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Can Job Loss Lead to Divorce?

Contact a Bergen County Divorce Lawyer at Torchin Martel Orr LLC for a Confidential Consultation

In times of economic uncertainty, job loss can place an even more significant burden on individuals and families. While the emotional and financial impact of losing a job is well-documented, it also has the potential to strain marital relationships. The upheaval of sudden unemployment can become a catalyst for marital problems, but many couples manage to work things out and become closer. For others, it leads them down the path of divorce.

When one partner loses their job, it can disrupt the household’s financial stability, leading to arguments about money management, mounting bills, and lifestyle adjustments. In many cases, couples may struggle to make ends meet, aggravating existing tensions within the relationship.

The stress of unemployment can also spill over into other aspects of the marriage, such as communication, intimacy, and trust. Feelings of inadequacy or resentment may arise, further straining the bond between spouses. Financial hardship can erode the foundation of even the strongest marriages without open and honest communication and effective coping mechanisms.

Factors like the duration of unemployment, the couple’s financial resources, and their ability to adapt to change can influence the likelihood of divorce. While some couples may weather the storm and emerge stronger, others may find themselves unable to overcome the challenges posed by job loss.

What Role Does Stress Play in Divorce?

Job loss can be a major source of stress for married couples. Unemployment, pressure to find a new job, and uncertainty about being able to provide for one’s family can affect mental and emotional well-being.

Stress can manifest in different ways within a marriage, including irritability, mood swings, and a communication breakdown. Spouses might turn to unhealthy coping mechanisms such as substance abuse or withdrawal, making things worse.

The loss of a job can also impact one’s sense of identity and self-worth, leading to feelings of depression, anxiety, and low self-esteem. These negative emotions can spill over into the marriage, creating a toxic environment conducive to conflict and, ultimately, divorce.

How Can Couples Face the Challenges of Job Loss?

Couples can face this challenging time and emerge stronger together. Open communication allows spouses to express their concerns, fears and needs honestly. By sharing the burden of unemployment and working together as a team, couples can strengthen their bond and weather the storm.

Practical strategies include:

  • Creating a budget.
  • Exploring alternative sources of income.
  • Seeking professional support.
  • Prioritizing self-care.
  • Maintaining a sense of optimism.

Additionally, a lawyer can help with job loss during the divorce proceedings. A lawyer will offer strategic legal guidance, explaining how the loss of employment might impact matters such as spousal or child support. This insight helps in understanding rights and obligations during a financially challenging time. Also, lawyers excel in negotiation, advocating for fair treatment and adjustments based on the changed financial circumstances. They can also assist in documenting the job loss’s impact, gathering relevant evidence, and preparing solid legal arguments. Importantly, if the case goes to court, a lawyer provides essential representation, ensuring that the court considers the job loss fairly and that any resulting orders are equitable.

Contact a Bergen County Divorce Lawyer at Torchin Martel Orr LLC for a Confidential Consultation

If job loss has contributed to your divorce or you lost your source of income during the proceedings, we will help you today. Contact an experienced Bergen County divorce lawyer at Torchin Martel Orr LLC. Call us at 201-971-4866 or contact us online for a consultation. Located in Paramus, New Jersey, we serve clients in Bergen County, Morris County, Essex County, Hudson County, and the surrounding towns in northern New Jersey.

What Is the Difference Between a Separation and an Annulment?

Our Paramus Divorce Lawyers at Torchin Martel Orr LLC Represent Clients Who Wish to End Their Marriage

If you and your spouse are considering ending your marriage, there are several options. While divorce is certainly one option to pursue, other methods may be more suitable based on your unique circumstances and if you have specific grounds for terminating your marriage. Separation and annulment are similar in that they are both alternatives to getting a divorce. However, if you are considering these options, it is important to understand some of the main differences between them and how they differ from a divorce.

What Is a Separation?

Unlike a divorce or an annulment, a separation does not legally end your marriage. If you and your spouse are having marital problems, but you are not sure whether you are ready to proceed with a divorce, you may want to consider a separation. Depending on whether you have any intention of reconciling or you are sure that the marriage is over but you have specific reasons for not pursuing a divorce, you can seek the following separation options:

  • Trial separation: A trial separation is an option if you are considering ending your marriage but want to take some time to think about the issues that have caused problems in your relationship and whether the marriage is salvageable or beyond repair. This gives you time to consider your decision and finances, property distribution, and custody.
  • Living apart: With this option, you and your spouse no longer live under the same roof, although you are not legally separated. Remember that this could impact your property rights if you are the spouse who moved out of the marital home.
  • Permanent separation: If you are pursuing a permanent separation, you and your spouse live apart and have no intention of reconciling. This option also allows you to keep your assets and debts to yourself, although any assets accrued after your date of separation will only belong to the person who accrued them.
  • Legal separation: If you opt for a legal separation, you will no longer be considered married, but you are not legally divorced, which means you cannot remarry. Like a divorce, the court order will include all the separation details. You and your spouse will negotiate custody agreements, spousal support, and the distribution of marital property or allow the court to make those decisions if you cannot reach an agreement.

Why Should I Consider a Separation Over a Divorce?

Even if you and your spouse want to end your marriage legally, the following are some of the most common reasons why couples opt for a separation instead of a divorce:

  • To continue filing taxes jointly.
  • Religious reasons.
  • To keep existing health insurance.
  • The belief that it is in the children’s best interests.

