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Relevant NJ divorce focus: treatment of income, Part 2

We referenced a landmine that potentially exists for select New Jersey divorcing parties in our immediately preceding blog post. We noted in our September 11 entry that material and unanticipated problems can arise for soon-to-be exes who “fail to properly distinguish among different forms of income during the dissolution process.”

The writers of a recent Forbes piece on that subject matter stress that such a concern does not often feature in marriages where virtually all the income derives from a straight salary only. However, a necessary focus on income treatment and linked timing considerations relevant to divorce filing often emerges in high-asset decouplings, where negotiations commonly concern myriad types of property.

How you can avoid problems when buying a condo

Are you considering the purchase of a condo in New Jersey? It can be an exciting step to purchase a new home, but it is in your interests to proceed carefully and thoughtfully during this time. There are certain problems you may experience that are unique to condo living and condominium ownership, but there are ways to avoid common problems.

Any type of real estate purchase is a major financial investment and legal step. While buying a condo is similar to buying a single-family house, there are key differences. Before you make an offer or sign on the dotted line, you may want to seek guidance and assess your situation carefully.

Just how do you move through and beyond the divorce process?

Reflectively. Patiently. As dispassionately as possible.

There are undoubtedly dozens of descriptors relevant to the optimal mindset one might rationally seek to adopt during the divorce process and thereafter. Every divorcing party in New Jersey and elsewhere is different, of course. Moods and emotions will materially vary from case to case.

Do kids have a physiological reaction to divorce?

As a parent, you know your children often react differently to stressful situations than you do. They don’t have the financial concerns of adulthood and are often shielded from emotional problems that could negatively affect them.

As you and your spouse dissolve your marriage, the stress of the situation can have a physiological effect on your children. The stress hormone, cortisol, may increase during conversations about the impending divorce and escalated situations between the two of you.

Affluence creates barriers for leaving an abusive marriage

As a young woman, you married a man you adored. His good looks, sense of humor or athleticism might’ve won you over. And despite questions and concerns from well-meaning friends and family members, you made your vows.

However, as is too often the case in marriage, your fairytale faded with time. You might remember the moment you realized your husband was no longer the dream you believed he was. Perhaps you wonder whether he ever truly loved you. Regardless, your financial status and the standard of living you have enjoyed may be a deterrent to getting help dealing with a abusive or violent spouse.

Protecting your long-term financial interests when divorcing

The end of a marriage may be a representation of significant financial change for both parties. It's not always easy to navigate these changes, especially when you are also dealing with the emotional and mental strain that can come with a divorce as well. Fortunately, there are some choices that you can make during divorce that allow you to preserve your long-term financial interests. 

Divorce is an emotional process, but your strong feelings at present are likely not indicative of what will work best long-term. It may require you putting aside some of your emotions so that you can pursue practical solutions that will work for you for years to come. When making important choices, you would be wise to think about your immediate needs as well as your future goals.

Stay-at-home parents: understanding your finances when divorcing

Stress over money is a major part of any divorce. You will have to start paying for housing and expenses out of one paycheck instead of two. And if you stayed home to take care of the kids during marriage, you may not immediately find a job with good pay.

These worries can prevent a stay-at-home parent from going through with divorce. This mostly affects women who stay home to take care of kids while their spouses brings home the income. To leave a marriage that is toxic or broken, it is important for the non-working spouse to know their finances, plan for the financial realities of divorce, and understand the resources they may have access to under the law.

Steps to consider if you are facing foreclosure

If you are facing financial hardships, getting a foreclosure notice from your lender is a frightening prospect. However, just because you receive a delinquency notice from your mortgage company doesn’t mean the worst case will happen.

By signing your mortgage papers, you have entered into a contract that you will pay the lender back and that you have agreed to their terms. You breach that contract when you stop making payments. As a result, the lender has a right to take back your home by starting foreclosure proceedings. But there are many steps before that happens -- and many opportunities to get back on track with your mortgage.

Update on vacant properties, zombie foreclosures

Housing news nationally continues to improve over successive reporting periods, with the dismal reality linked to the Great Recession of recent years having largely dissipated.

That is not to say, of course, that property woes for homeowners across the country – and certainly in New Jersey – have now conclusively disappeared in lieu of absolute and persistent upsides. A recent industry report on American home ownership relevant to the current calendar quarter reveals that select urban pockets nationally continue to struggle a bit with housing challenges. Again, New Jersey features prominently in that category.

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