New Jersey couples deciding to separate or end a marriage must make important decisions about their living arrangements during and after the divorce. Each individual must balance individual desires with the logistical and financial reality of their situation in order to reach an informed decision. Unfortunately, the timing of these decisions coincides with some of the most emotionally challenging periods of the divorce process.
Going through a divorce is often stressful, but New Jersey couples who have to sell their home as well may find it particularly unsettling. One website reports that the family home is sold in 61 percent of all divorces. In some instances, one spouse is able to buy out the other spouse, but this is not possible in many cases.
During a divorce, New Jersey couples who are ending their marriage will need to go through the process of dividing their marital property. During these negotiations, the goal should be an equitable division of such property. There can be errors, however, that might result in the opposite later on. To avoid this, there are certain things that should be considered.
One of the most complicated tasks a New Jersey couple is likely to face is organizing their divorce. Small details can easily be overlooked or rushed through with the most attention given to child custody, division of business assets and wrangling over objects of sentimental value. One of those small details is the separation of car insurance policies, and it can have serious repercussions.
New Jersey couples whose marriages are coming to an end might want to learn more about how to close their joint bank accounts. The practical steps of doing so are straightforward. Before closing a joint account, spouses should decide who gets what amount of money.
New Jersey residents who are getting a divorce might want to keep the family home or may want to buy a new one. However, after a divorce, their income and credit rating may be lower. This can create problems in refinancing the home or getting a mortgage from a lender. People who are unable to meet lenders' requirements might need someone to cosign in these circumstances.
New Jersey residents may be interested to learn that any property that is acquired during a marriage is considered community property. Examples of community property may include any money that is earned by either party to the marriage or interest earned on money in a savings or brokerage account. A family home or anything purchased to furnish the home may also be considered community property. A court may also rule that property has become community property as it was commingled during the marriage.
When a New Jersey couple divorces, it may be difficult to decide what to do with the marital house. For some, it is easier to let the other person have the house and handle the mortgage regardless of their situation. However, it may be best for some couples to maintain the status quo if they are close to repaying the mortgage in full. Once the mortgage has been repaid, it may be easier to sell the house and split the proceeds.
For artists in New Jersey, a divorce can mean that their artistic and literary works will be on the table when it is time to negotiate an equitable distribution of property. The value of copyrights and licensing agreements is also a consideration, and some divorce agreements grant the non-artist spouses a share of future income.
Even the marriages that appear to be the most stable have struggles once in a while. When these difficulties become too much, New Jersey residents might consider whether divorce is the best option. Recently, long time companions Jewel and Ty Murray announced that they are seeking a divorce.