What Is an Annulment?

A divorce terminates a marriage, and an annulment is a legal determination that the marriage never happened. However, like a divorce, an annulment allows both parties to remarry or enter into a domestic partnership with another person. An annulment is an option for people whose religion disapproves of divorce, prohibits individuals from remarrying after divorce, or will not allow people who have been divorced to get remarried in the church. In New Jersey, there are limited circumstances in which annulments are granted:

  • Incest: If both parties are too closely related by blood, the marriage may be annulled.
  • Duress: If the marriage was forced under the threat of violence against you or someone else, this is a basis for an annulment.
  • Underage: You must be 18 or older to get married in New Jersey.
  • Impotence: If a spouse intentionally conceals inability to consummate the marriage, is impotent, or is unable to have children, this is grounds for an annulment
  • Lack of capacity: If a party lacks the mental ability to consent to the marriage, either due to a mental illness or impairment from an intoxicating substance, this may justify an annulment.
  • Fraud or misrepresentation: If either spouse has been deceitful about information that would impact the marriage, this will likely justify an annulment. Examples include the intent to marry for immigration status, entering a marriage after becoming pregnant by another man or failing to disclose a serious substance abuse problem.

Does an Annulment Impact Alimony, Child Support, or Equitable Distribution?

Since an annulment nullifies the marriage as if it never occurred, there is no equitable distribution of assets in an annulment proceeding in New Jersey. That means that the court will not divide property that was acquired over the course of the marriage. The property will remain in the possession of whoever’s name is on the title. The court will divide the property if the marital home is jointly owned. However, an annulment proceeding may award child support, custody, visitation, and spousal support. A highly skilled divorce lawyer will assist you with this process, address any questions or concerns about the best legal course of action, and help you reach the best possible settlement outcome.

Our Paramus Divorce Lawyers at Torchin Martel Orr LLC Represent Clients Who Wish to End Their Marriage

If you and your spouse are seeking a divorce or an annulment, do not hesitate to contact our Paramus divorce lawyers at Torchin Martel Orr LLC. We understand how difficult this process can be, particularly if you have children and other complex issues that need to be resolved. Our dedicated legal team will thoroughly explain the legal options available to you. To schedule a confidential consultation, call 201-971-4866 or contact us online. Located in Paramus, New Jersey, we serve clients in Bergen County, Morris County, Essex County, Hudson County, and the surrounding towns in northern New Jersey.

How Is a Family Business Divided in a Divorce?

Our Paramus Divorce Lawyers at Torchin Martel Orr LLC Help Clients With Complex Divorce Issues

A range of issues need to be resolved during the divorce process, including complex custody matters, spousal support, and the division of marital property. This can be a complicated process under the best of circumstances. However, unique challenges are associated with dividing marital assets when you and your spouse own a business. If you and your spouse are going through a divorce and have questions or concerns about how the divorce will impact your family business, contact an experienced lawyer.

Is a Family Business Separate or Community Property?

The first step in determining how a family business will be divided in a divorce is to understand how the business is classified. For example, marital property is an asset or debt that is accumulated over the course of a marriage. This generally includes the marital home, bank accounts, pensions, and retirement benefits. If you and your spouse started the business together after you got married, the business will also be considered marital property.

New Jersey is an equitable distribution state, which means that marital property is divided in a manner that the courts deem fair, as opposed to an automatic 50/50 split. The court will consider a range of factors when determining how to divide the family business, including the role that both you and your spouse played in acquiring, building, and running the business, as well as the contributions that each spouse has made to the day-to-day responsibilities of managing the home and family.

However, if the business is considered separate property, it is not subject to equitable property division. A business may be considered separate property if you or your spouse established or acquired the company before getting married. A judge may also rule that the business is separate property if a prenuptial agreement clearly states that the company will continue to belong to one spouse. Depending on a range of factors, including whether both spouses contribute to the business over the course of the marriage and how the spouse who owns the business was paid, the entire business may not be considered separate property, in which case the other spouse may be entitled to a percentage of those assets.

What Are the Options for Dividing a Business in a Divorce?

If the business is considered marital property, there are generally three ways that the business may be divided, including:

  • One spouse buys out the other spouse. In most cases, the spouse who is more involved in the company’s day-to-day management will buy out the other spouse, assuming this is financially feasible. This allows the spouse who will continue running the business to do so without interference from the other spouse.
  • Continue to co-own the business. This option typically only works when the divorce is amicable, and both parties can continue to work together despite their marriage not working out.
  • Sell the business. Before making this decision, a certified public accountant or other financial professional will determine the value of the business. They will look at tangible property, which includes buildings, equipment, and cash in the bank; intangible property, which is how customers and potential customers view the business; and liabilities, which include rent, lines of credit, and other money owed. Once the value of the business has been determined, and both spouses understand the actual value of the business, they may decide to sell and split the proceeds.

Our Paramus Divorce Lawyers at Torchin Martel Orr LLC Help Clients With Complex Divorce Issues

If you are going through a divorce and own a business with your spouse, contacting our Paramus divorce lawyers at Torchin Martel Orr LLC is in your best interests. Call us today at 201-971-4866 or contact us online to schedule a consultation. Located in Paramus, New Jersey, we serve clients in Bergen, Passaic, Morris, Essex, and Hudson Counties, and northern New Jersey.