By: Chris Ann Wright, Esq.
Believe it or not the divorce rate in the United States is about 39%. Luscombe, Belinda “The Divorce Rate is Dropping. That May Not Actually Be Good News”, Time Magazine, November 26, 2018. Is that a good thing? Well, yes and no. In reality, millennials are becoming more selective as to whom they marry. Many millennials now cohabit with their significant other rather than marry that person. Statistics show that Americans under 25 years old are more likely to live with their partners rather than marry them. Id.
Many young couples want to be financially secure before they take the plunge into marriage. The average age for men in the U.S. to get married is 30 while for women it is 28. Id. In 2003 the ages were 27 and 25, respectively, which is a three year change in less than 16 years. Id. Interestingly, couples who live together before getting married have roughly the same success rate regarding marriage as those who don’t live together beforehand. Id.
Economically, getting married for many couples can be very scary. The fact that couples are waiting longer to get married carries many implications, one being that many couples do not want to be financially intertwined. Many households today are two income families which means each person comes to the marriage with a sense of “what’s mine is mine and what’s yours is yours”. The days of one spouse staying home to raise the children while the other goes to work are becoming few and far between. In New Jersey, regardless of each person’s monetary contribution to the marriage, most assets and debts are split pretty evenly when a couple divorces. If you’re not married, it’s much easier to pack up your things, take your bank account and walk away.
In addition, in New Jersey when divorcing, one person may have to pay the other alimony or child support and half the debt created accumulated during the marriage. Economically, when people split, they often leave the marriage in a worse financial situation than when they were married. If that’s going to be the case, is it the right decision to file for divorce? At Lyons & Associates, P.C., we can help you with that decision. We give sound advice in many areas including alimony, child support and equitable distribution. Our office places a premium on personalized service and attention and will discuss the pros and cons of obtaining a divorce in your particular situation. For a private consultation, contact us online or call our office at 908-575-9777.