The first step is to evaluate whether the business is a marital asset or what portion of the business is a marital asset. Was the business gifted to one of the parties before or during the marriage, or has it grown during the marriage? Was a premarital business and the parties invested into it during […]
FAQs
What are some ways to jumpstart stalled alimony negotiations?
Couples who are splitting up are often hurt and angry. Setting these emotions aside can be difficult, but it is absolutely necessary to ensure productive negotiation. Focus on the law as you have been advised by your attorney or mediator, and concentrate on concrete aspects of your case such as the appropriate amount for you […]
In a divorce that involves a business, how is support determined?
Let’s relate this to both child support and alimony, which is also known as spousal support. In New Jersey alimony is addressed under the factors that are set forth under the alimony reform act. The first step would be to determine the standard of living of the marriage and we do that by disclosure of […]
How can taxes serve as a bargaining chip in alimony negotiations?
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 […]
How does a post-marital agreement work?
A post-marital agreement is a document that can be supported without any consideration, so there doesn’t have to be anything given up in the process of entering into that. The legislature in Illinois encourages people, if they are able to peacefully resolve potential disputes, and to do so in writing, and it has to be […]
If spouses co-own a business, how will it be divided on divorce?
Before we talk about parties continuing to co-own the business, we need to identify what kind of business it is. Is it a sole proprietorship? In that case it would not apply because it’s only one owner. But both parties may work in the business. Is it a partnership in which they both own 50 […]
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 is a premarital agreement?
It’s a document that’s entered into before the marriage by the parties before they celebrate the nuptials, and is then effective upon their marriage. The timing is significant. Presumably there are few, if any, major disputes between the parties at the time, or a few months before the marriage. Nothing has really had an opportunity […]
Can someone qualify for social security retirement benefits based on earnings of their ex-spouse?
This is an important aspect of every person’s retirement planning, especially someone who is divorced and did not work. The person who is divorced, so long as they were married ten years to the person that paid into social security, and that person qualifies for social security, then the spouse will receive a portion of […]
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 […]
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