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One of the most challenging parts of any divorce settlement is the negotiation and ultimate agreement on alimony or spousal support.
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An Important Message Regarding Spousal Support in New Jersey One of the most challenging parts of any divorce settlement is the negotiation and ultimate agreement on alimony or spousal support. Alimony is financial support from one spouse to another and is usually received by the spouse with limited earning capacity or decreased ability to support him or herself post-divorce. An award for spousal support can be made during the pendency of the divorce action and becomes permanent once the divorce is finalized. Alimony payments are not usually forever, they are durational, and are meant to help the non-moneyed spouse become self-supporting and transition financially following the divorce. For more information click here.estate planning attorney near me, estate planning attorney newjersey Tax Treatment of Alimony Payments The tax treatment of alimony payments has long been a point of negotiation in divorce settlements. Up until now, both spouses received a benefit when an award for spousal support was made. Under the current U.S. tax code, individuals paying spousal support can deduct these payments on their tax returns while the individual receiving the spousal support must report the spousal support as income. The recently passed Republican tax law will eliminate the tax break for the paying spouse, however. For more information click here.estate planning lawyer NJ,estate planning lawyers near me Alimony Payments to Spouse are Now Taxable to Paying Spouse Effective January 1, 2019, the individual paying alimony will be required to pay tax on any payments made to their ex-spouse. This change applies to any alimony orders or divorce agreements that go into effect after January 1, 2019. For more information click here.Wills andProbate Lawyers,special needs lawyers nj How Does This Change Affect the Receiving Individual? The practical effect of this tax code change is that the paying spouse will have less income available to pay alimony and child support because his or her tax bill will increase. Child support is based on the net income of both parents - the paying spouse’s net income will go down; the receiving spouse’s net income will increase, and the child support payment to the receiving spouse who is typically the custodial parent will decrease. For more information click here. medicaid attorney near me, medicaid lawyers near me
Do I Need an Alimony Lawyer? Alimony is awarded in divorce proceedings based on need. A wife can be ordered to pay alimony to a husband, or the non-moneyed spouse can be awarded spousal support from the moneyed spouse in a same-sex marriage. The laws are gender neutral and strictly consider the financial circumstances of the parties. For more information click here.Alimony Lawyers nearme,Medicaid Planning Attorney near me If you are contemplating filing for a divorce and you think alimony will be an issue, it is important that you speak with a New Jersey Divorce Lawyer to discuss the financial impact of the tax code change on your divorce settlement. If you are finalizing a divorce settlement, as long as you sign the agreement by December 31, 2018, you can keep the current tax code treatment for alimony payments if you so desire. For more information click here.Medicaid PlanningAttorney nj,Divorce Lawyer near me The Giro Law Firmrepresents individuals in New Jersey who need to dissolve their marriage. We provide the right information that can help you make the best decisions about your New Jersey divorce. Request a confidential consultation today through our websiteor call us at (201) 690-1642. Our family law practice also assists individuals with child support and child custody matters, adoptions, separation, pre and post-marital agreements, and guardianship matters. For more information click here.Divorce Attorney new jersey,Veterans Attorney New Jersey,medicaid planning attorney nj
