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Randolph NJ Family Law Blog

Divorce involving high-value assets can be acrimonious

No matter how much or little money a couple has in the state of New Jersey, getting divorced can be financially challenging. After all, both parties may simply struggle to see eye to eye on how to split the assets they share. However, having more in the coffers can certainly make things a little more difficult during a divorce proceeding.

Oftentimes, settling a divorce is less expensive than litigating it when trying to get through a divorce. However, in particularly contentious high-value-asset cases, the wealthy partner may desire to ruin the other partner at any cost rather than settling. Thus, he or she will push back against the other person's requests or offers even if it does not make financial sense to do so.

Divorce can be a confusing process at the start

Putting an end to a marriage in the state of New Jersey can be a frustrating experience, not only for the spouses but also for their children. Not knowing where to start at the outset of the divorce process can especially be intimidating. A few tips may help with ensuring that some important steps are taken early on.

First, gathering all financial documents and making copies of them are critical steps. Spouses often share these documents, such as tax records, bank statements and financial records. However, having their own sets of documents is paramount before heading to the negotiating table.

Postnuptial agreements valuable during divorce

Prenuptial agreements are a widely discussed topic among those who are planning to get married in New Jersey and elsewhere, but not many have heard about postnuptial agreements. While prenups occur before marriage certificates are signed, postnups occur after these certificates have been signed. However, they both serve the purpose of protecting a married person's assets in the event of divorce.

Just like a prenuptial agreement, a postnuptial agreement is a legally binding tool that clearly spells out how liabilities and assets are to be dealt with if a divorce happens. This type of agreement thus helps to prevent unnecessary squabbling between the two divorcing parties. It also offers the benefit of expediting the required legal proceedings as well as the splitting of assets.

Protecting finances paramount during divorce

According to recent research, the months of March and August appear to be the most popular months for getting divorced. However, no matter when divorce papers are filed in New Jersey, it can be distressing both emotionally and financially. A couple of tips may help with addressing the financial aspect of this type of family law proceeding.

First, it is important to gather information about all shared assets. After all, there is no way of ensuring that assets are split in an equitable manner if one does not know all of the assets available for division. Ensuring that all assets are accounted for is possible by collecting tax returns and other financial data from the past five years, including statements from shared retirement savings or investments.

Domestic violence remains issue in New Jersey and elsewhere

Offenses that are committed against a romantic partner may range from an emotional attack to sexual or physical attacks or even to destroying the partner's property. They may also include psychological or even economic attacks, such as isolating somebody from others or withholding financial support, respectively. According to federal law, all of these attacks are considered domestic violence in the state of New Jersey.

In general, domestic violence typically takes place when one loved one tries to assume control over the other. It can take place between current or former spouses, for instance. An abusive domestic relationship may also involve children, which includes foster children, unmarried individuals who are intimate with each other, and two people who share a child.

Different types of child custody exist

Who gets to keep the children is a frequently debated aspect of a divorce involving the parents of minor children. The idea of child custody is often understood from a general point of view in the state of New Jersey. However, different kinds of this arrangement exist.

The type of child custody that is most commonly known is the physical kind. When parents are given physical custody, this means the children can live with them. In some cases, joint physical custody takes place, where the children end up living with each parent for a significant amount of time. Meanwhile, sole physical custody happens when the children live primarily with one of the parents and the other parent has limited visitation rights.

Child custody issues can affect both parents and children

A divorce proceeding can naturally involve both heartbreak and frustration for adults going through it. However, the children of these adults are also affected by it, particularly when matters such as child custody are points of contention. A few tips may offer guidance for helping children through this type of family law proceeding in New Jersey.

First, it can be helpful for both parents to explain the marital split-up together. The children do not necessarily need to know all of the details. However, it is important to explain what exactly is happening and how this will impact them.

Inventorying assets important during divorce

Recent research shows that filings for dissolving marriages appear to peak during the months of March and August. However, no matter the time of year, filing for a divorce can be both emotionally and financially overwhelming. A few tips may help with protecting one's best interests during this type of legal proceeding in the state of New Jersey.

First, it is critical to protect credit scores. This means staying on top of payments on shared expenses and debt during the divorce proceeding, such as utilities bills, mortgage payments, payments for credit cards and even bills associated with a Netflix account. After all, making payments on time is critical for having strong credit scores.

Divorce mediation involves multiple steps

The dissolution of a marriage is often viewed as a adversarial process, but it does not always have to be. Thanks to mediation, divorcing couples in New Jersey can take full control of planning their own lives post divorce. Divorce mediation is especially helpful for parents, who will have to keep making decisions together regarding their children in the future.

In this type of family law proceeding, a mediator serves as a neutral party who helps a couple to address their divorce-related issues. This allows for the easy flow of information between both sides, as the mediator ensures that both sides have the chance to speak and explain their points as necessary. The mediator can also give the couple important information regarding the legal system, though he or she does not provide legal advice.

Older couples more likely to get a divorce

According to new research, there is a connection today between older age and a higher rate of getting divorced. The divorce rate has tripled for the above-65 crowd in the United States, including in the state of New Jersey. Meanwhile, it has doubled for the over-50 crowd.

Back in 1990, only five out of 1,000 married people over the age of 50 would get divorced. However, in 2015, that figure was 10 out of 1,000. Meanwhile, the figure increased three times during this period for the married over 65.