Divorces in which one or both spouses have a net worth of more than $1 million in wealth or assets are considered high asset. Divorces of this type are generally exceedingly complex and time-consuming, particularly when one spouse holds a higher financial standing than the other. High-asset divorces require a top-notch law firm with knowledgeable lawyers exceptionally skilled at...
Continue ReadingDivorce is a complex process. While you do not always have complete control over your circumstances, you should try to do what you can to prepare when you have an idea that divorce may be possible. Here are some things you can do to prepare for the divorce process. Find a Support Network Divorce is going to be a...
Continue ReadingValuing the marital estate is often difficult. It is even more challenging when one or both spouses acquire a business during the marriage. You would likely need valuation experts and must hire an attorney. Since the business was acquired during the marriage, it would not be subject to a prenuptial agreement. The two parties would not have a predetermined...
Continue ReadingThe Tax Cuts and Job Cuts Act of 2017 (TCJA) significantly changed the tax treatment of alimony under federal law. Previously, the spouse receiving alimony had to declare it as income on their tax return, and they were responsible for paying taxes. The paying spouse could take the alimony as an above-the-line deduction, meaning they could reduce their income...
Continue ReadingSometimes, one spouse either moves out of the marital home or feels like they have no choice but to do so. Whether there was a justification for the move is critical. If there was, one spouse might have grounds for divorce. In most cases, New Jersey divorces are either based on an 18-month separation period or irreconcilable differences that...
Continue ReadingYour ability or inability to borrow money may impact your life after divorce. Your credit score can dictate whether you can get credit cards, car loans, or take out a mortgage. While divorce does not automatically lower your credit score, what happens during the process could. You must be careful to monitor your credit and protect yourself from unwanted...
Continue ReadingOnce the decision to get a divorce has been made, one or both parties often wonder how they can resolve their issues and reach a final settlement as quickly as possible. While the timeline for getting a divorce is different for every couple, some steps can be taken to expedite the process. Several factors can prolong the process, including...
Continue ReadingIf you get remarried or live with someone else, your alimony payments could end. However, not every living arrangement would automatically be considered cohabitation under New Jersey law. Everything would depend on the facts and circumstances of your situation. A lawyer could explain what may put your continued spousal support payments at risk. A dating relationship alone is not...
Continue ReadingWhen a couple files for divorce, several important issues must be resolved, including custody and child support, spousal support, and the distribution of marital property. When it comes to marital property, the family home is often the most significant asset, yet dividing the marital home can be complicated. Unlike community property states which automatically split all marital assets equally...
Continue ReadingIf you have decided to get a divorce, this can be a difficult conversation to have with your spouse. However, the more prepared you are, the better the conversation is likely to go. In New Jersey, even if your spouse does not want a divorce and refuses to accept or respond to the legal documents, the court will make...
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