A New Jersey couple going through a divorce may need to split a 401(k) account. To do this, either the couple or a judge will need to decide how the funds will be allocated. The division may not necessarily be 50/50. Next, the couple will need a document called a qualified domestic relations order. This allows a distribution to be made from the plan following divorce without incurring a penalty. However, the people need to be younger than 59.5 and the QDRO must be forwarded to a plan administrator for approval.
Many parents considering divorce in New Jersey are concerned about how their decisions will affect their children. Families often have two involved parents who hate to lose time with their children. However, joint custody solutions, in which both parents share roughly equal time with the children and responsibility for decision-making, are increasingly popular. In most cases, children move back and forth on a weekly or semi-weekly basis between their parents' homes.
Determining whether or not to keep the family home can be one of the biggest decisions a former New Jersey couple may have to make during a divorce. While many former spouses want to keep the family home, especially if there are children involved, there are a few factors that the former couple should consider before making a final decision.
Many parents in New Jersey share joint custody of their children. Joint custody involves approximately equal parenting time and legal rights. Many parents are contemplating agreeing to share custody of their children wonder how child support works.
When it comes to visitation issues with a noncustodial parent, New Jersey court decisions are based on the best interests of the kids. Judges typically want to see plans or formal visitation orders so that the children are given the opportunity to spend quality time with both parents. In some instances, preventing a visitation could lead to legal ramifications.
As technology advances, couples are increasingly turning to alternative methods of procreation. Some couples pursue the path of embryo cryopreservation—a process by which an egg is fertilized through in vitro fertilization (IVF) and then frozen. The embryo can then be brought to term whenever the couple decides they’re ready to have a child.