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 […]
Financial Issues
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 […]
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 […]
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 […]
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. […]
Does New Jersey consider non-vested retirement benefits to be marital property?
Yes. All property, legally and beneficially acquired during the marriage or civil union, shall be subject to equitable distribution. Non-vested retirement benefits are still an asset and they are unvested until they become vested. So a lot of plans might say you vest after ten years. Let’s assume for a second that you’re in that […]
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 […]
Should your fine art or antiques be appraised during divorce?
It works much the same way as the real estate side, although it’s a different group of people that we use to appraise those types of assets. It has to be somebody who has the experience of not only doing the work and being able to prepare a comprehensive report, but to testify, justify their […]
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