Divorce Archives

Future loss of alimony deduction may complicate divorce

Ending a New Jersey marriage is not easy for either party. Still, the spouse who earned less in the marriage may feel particularly nervous about his or her financial future following divorce. Fortunately for this party, alimony exists in an effort to bridge the financial gap and help that individual stay afloat financially. The problem, though, is that the alimony deduction that currently exists for paying spouses will soon disappear, which may have an adverse impact on both spouses.

Divorce later in life can have major financial impact

The dissolution of a marriage in New Jersey can unfortunately derail even the most perfectly created retirement plan. This is especially true if the divorce happens late in life. After all, those who go through a marital breakup when they are older have less time to recover financially.

Divorce can be confusing both financially and emotionally

One of the toughest parts of going through a marital breakup is facing an unknown future. After all, divorce is all about untangling two lives both emotionally and financially so that both parties can go their separate ways. However, having a good idea of one's financial situation may help to make the transition to singe life easier in New Jersey.

Family dog Rufus can be a point of contention during divorce

In New Jersey and across the country, nearly 70 percent of households own pets. Thus, the fact that spouses fight over pets during divorce proceedings is likely not surprising. A few tips may help with navigating a divorce proceeding involving a pet.

Financial aspects of divorce, like alimony, can be complex

Experiencing the dissolution of a marriage can be unnerving and make it harder for an individual to think clearly. Still, being prepared for the many facets of divorce may help a divorcing spouse to feel more empowered in the situation. A few tips may help with navigating the divorce process in New Jersey and ensuring that one's best interests are protected.

Medical insurance coverage affected by divorce

Dealing with the financial aspect of a marital breakup in New Jersey can understandably be confusing. Some of the most complicated financial issues to deal with include the division of property and debts. However, an area that many spouses overlook when they get started with the divorce process is health insurance.

Divorce can be tough emotionally, financially

Getting divorced can be a financially complicated process. However, what makes divorce so different from other business transactions is that it can lead to scarring, deep emotions that can be difficult to handle. A couple of tips may help with successfully navigating the emotional and financial aspects of this type of family law proceeding in New Jersey.

Divorce involving family business can be complicated

Around 2 percent of marital unions end each year. When marital assets in New Jersey include family businesses, divorce proceedings can become especially complicated. How much a value is worth and how much cash flow the business is generating are a couple of matters that are heavily contested in many of these types of divorces.

401(k), IRA treated differently during divorce

Getting divorced in New Jersey can be an emotionally and financially tumultuous time no matter how short or long of a time a couple has been married. However, it can be especially stressful the closer a couple is to retirement. Two particular retirement savings vehicles, the IRA and the 401(k), are treated differently during the divorce process.

Credit score can be affected by divorce process

Going through a marital split-up in New Jersey is never easy no matter how many or few assets a couple has. However, the more assets a couple has -- and the more complex they are -- the greater their chances of running into hurdles during the property division process. Making matters even more complicated is that certain events during a divorce proceeding can cause one's credit score to drop, which can be scary for those who are not prepared for it.

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