Is There a Good Time to Get a New Jersey Divorce?
A recent article on MSNBC looks at five events or factors that can make a divorce easier to deal with.
Most would argue that divorce can be difficult, regardless of the timing of it or whatever outside factors affect it. Hiring an experienced New Jersey Divorce Lawyer can make a difference, however. An attorney who doesn’t know the best way to handle a Morristown Divorce can make the process even more difficult. An attorney shouldn’t add stress to the situation but instead should be there to take as much of the stress and emotion out of the equation as possible.
There are things to take into consideration when thinking about a divorce in New Jersey or elsewhere. Studies have found that with the effects of the Great Recession looming, including high unemployment rates — at 9.5 percent in July, according to the U.S. Bureau of Labor Statistics –and other financial distractions, couples are less likely to divorce or get married in the first place. Stress from money is one of the bigger factors in couples getting divorced and therefore having an attorney who can keep keep your best interests at the forefront of the case can have a positive impact on your future standard of living and quality of life.
According to the story on MSNBC.com, here are five events or factors that can affect a divorce:
A bad real estate market:
At one time, the house was the most heavily fought over asset during a divorce. Whoever got to stay in the house and reap the benefits of a booming market might be considered the winner in a divorce, even if the other spouse got equal monetary assets to make up for leaving the house behind. Now, it’s a different story. With millions of foreclosed homes on the market, housing prices have dropped, causing the value of the marital home to be called into question.
For those who plan on living in the house for decades to come, this might not be a big deal. For those who may have to sell the house, it’s a whole other story. Having to let a house sit on the market, perhaps up to a year or more, eats up the equity that is built into it and can produce a lower return.
An up-and-down economy:
The economy can impact those going through a divorce — just as it can impact everyone else. If both spouses need to rent a house or apartment, pay for a vehicle, buy food and other living expenses, the costs add up.
Along with a shaky economy, having a poor credit score can escalate the stress of life. If the split isn’t contentious, it may be helpful to let the spouse with the bad score build up credit for a period of time, or remain in the house and keep the car.
Child custody in New Jersey divorces can cause strife among parents and can lead to financial stress because of child support payments. But children of divorce are more likely to qualify for student aid.
Receiving an inheritance:
Laws vary on how property will be split. Most don’t apply to future assets, meaning an inheritance is usually protected.
If you need to speak with a divorce or child custody lawyer in Morristown, contact (973) 455-1220 or fill out the Contact Form on our website.
More Blog Entries:
Court Award of Interest in Divorce Settlement Illustrates Need for New Jersey Divorce Lawyer: June 30, 2011
The best and worst times (financially) to get divorced, by Angie Mohr, Investopedia