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Financial issues to think about during a divorce

Those who are going through a divorce in New Jersey may be stressed about how it will impact their finances. However, taking some time to understand the financial impact of a divorce before it happens can help ease a person's mind. The first step is to take an inventory of all financial assets that a person could have accumulated during a marriage. These assets could include a bank account, retirement account or stocks.

After inventorying these items, it is a good idea to learn more about they are taxed. For instance, an individual who takes money out of a retirement account could need to pay taxes on that money. Any taxes paid to the government will reduce the actual value of the retirement account. It would also reduce the value of any other asset that a person would need to pay taxes on after liquidating it.

Domestic violence claims can lead to restraining orders

Courts take domestic violence accusations seriously. The primary concern when someone makes a complaint is keeping the complainant safe, even though the accused person hasn't been convicted yet. One way this occurs is through restraining orders, which can include several points.

The purpose of a restraining order is to prevent the alleged abuser from having contact with the victim. It provides specific conditions to make this happen, and there are consequences for not abiding by the order.

Civil rights groups worry about police access to personal data

Police officers and federal agents usually must obtain search warrants if they wish to search a New Jersey resident's home or automobile, and judges will only authorize searches when they are presented with sufficient probable cause. However, the confidential personal data that individuals share with technology companies is far easier for law enforcement to access. Most companies only ask for a subpoena before handing over this information, and police officers can obtain a subpoena without probable cause.

Only California, Washington and Utah have laws in place that require search warrants to access confidential information, which is a state of affairs that has civil rights groups worried. Organizations like the American Civil Liberties Union say lawmakers and citizens are putting far too much trust in private corporations to protect rights against unreasonable search and seizure guaranteed by the Fourth Amendment. The ride-sharing company Uber says that it turned over information on more than 3,000 of its drivers and customers to police and federal agents in 2017. Only 231 of the 1,404 requests it received from law enforcement were accompanied by a search warrant.

Financial security during and after a divorce

When spouses in New Jersey get divorced, they need to be careful about their finances. It's good to start by creating a budget. This can be a temporary plan that's just for the next few months. As one settles into their new life and gets a realistic sense of their expenses, they can adjust everything for the longer term.

There are several points to consider when dividing marital assets. Exes should think about how much asset liquidity could be required and whether there are tax implications. For example, some types of retirement accounts are tax-free while others are not, and this will affect their actual value. A person who was married for at least 10 years might be able to draw on a higher-earning spouse's Social Security benefits for retirement purposes.

How parents can help children handle a divorce

Parents in New Jersey may find it difficult to process their emotions during a divorce. However, it can be just as difficult for children to process what is happening when their mothers and fathers are no longer together. Ideally, parents will encourage their children to talk to them about their feelings and to ask any questions that they may have. If a question asks for too much information, a parent can feel free to not answer or to answer in general terms.

Parents should try to get along with each other as much as possible. In many cases, allowing the other parent to spend time with a son or daughter can be helpful for the adult and the child. The child benefits because he or she gets to spend time with both parents. The parent benefits because he or she gets time to explore new interests or indulge in old pastimes.

Wedding debt may be linked to divorce

When people in New Jersey plan their weddings, they may not think about how to avoid divorce later down the line. However, it can be important for people to think about how to protect their marriage, even through the decisions that they make about their weddings. According to one study, around 45% of newly married couples went into debt to pay all of the costs associated with their weddings. However, this debt has led to further problems. Almost 50% of the study participants said that they considered divorce due to their debt.

On the other side, only 9% of the couples who were not carrying debt related to their weddings said that they had considered divorce due to their finances. Even those people in wedding debt who did not consider divorce often suffered worsened relationships as a result; 76% said that they had argued about wedding costs with their spouse-to-be. On the other hand, only 20% of those who avoided wedding debt had argued about costs for the ceremony.

What rights do you have when tenants have unauthorized visitors?

Being a landlord in New Jersey isn't particularly easy. Not only do you have to come up with the capital to invest in real estate to begin with, but you also have to maintain the properties you purchase over the years.

Beyond that, you have to collect rent from tenants and deal with issues that they may bring to your attention, such as late-night parties in one unit or problems with the plumbing in the shared laundry space. The average landlord has enough to worry about without the concern of whether or not their tenants actively violate the lease agreement.

How separate bank accounts are handled in a divorce

Opening a joint bank account was once something couples in New Jersey and around the country did as a matter of course soon after getting married, but a recent Bank of America survey reveals that almost one in three married Millennials are choosing instead to keep their money in separate accounts. Millennials may believe that doing this will protect their assets should they decide to divorce, but that is not necessarily true.

In states with community property laws, income earned during a marriage is considered part of the marital estate and must be divided equally in a divorce. The name on a bank account has no bearing on this process. In states like New Jersey with equitable distribution laws, equal division is not required but marital assets must be divided fairly. However, this does not mean that funds in a separate bank account are not subject to division.

Key eviction law tips for New Jersey landlords

Many people in New Jersey consider investing in real estate but may be concerned about how to handle difficult or dangerous tenants in their income properties. In most cases, tenants also want to avoid an eviction, but landlords can help themselves prepare for problems by being aware of their rights and the law. There are particular reasons why people are allowed to evict tenants, and being conscious of the law can help people enjoy successful, profitable properties.

Landlords cannot evict tenants simply because their lease has expired. Under state law, the lease shifts to a month-to-month lease after that time. The landlord can deliver a written notice to quit the property at the end of a lease, which requires the tenants to leave. If the tenant fails to leave, the landlord is often entitled to double rent for this period. In addition, landlords can change the terms of the lease, including increasing the rent, and require the holdover tenants to agree. However, if a landlord wants to evict based on a failure to pay the new increased price, he or she should be able to show a judge that the increased rent reflects the market rate and profitability.

Effects of divorce on small business owners

Divorce may carry unique considerations for New Jersey business owners. This is especially true for entrepreneurs with small, closely held firms. In many cases, this type of business is both the largest marital asset and the greatest source of income for both families. Of course, the financial effects of divorce can significantly outweigh other changes that come with the end of a marriage. However, business owners may have specific concerns about the future viability of the company and how the firm will be handled.

Certainly, the business is a major issue to be addressed in the property division stage of the divorce. In some cases, people may worry that they will be forced into a permanent business partnership with a former spouse. However, there are other ways to reach a resolution that can leave everyone with a fair outcome. New Jersey is an equitable distribution state, so the division of marital property may not be precisely in half; instead, it depends on several factors. However, business owners should plan to see some of the company's value transferred in a settlement.

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