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Millennials face an entirely new set of family legal issues

Young people today have a vastly different experience of life than their parents or grandparents enjoyed. Advancements in technology have forever altered the way that we live, work and interact with one another. When young people in New Jersey prepare to marry, they have a unique set of family legal issues that need to be addressed. To that end, the prenuptial agreements that they create are very different from those used in decades past.

Don't let property division derail retirement planning

Planning for retirement is a top priority for many New Jersey residents. Setting aside money to ensure a comfortable and secure retirement is important, and is a goal that many people work toward for the majority of their adult lives. Losing a significant portion of that investment during the property division process can be devastating. The following tips can help spouses make decisions that are in line with their retirement goals.

Startups founders have special high asset divorce needs

When an individual is able to create a successful startup, he or she can become enormously wealthy in a very short period of time. That is also true of innovators in the field of technology, where a successful software product or phone app can change one's fortune from one day to the next. For those in New Jersey who have done well in the tech industry and are considering divorce, it is important to understand the unique challenges that might arise in a high asset divorce.

Address these family law issues prior to separation

When a New Jersey couple is going through marital troubles, one option is to try a period of separation. This can be a good move for many couples, and it gives spouses a chance to think things through before they make a decision on whether to move forward with divorce or work on their marriage and reconcile. However, spouses should make the terms of their separation very clear at the onset, and they should consider several family law issues prior to the separation.

Remember that debt factors into property division, too

New Jersey couples who are going through a divorce often focus on the financial aspects of the process. They worry about how to divide assets, and discuss which spouse will get which items of personal property. One thing that many couples fail to consider is the fact that debt is also part of the property division process, and must also be divided. Failing to have a plan in place can lead to some very undesirable outcomes.

How to handle the family home during property division

The division of marital wealth is the primary focus of many divorcing New Jersey couples. How to handle the disposition of the family home is one of the most emotionally charged aspects of property division, and an area in which many couples struggle to reach an agreement. At the end of the day, there are two main options. One is to sell the home, the other is to allow one spouse to retain the property.

Bitcoin can negatively impact property division process

Many New Jersey readers are aware of Bitcoin, even if they are unsure of the exact purpose and scope of the service. Bitcoin is a cryptocurrency provider, which means that the company offers account holders a platform through which to store and transfer money with a high degree of anonymity. While there are a number of legitimate reasons why an individual would have a Bitcoin account, the service also appeals to those seeking to shield assets from the property division process.

One state adds pet welfare to list of family legal issues

Many New Jersey residents are pet owners, and sincerely love their pets. When a divorce is underway, who will retain ownership of the pets is a concern for some spouses. While courts across the nation have declined to get involved in these types of disputes, one state is now ready to consider pet "custody" as one of many family legal issues that the courts will take into consideration during the course of a divorce.

Beware of unexpected costs during property division

The process of dividing marital wealth is never simple or easy, and many New Jersey spouses experience a great deal of stress as they negotiate the division of shared assets. One thing that can make this process even more complicated is the range of fees that can accompany various property division actions. Determining these fees ahead of time can make it far easier to devise well-informed and savvy decisions.

More millennials choosing this family law option prior to marriag

In a recent survey of divorce attorneys, more millennials are reportedly seeking prenuptial agreements prior to committing to marriage. That change indicates that younger people in New Jersey and elsewhere are taking a far more pragmatic approach to family law issues than previous generations. For those who will eventually go through a divorce, having a prenup in place can save a great deal of time and stress.