Law Offices of Peter G. Aziz & Associates LLC
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family law Archives

How tax law changes can affect divorce

New Jersey couples thinking about divorce may wonder about the impact of new tax law changes that will go into effect in 2019. In late 2017, Congress passed the Tax Cuts and Jobs Act. While the bill was well-known for its changes to income and corporate taxes, it also contained a provision that made major alterations to the treatment of spousal support payments by the IRS. These provisions will start on Jan. 1, 2019, and they'll apply to all divorces settled on or after that date. Divorces that were already finalized before the end of 2018 were not subject to the changes, a fact that inspired many couples to escalate their timelines to complete their dissolutions before the turn of the year.

Dividing up credit card debts during a divorce

When people in New Jersey decide to divorce, they may be particularly concerned about the financial effects of the dissolution of the marriage. While many people think first about how to divide assets in a split, it can be just as important to consider how debts will be divided. Credit card debt accrued during the marriage isn't assumed to belong equally to both partners so long as it was accumulated only under one person's name. It should be noted, however, that debt being under one person's name does not prevent it from being considered a marital obligation, depending on the circumstances of the debt.

Working together for successful joint custody

When New Jersey parents decide to divorce, they usually both want to stay in their kids' lives. Furthermore, many parents work outside the home and lead active social lives. These are some of the reasons why joint child custody is increasingly common when parents decide to separate. While joint custody can benefit children in many ways, there are also some tensions and difficulties that can arise. When exes keep some key principles in mind, they can help to make shared custody a more successful endeavor.

Older adults more likely to divorce but may face health issues

People in New Jersey who are 50 and older might be more likely to get a divorce compared to earlier generations because of a change in expectations about marriage, longer life spans or a greater likelihood that the marriage is not a first one. Research says divorce is up in this age group, and while many people may go on to more fulfilling lives after their marriages end, it is also important for older people to be mindful of their health.

Divorce often leaves women financially vulnerable

Women in New Jersey and around the country often find themselves financially vulnerable following a divorce according to a study released on July 11 by Worthy. The online auction marketplace polled 1,785 women who were either divorced, contemplating one or in the process of ending their marriage, and they discovered that many of them lacked financial knowledge and had made no plans for their retirements. This could be why half of the respondents said that living on a single income was one of their biggest financial fears.

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