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divorce Archives

Why some couples may want a prenuptial agreement

Some New Jersey couples who are planning to get married may be worried that a prenuptial agreement will increase the likelihood that they will get divorced or that they will have to reveal things they would rather not such as bankruptcies or debt. However, creating a prenup can lead to important conversations about finances and can protect people in case the marriage ends.

Divorce may be contagious among friends

Divorce has become increasingly common for married couples in New Jersey and in other states compared to decades ago. Researchers who analyzed divorce statistics have reported that divorce is more common for individuals with close friends or family members who recently filed for divorce.

Disentangling assets during a divorce over 50

An increasing number of couples in New Jersey are choosing to divorce later in life. Statistics show that while the divorce rate has remained flat or even declined for most American demographics, people older than 50 are an exception. The divorce rate has gone up two times over for this group in the past 20 years, according to the Pew Research Center. There can be major differences when people decide to divorce at an older age. Issues like child custody and support are unlikely to be a concern. However, financial issues and the division of retirement funds are more likely to be serious issues in a "gray divorce."

Changing tax laws affect divorce negotiations

Tax laws that go into effect with the new year in 2019 could have a major impact on divorce settlements for New Jersey couples who decide to end their marriages. As part of the Tax Cuts and Jobs Act passed at the end of 2017, changes were introduced that effect how spousal support payments are taxed. The changes could have a particularly significant effect on divorce negotiations for wealthy couples, as the tax impacts are magnified in cases involving significant sums of money. As a result, many couples are scrambling to finalize their divorces before the changes go into effect. Any divorce finalized on or before December 31, 2018 will not be affected by the changes.

Preparing financially for divorce

Divorce in California presents challenges to the people involved, both financially and emotionally. The emotional difficulty may be unavoidable in many ways, but being proactive about finances before and during a divorce could make things much easier going forward. Here are a few things people can do to help prepare financially for divorce.

Retirement planning after a divorce

New Jersey couples planning to start the divorce process may be worried about how the separation will affect their retirement planning. As most spouses understand, divorce can have immediate emotional and financial effects. However, many divorcees neglect to consider their retirement readiness.

Planning for the future while finalizing a divorce

The divorce process is different for every separating couple in New Jersey. It can involve an array of financial, practical and emotional complications. Therefore, when spouses go through a divorce, they should be careful to avoid making errors that could be financially damaging in the long term.

How law change affects divorcing couples and tax savings

Tax deduction laws for alimony payments have changed and will affect recipients and payers in different ways. Couples in New Jersey will have to explore different avenues to seek out tax savings. The Tax Cuts and Jobs Act reverses a law enacted in 1942, and one of the expected outcomes is a shift in how alimony payments are treated during the negotiations process.

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