When a New Jersey resident is considering a second or subsequent marriage, the issues before him or her are different than those faced the first time around. In many cases, people who are tying the knot a second time have far more assets than they did when they entered their first marriage. In addition, when one or both partners have children from a previous union, there is a need to protect assets that should be passed to those children. While no one enters into a marriage already planning for a divorce, taking the time to create a fair and reasonable prenuptial agreement is a savvy move, even if the document is never needed.
Decades ago it was a foregone conclusion that the wife would stay home with the children and take care of the house while the husband went to work to earn the money. If a couple got a divorce, it was the man who paid alimony to his wife since she stayed at home. New Jersey couples understand that nowadays, it's not so cut and dry.
When it comes to marital property many people may not realize that it includes everything earned or acquired by either spouse during the marriage. This covers several areas not normally considered, including a spouse's accumulated frequent flier miles. These would be included as marital assets subject to division under the divorce laws of New Jersey and most if not all other states.
It is no secret to New Jersey readers that a divorce can be costly. Fees and payments can quickly accumulate, and debt can increase exponentially. This is especially true for those that are the lesser earning spouse before a divorce, often unable to match their spouse's financial ability while struggling to achieve a fair settlement.
New Jersey fans of Kim Kardashian have probably been following the latest news concerning her divorce from NBA player Kris Humphries. The newest twist in the lengthy divorce saga concerns the reality star's pregnancy. She has asked for a judge to declare the marriage officially over so she can move on with her life. The proceedings have dragged on since Oct. 2011.
New Jersey women may not realize the effect that a divorce can have on their financial situation. New studies, however, show that this uncertainty could have an effect on their health insurance coverage. Research shows that over 100,000 women per year in this country lose their private health insurance after they have gone through a divorce. Even after two years of being divorced, their overall insurance coverage remains at a lower level than before.