Divorce could be easier for informed New Jersey individuals | Lane & Lane, LLC
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Divorce could be easier for informed New Jersey individuals

Divorce can be a long complicated process, and the more confusing the process is, the more emotionally painful it can be for those involved. Many Americans are often not well-informed about certain regulations surrounding divorce in their states, which can often complicate things further. However, with some research, most individuals can find the necessary laws surrounding divorce so that they are well-informed. Hopefully, many New Jersey residents will do their research before jumping into a divorce and minimize the pain that is caused.

Many states follow the rule that anything that is accrued while the individuals are married can be split between the two people. In most cases, it does not matter which individual holds the title to the property. However, three items that are off-limits are gifts, inheritances and assets owned before the individuals married.

Some individuals do not know that if they have been married for a certain period of time, generally ten years, they may have rights to a portion of their spouse’s retirement benefits. Many retirement assets count as marital property and can be divided in a divorce. One exception is if one spouse already has money in their 401k when they enter the marriage, that may not be considered when the separation starts. However, if money is made in that 401k while the individuals are married, that may be considered marital property.

Divorce is always a painful process for the individuals involved. If New Jersey couples fully understand their rights under the law, however, the process may be much less complicated than most separations for uninformed individuals. This could make the process much less painful for those involved and ensure they receive their fair share during property division negotiations.

Source: forbes.com, "The Big Money Mistake Divorcing Women Make", Kerry Hannon, July 3, 2014

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