Alimony payments are tax deductible to the paying spouse, and taxable to the receiving spouse because spousal support payments are viewed by the government as income. If your are the supported spouse, take time during negotiations to run numbers through various tax implications to see how support payments will affect your tax bracket and taxes […]
Alimony and Spousal Support
How do alimony reform laws affect the ability to negotiate alimony?
Under the alimony reform laws, when there is a long-term marriage, the duration of alimony payments cannot exceed the duration of the marriage unless a judge decides that there are exceptional circumstances. If a marriage lasted for 15 years, alimony would be required at most for 15 years in most cases. If you had a […]
What are the first steps in negotiating the best alimony settlement possible?
Consider your marital assets. For many couples the family home is the largest marital asset that requires division and distribution in a divorce. The house can be used as an important bargaining chip when negotiating spousal support, especially in cases where the equity in the home will split roughly 50/50 between spouses. If you’re the […]
What types of alimony are available in New Jersey?
There are five basic types of alimony in New Jersey. Courts can award pendente lite alimony, also known as temporary alimony, early in the divorce process or throughout in an effort to maintain each spouse in the same financial position that existed prior to the divorce. Temporary support terminates automatically once a divorce is final. […]
Why is it helpful for divorcing parties to negotiate their own alimony settlement?
When parties negotiate alimony in an out-of-court setting, they take control of the process and its outcome rather than give all of the control to the judge. Negotiating also leaves more room for creative solutions. Litigating in court over any matter can be time-consuming and costly. In contrast, negotiating alimony out of court can save […]
What do women need to know about alimony changes in New Jersey?
When the New Jersey Alimony Reform Act was passed, one of the biggest reforms was the elimination of permanent alimony. It was replaced with the option of ordering alimony awards that are what we call “open duration.” This means that there’s no pre-determined ending date. To receive an open durational alimony award, in most cases […]
What do men need to know about alimony changes in New Jersey?
The alimony statute changed with the passage of the Alimony Reform Act and the new statute eliminated permanent spousal support awards. Instead, these have been replaced with the option of alimony awards that are of “open duration.” That means that they have no predetermined ending date. Open duration awards are generally reserved for long-term marriages. […]
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