to divorce, calculating a house buyout is often a necessary step. This will allow one spouse to buy the other spouse's share of the home in order to retain the residence for themselves and any children.

If the couple has a mortgage on their home, the first step they will need to take is determining how much equity they have in the home. This is an easy calculation. If the home is worth $500,000 and the mortgage is $250,000, this means that each spouse will have $125,000 of equity in it.

Will the court reduce the amount of child support I pay?

Nearly everyone goes through times when money is tight. In many cases, you can juggle your bills and debts, keeping your creditors happy until things are back to normal. One financial obligation you cannot juggle is your child support payments.

During your divorce or separation from your child's other parent, the New Jersey family court ordered you to pay an amount of child support based on numerous factors, including your salary, your ex's salary and your other obligations. Any of these factors can change at any time, creating a difficult challenge. You may find yourself running out of money before you have paid all your bills or falling short on the amount of support you owe. What can you do to fix this?

When a child wants to live with a former spouse

In New Jersey and across the United States, a child may tell a divorced parent that they prefer living with their other parent. Although the announcement does not come as a shock, the news is not something the custodial parent wishes to hear. However, it is important to engage in the conversation in a positive way. Communicating with a child opens up an opportunity to exchange thoughts about the child's living arrangements. It is a good idea to tell the child that their views are welcome.

Cultivating an understanding attitude helps a parent value their child's opinions with an open mind. When a couple has children, divorce is not just about two people drifting apart. Divorce affects children in a profound way that often leads to confusion. Listening to a child's request to reside with the other parent means trying to see things in a new and different light. It is helpful to invite a former spouse into a meaningful conversation with the child or children.

Separating finances after divorce

When married couples in New Jersey split up, property and asset division is often a primary concern. Spouses with few or no debts or assets may find this process to be relatively simple. However, partners who do own a home, have significant debt or multiple retirement accounts might find it quite complicated to "detangle" finances.

In many marriages, the family home is the couple's greatest asset. A lot of couples opt to sell the home and divide the proceeds. Keeping real estate in a divorce can be complicated and, in some cases, impossible. If a spouse does decide to continue living in the family home, they may opt to refinance the current mortgage in their own name.

Email Us For A Response

Ready To Take Action?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Iacullo Martino, LLC
247 N Franklin Avenue
Suite 2
Nutley, NJ 07110

Phone: 973-498-8787
Fax: 973-661-1653
Nutley Law Office Map

Contact Us

Review Us