Most New Jersey residents are aware that 2019 will bring new changes in the way that spousal support is handled during a divorce. Once this year comes to a close, the party tasked with making alimony payments will no longer be able to claim those expenses as deductions on his or her tax return. The party receiving those payments will no longer have to claim them as income. However, these changes are prospective only and do not affect divorces that have already be finalized.
The retirement implications of upcoming alimony changes
Helpful ways to tell children about a divorce
When parents decide it is time to divorce, one central worry is about the wellbeing and happiness of the children from the marriage. Breaking the news of a divorce can feel like a daunting or even insurmountable challenge for parents in New Jersey. It’s important to find a compassionate yet straightforward strategy to have this conversation with the children.
Why would a new credit card play a role in alimony planning?
Charting out one's anticipated income and expenses is a critical part of a New Jersey divorce. For spouses who expect to receive alimony or child support, it's critical to understand that those payments might not begin coming in as quickly as anticipated. In fact, it's not uncommon for the paying spouse to balk at making those payments, especially in the weeks and months after a filing. Having a plan in place can make it easier to cover living expenses during this period of time.
