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April 2019 Archives

Consider long-term finances when going through a divorce

As couples in New Jersey go through the divorce process, they have to work out a lot of issues, including who will get the marital home and how custody of the children will be arranged. It can be easy for couples to focus on what needs to be taken care of in the short term. However, they should not overlook how their divorce will affect them in the future, especially when it comes to how their retirement could be affected by divorce.

The effects of divorce on children from wealthy families

In many cases, divorce has the biggest impact on children. They usually do not understand the reasoning for the end of their parents' marriage. Children go through scheduling changes as they have to be a part of two households. They often miss the parent they are not with, and some children may even choose sides. Divorce is a significant life change, no matter how necessary.

Moms and dads are more likely to share custody these days

When parents of younger children get divorced in New Jersey, custody decisions have to be made. At one time, mothers were far more likely to be favored in custody-related matters. Moms still tend to get more custody time, but there has been a noticeable shift over the years toward shared parenting arrangements. In fact, one study covering this topic shows that mothers were granted sole custody roughly 80% of the time in the early 1980s. Nearly 30 years later, mothers assumed full parenting duties about 40% of the time.