For many people, the end of their marriage symbolizes a fresh start and a time full of opportunity. The divorce process can be tough, not only from a financial angle but emotionally as well. However, many people are able to move beyond these hurdles and some are able to pursue new opportunities and change their lives for the better. For example, splitting up with a spouse may make it easier for someone to move to another state, which could offer a better quality of life as well as a more favorable job market and business opportunities. However, it is important to make sure that all bases are covered, especially if you have kids.
When some people feel as if they are stuck in a toxic marriage, they may lose the motivation to succeed in life and pursue new opportunities. Some may feel hopeless, while others may find the courage to file for a divorce and move on. Ending such a marriage can change one’s outlook on life in many ways, whether they feel like they have a fresh start in life, or their emotional state improves because they are no longer dealing with problems that constantly brought them down during their marriage.
A 401k is meant to provide an additional means of financial support during your retirement. Yet what happens if you and the person that you had planned to spend your years in retirement with divorce? Many who come to see our team here at Carolann M. Aschoff, P.C. from Jersey City are surprised to learn that a 401k is considered a marital asset. Yet given that the contributions made to it come from one's income, the fact that those contributions made during a marriage are viewed as marital assets is understandable.
Getting ready to walk down the aisle is an exciting time for a New Jersey couple. During your time of engagement, it is beneficial to think about the various ways you can prepare for your future, including drafting a prenuptial agreement. This can be a smart step for people of all income levels.