Contemplating the dissolution of a marriage is one of the most stressful tasks people can take on. One enters a marriage in New Jersey thinking it's forever, and when it's not, the stress and emotional toll can be overwhelming. If children are involved a divorce can become even more complicated as one struggles to figure out the financial arrangements regarding child support and spousal support.
Divorce is never easy and it is far more difficult and can be far more complex when there are children involved in New Jersey. One area that is affected as a result of the Tax Cuts and Jobs Act of 2017 is the ability to claim children as dependents on one's tax returns. There are several items one should be aware of if considering a divorce.
It is no secret that being married in the military can be a challenge. With long separations caused by multiple tours of duty a relationship can be difficult to maintain in New Jersey and elsewhere in the country. However, a recent study by the Department of Defense shows that the rate of divorce among the military has been very slowly declining.
People in New Jersey get married, start a family and plan to live happily ever after. Sadly, in about 50% of cases this may not happen. At some point divorce may enter the picture and cause major disruption and anguish within the family. This is particularly true when young children are involved.
While small pockets of individuals may disagree, the consensus in New Jersey and across the United States is that the contributions of a mother have great value. The work of a mother does not bring extra income to a family, which is why the decision for the woman to stay home with the children is often a difficult one that takes planning and sacrifice. However, no matter how much value society places on motherhood, when parents divorce, it may not be easy for a mom who leaves the workforce to obtain a fair share of marital assets.
The outcome of a marriage breaking up has an impact on every aspect of one's life in New Jersey. The largest impact may be a financial one. There are steps that can be taken to prepare for the financial effects of a divorce. The more one plans for life after divorce the better prepared one may be to handle any surprises that may arise.
Dividing property and assets in a divorce can be a difficult process. Typically, one thinks of insurance policies, retirement accounts, investment portfolios and real estate as property to be divided up in the divorce proceedings. One asset people may forget about in New Jersey is all of those accumulated credit card points.
Ending a marriage can be complicated when two people have been together for a significant length of time. Property division process can be particularly complex, and many eyes are on the recently announced split of Jeff Bezos, the founder of Amazon, and his wife, MacKenzie. While that divorce could be interesting, few people have that kind of money and may be concerned about protecting more modest assets in the event of a divorce in New Jersey, which is an equitable distribution state.
The New Year is upon us and with the beginning of 2019 will come some major changes to tax laws that potentially impact divorces in New Jersey and the rest of the country. Chief among those is how alimony payments will be handled for tax purposes in a divorce. For the past 70 years, alimony has been deductible for the payor and taxed as income for the payee. The benefit to this was that the payor got to reduce his or her amount of taxable income and the recipient paid the income tax, which was typically at a lower rate than that which the payor would have paid.
When considering a divorce in New Jersey, finances are a big piece of what goes into the decision-making process. Alimony is one of the most significant issues to be considered in divorce proceedings. There are many factors that go into determining whether alimony is appropriate and, if so, the amount and duration of alimony payments.