With the end of a marriage comes various financial issues that the two parties must address, issues pertaining to both immediate financial needs and those for the future. One thing New Jersey parents would be wise to address in detail during their divorce is the need for college tuition for their kids. Taking care of that potentially complex issue now can reduce the chance of continued problems long-term.
There has been a lot of discussion about the increase in student debt over the last couple of decades. In order to achieve a post-secondary degree, many individuals take on thousands of dollars in student loan debt. Unfortunately, the debt can become a burden for many, including married couples. New Jersey married couples may be interested in the financial stress that can occur because of student loan debt and the role it can have in a couple's divorce.
When a couple is headed for separation, the people around them are often aware that problems may exist. Because of the close proximity, the children are often not ignorant of issues that may exist between parents. Many New Jersey couples may find that explaining a divorce to children and the reasons behind it one of the most difficult parts of the marriage ending.
There are numerous things to consider when ending a marriage. For any New Jersey resident that has not had experience with a divorce, he or she may not be aware of all the complexities to consider. In addition, laws change, occasionally altering the process. In fact, the recent Tax Cuts and Job Act recently affected many aspects of the process and will affect many divorces in 2019.
Many people wonder why some marriages work out while others do not. While there are usually multiple reasons behind a divorce, money issues seem to be a common theme. Here are a few of the money issues New Jersey couples may face that could lead to an ended marriage.
New Jersey couples who are in a second or third marriage may not realize that their chances of marital success are lower than those who are in their first marriage. Approximately 60 percent of marriages end in divorce when it is the second marriage compared to those who have less than a 50 percent chance of divorce during a first marriage. Because many second marriages occur later in life, there are some important things to consider prior to getting married.
Neil Sedaka's signature song is "Breaking Up is Hard to Do." The lyrics couldn't be more true, particularly when a couple has been married for any length of time. It can be difficult to separate lives once they have merged and intertwined. It is easy in the midst of the pain, hurt and emotion to forget to monitor and figure out how to separate finances. Because a couple's finances will be impacted by a divorce, couples in New Jersey are encouraged to keep their money matters in check.
A recent study indicates that four out of every ten marriages will end. Unfortunately, a divorce affects more than just the couple. Shared children often feel the biggest impact of a parent's failing marriage. New Jersey parents may be interested to know that more than a child's emotional well-being can be affected; their college education can also be impacted.
Some statistics suggest that as many as half of all marriages will end in divorce. In those marriages, children often are caught up in the battles, fights and negotiations of spouses. Although a divorce is painful and can be a lengthy process, New Jersey parents may be in interested to know that there are ways to assist children through the proceedings.
In the last century, women have gained many rights and more respect from male counterparts than ever before. Despite women becoming more independent, statistics indicate that many women still leave most financial decisions and management up to their spouses. New Jersey readers may be interested to learn that women who have not participated in marital financial decisions often face surprises during a divorce.