To prevent the U.S. economy from toppling over a “fiscal cliff” that would likely result in surging tax rates and significantly curtailed government spending, Congress approved the American Taxpayer Relief Act on January 1, 2013, following intense debate. President Obama signed ATRA into law on January 2, 2013.
What does ATRA mean for your taxes — especially since you are going through divorce? Read more
Whether or not the relationship began during your marriage, or it’s one that didn’t start until after you were separated, when and how you introduce your child to your new romantic partner can set the tone for how your child views and relates to this person for years to come. Read more
When you are required to pay alimony, a former spouse taking on a new husband or wife usually means an end to support payments. But that’s not the case for one New Jersey couple who wound up in court after the spouse receiving alimony (in this case, the ex-husband) claimed he is still owed spousal support, despite his remarriage. A judge agreed with him, and now his ex-wife has lost three motions trying to prove otherwise. Read more
Mark went through what he calls a very “modern day divorce” last year when he and his ex-wife ended up dividing more marital debts than marital assets in their divorce settlement. The couple closed two joint credit cards, both with high outstanding balances and a record of missed payments. They also sold their home in a short sale, meaning they were able to get out of their underwater mortgage, but because the house sold for less than what they owed, there was no money from the sale to go towards paying down debts. Read more
Your spouse provided health insurance benefits in the form of a employer-sponsored family plan. Now that you are getting a divorce, however, you will no longer be eligible and will need to pay for your own coverage — or go uninsured. Read more
Not too long ago, we blogged about a very practical topic: “Getting Top Dollar for Household Items Sold During Divorce.” We covered things like how to post used books for sale on Amazon and how to work with an estate auctioneer to sell off furniture, artwork, antiques, collectables, and other items whose proceeds are typically split by a divorcing couple. One item we didn’t think to address? How to get top dollar for your…baseball team. Yet, this is exactly what Frank McCourt, former owner of the Los Angeles Dodgers, and his ex-wife Jamie McCourt are now wrangling over — two years after their divorce. Read more
When an ex-wife or ex-husband who receives spousal support remarries, it almost always means an end to alimony payments. But before you stop the checks, check the marriage license, because, as this case proves, staging an elaborate wedding doesn’t always mean that an actual marriage took place. Read more
Worried about your retirement? You are not alone, especially when it comes to the question of dividing that nest egg you’ve worked so hard to save and build up. Divorce can be a devastating event, but it doesn’t need to ruin your retirement. For tips on how to protect your funds, here are six steps towards a more secure financial future: Read more
In New Jersey as in other states discussing children and parenting legal issues, the tradition of a child taking his or her father’s last name was once the standard. In recent years, however, the courts have set a new standard for names, this one is based on what the best interests of the child might be. The court is quite firm that this standard has no relationship to gender-based traditions: that is, it’s not automatic that children should carry their father’s name, if it can be shown that this isn’t in the child’s best interest.
When might it be in the best interest of the child to change names? The Superior Court has listed 4 key factors to be considered in applying this best-interests standard: Read more
Imagine this: your divorce ends with you being told that you have to pay alimony to your ex. You don’t like it, but you do it. Then you lose your job. You can’t afford anything for yourself, let alone payment of anything to someone else. The only way you can get your alimony payments lowered or suspended is to go to court, where you now have to prove that your financial situation has seriously changed. You’re told that you haven’t been unemployed long enough to show that your circumstances have changed. Now you’re forced to wait around and prove that you’re unemployed, racking up more and more debt every month. Additionally, you’ve also had to spend money on a lawyer to try to prove that you have no money.
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