For some individuals getting a divorce in New Jersey, getting out of the family home is an important part of moving on to a fresh start. In other cases, spouses may have strong reasons for wanting to remain in the family home after the end of their marriage. Because the value of a home is often quite high, real estate division can be a sore point in divorce proceedings.
What happens to college funds in divorce
New Jersey parents who have set up college funds for their children might be concerned about preserving those funds for their children after the divorce. The beneficiary on a custodial account cannot be changed, but if the account is a regular 529 or a Coverdell ESA, then a former spouse could change the beneficiary to their children from a new relationship. However, a provision in the separation agreement can prohibit this.
A new school year is a good time for a parenting plan review
For many New Jersey couples, the primary focus within their divorce was how to divide parenting rights and obligations. Child custody matters are deeply important to parents, especially at a time when both parties are concerned about how the shifting family structure will change their relationship with their kids. In most cases, parents are able to work out a detailed parenting plan that places the needs of their children at the forefront. As time passes, however, those needs often change, leaving the parents with a custody schedule that may no longer be the best fit. At that point, it is time to sit down and work out a new agreement, which can be a challenge for parents who are unable to effectively communicate with each other as co-parents. As kids settle into the beginning of a new school year, parents are provided with an opportunity to review their parenting plan, and to look for areas that are in need of modification.
