When a New Jersey couple decides that it would be better to end their marriage than remain in an unhappy relationship, it sparks a series of events and a decision-making process that usually ends in a settlement. Divorce is not easy, but it does not necessarily have to bring emotional or financial ruin to one’s life. Regarding finances, in fact, there might be several benefits.
Many spouses cite financial disagreements as a causal factor in divorce. They might be glad to gain financial independence, at least, insofar as making financial decisions in life is concerned. Another potential positive note regarding finances might be the possibility of taking an early withdrawal on a retirement benefits account without incurring a penalty.
If a parent who has finalized a divorce has a child in college, the child might be eligible for more financial aid than was available when the parents were married. This is because the Free Application for Federal Student Aid (FAFSA) only takes a custodial parent’s financial information into account. If the noncustodial parent is paying child support or alimony, however, FAFSA requires the disclosure of that information.
Adapting to a new lifestyle can be challenging, especially when one goes from a dual income household to a single income. If a New Jersey spouse encounters challenges regarding financial issues or property division laws in divorce, it is helpful to request a consultation with someone well-versed in this area of law. An experienced family law attorney can advocate on a client’s behalf to focus on ensuring he or she achieves a fair settlement.