Posts tagged "division of property"

Our readers in Old Bridge may recall a couple of recent posts about the expenses people often face after divorce. But what are some of the basic ways divorcing individuals can get their financial affairs in order after a split?

It certainly isn't possible for all New Jersey residents, but creating an emergency cash fund is one great way of ensuring that costs associated with the divorce don't prevent you from being able to act if an unexpected situation arises. Divorce often means the household income is compromised for a time, so creating an emergency fund in accordance with a monthly a budget is a way of protecting yourself financially.

Perhaps you always appreciated that your spouse handled the household finances, saving you the stress of juggling income, bills, investments and other money matters. During the course of your marriage, ignorance can be bliss. But when divorce comes into the picture, being unfamiliar with your financial matters could put you in a risky situation.

Unfortunately, many New Jersey divorcees can share the tragic tale of how their spouses swindled them in their divorce proceedings. In many cases, one spouse was able to cheat the other out of his or her fair share of the couple's finances by hiding money in various ways.

Many couples in New Jersey might believe that by living together before marriage, they will be less likely to end up going through a divorce. However, research shows that this is not true -- in fact, cohabitation may be a reason for divorce.

Despite the fact that many young people feel that living together before marriage is a good way to test the waters, experience is proving that many of these same couples will end up in a divorce situation. Researchers have named this phenomenon the cohabitation effect.

The divorce process is mired in paperwork, phone calls and other processes required to separate one couple into two individuals. In New Jersey and elsewhere in the United States, divorcing couples are required to inform their car insurance company that their marital status has, or is about to, change.

State laws and company policies may vary on the specific requirements, but in general, you should inform you insurance provider of your divorce within 30 days of it being finalized.

Any high-asset divorce can turn into a bitter battlement when one side chooses to employ venomous lies to get what they want. In divorce proceedings in New Jersey and the rest of the country, divorce courts can turn into venues for mudslinging and name-calling when soon-to-be ex-spouses do not maintain their integrity.

Thus was the case with a mortgage front man and his ex-wife, who is also the CEO of American Equity Mortgage. The man is bringing issues surrounding his 2006 divorce back to court, claiming that he might have some solid evidence that his then-wife lied about his behavior to get what she wanted out of the high-stakes separation.

Many of us have followed the Schwarzenegger-Shriver divorce settlement with piqued interest. After news of Schwarzenegger's love child went public, the couple separated. Although Schwarzenegger had not been obligated to pay child support or spousal support, he began paying Shriver a substantial monthly sum.

According to recent reports, the couple's high net worth divorce is finally underway. For many couples, the most contentious element of the divorce can be deciding what will happen with the house. With Schwarzenegger and Shriver, that was the first thing that was agreed upon in their divorce settlement.

Many high net worth couples work together to build and develop family businesses. However, when a marriage ends, the security of the business may also be placed in jeopardy. Like other assets the couple owns, the family business will likely be subject to asset division during the divorce.

While dividing or closing the business may not be the most desirable option for the business, there are ways to avoid that outcome. If it is not feasible for the couple to remain business partners, the following approaches may provide solutions for New Jersey couples who are divorcing.