The end of the year can bring a great deal of change for many families. Some changes are positive, but this can also be a time of year where people decide to divorce. People here in New Jersey may have questions about how divorce will affect their finances due to some new tax laws that will take effect in 2019. Alimony payments will be treated a bit differently, and it is important for divorcing spouses to be aware of these developments.
This time of year can bring a great deal of joy for many people here in New Jersey and across the country. The winter season often represents a time to be with family and friends. Unfortunately, for many people, the holidays can also bring a lot of stress, and for divorced families in particular, this time of year can be a struggle. Divorced parents who share children often have to determine exactly how to navigate their child custody arrangements. However, there are ways for blended families to cope and ensure that their holiday season is as positive as it can be.
After watching the drama surrounding the castmates of the popular TV series, "Jersey Shore," fans may be surprised to learn that one of the show's favorite couples is entering divorce proceedings. Though viewers are used to seeing the stars of the show face legal issues, relationship drama and other real-world hardships, many did not anticipate that one of the show's favorite couples was facing marital troubles. Reports have recently surfaced that New Jersey resident and reality star Jenny Farley filed for divorce from her husband of three years.
Changes in how society approaches student loans, credit card debt and getting married later in life are all reasons that may encourage couples who are about to marry to discuss the possibility that the marriage may not last forever. Although it can be a sensitive subject to address, many New Jersey couples are recognizing the benefits of prenuptial agreements. While it was traditionally only considered when individuals had significant wealth to protect, many couples are finding there are other ways an agreement prior to marriage can be helpful.
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.