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.
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.
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.
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.
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.
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.
New Jersey residents may be interested in learning about the effect that 'gray divorces", which involve spouses over age 50, have had on society over the past few years. In 1990, only 10% of the divorces involved individuals over the age of 50. In 2010, that number had jumped to 25%.
In New Jersey and across the United States, divorced men should think about getting DNA paternity tests. Since there are many legal issues involving child support and child custody, a negative DNA paternity test can alleviate men of their legal obligations toward the care of a child. On the other hand, a positive DNA test informs the man of his responsibilities for taking care of his biological child. An unmarried man is not automatically a child's legal father. Instead, he is known as the child's "alleged father" unless a DNA paternity test's results prove otherwise.
In the age of social media, getting a divorce can quickly become a public spectacle for some New Jersey couples. While former couples do not necessarily need to stay off their social media accounts while going through a divorce, there are some things that should be considered when it comes to social media, especially if the divorce is turning out to be less than amicable.
Some New Jersey couples have a desire to create a perfect wedding day, even if it means going into debt to do so. But according to a study by a top online lending marketplace, nearly half of the newlyweds questioned who racked up additional debt on their wedding day considered ending their marriage because of it. However, just 9% of couples without the burden of wedding debt reported considering divorce due to finances.