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Most divorcing people actually agree on most issues, but it is best to use some professional help to develop your divorce agreement. A professional divorce mediator can ensure that you are covering the many issues in an efficient and cost-effective manner.
As I write this article most of us are in the process of preparing to file our tax returns. It is also Women’s History Month. As many of you know, I am a big advocate for financial education, particularly for young women.
Welcome to the latest edition of Fiscal Fitness! It’s tax time as I write this. As usual, this is the time of year I come across many "avoidable" financial planning mistakes.
If you bought your house in 2006, 2007 or even 2008, you may not have a choice in this matter as the value of your home may be worth less than you paid for it and that’s another article for another day. But if you bought your house prior to the bubble, and there is some equity in it, first of all, congratulations and second of all, what do you do with it?
Ah April 15th. Tax Day here in the United States. This year we actually get a break as the 15th turns out to be a Sunday but alas, the tax man cometh and there’s not much we can do. But what about taxes and divorce?
Welcome to the latest edition of Fiscal Fitness! As we head into 2012, I reflect on the things that took place in 2011 and think, would things have been different had we done better planning?
Are you on the verge of retirement or about to make a major life change that will affect your financial future? To my surprise, most people wait until a major life event to occur before meeting with a professional to address their estate or retirement planning needs.
Whether you are about to retire, receive a large inheritance or waiting for the ink to dry on a divorce settlement, all the planning you have done over the years is about to change.
One of the four topics we cover in mediation is that of equitable distribution or as its formally known: the equitable distribution of marital assets and liabilities. And while most of the clients enjoy the division of assets, when it comes to diving the debts, thats an entirely different story.
A 529 plan is simply a tax deferred college savings plan. The number 529 refers to the section of the IRS code that has established college savings plans. A 529 plan is a tax-free account that can be established up for the benefit of a child. When the time comes for the child to start attending college, then the money from the plan can be withdrawn.
Mental health professionals I have spoken to say that divorcing a spouse can sometimes be more emotional than losing a spouse to death. Emotions often cloud your decision making which can lead to poor choices when it comes to finances. Making changes to a property settlement agreement is almost impossible. There must be hard proof based on fraud, deceit or a major mistake. In other words, get it right the first time.
Divorce is not easy. Just ask anyone who has been through it. Besides the emotional aspect, the financial impact can be devastating for both sides. How can you financially survive? Having a good understanding of your assets and educating yourself before agreeing to any type of settlement will pay off down the road.
The credit card companies are not interested in how assets, homes, and the bills are divided during a divorce case. Credit card companies have only one objective and that is to be paid! If you have debt in joint credit card debt with your spouse, then you are both legally responsible for paying it back.
If you are considering filing for divorce, then you better be fully knowledgeable of your family’s financial picture. In these very hard economic times, when all of Americas jobs have been shipped to China, it is critically important not to start a divorce with your head in the sand! In short, you cant file your divorce if you are an airhead about your family’s finances!
What’s so important about a number? We’re surrounded by irrelevant numbers every day, but your number is different. Your number is important; it’s the amount of money you’ll need to maintain your lifestyle once you’re divorced.
Divorce Planning is when a spouse plans for divorce months and in some cases years in advance. This spouse will usually talk to a lawyer and get instructions on how to minimize earnings for a significant period of time prior to filing for divorce to avoid or at least reduce child support and alimony obligations.
I am in the midst of a nasty divorce with my husband. My husband is a self-employed builder and I am very hesitant in filing another joint tax return with him this tax year. However, he is insisting that I do so because he will save $10,000 on his taxes. Am I legally obligated to file a joint tax return with my husband now that we are legally separated?
There are two types of credit accounts: individual and joint. You can permit authorized persons to use the account with either. When you apply for credit—whether a charge card or a mortgage loan—you’ll be asked to select one type.
One inexpensive task I recommend that all divorcing couples do early in the divorce process is to check their credit reports to ensure that there are no surprise debts or credit lines.
On August 5, 1997, President Clinton signed the Taxpayer Relief Act of 1997 into law. We suggest that you don’t make any major financial decisions before reading this article and following-up on the particular areas that might impact you. The scope of the legislation encompasses measures ranging from a child care tax credit for low and moderate-income families to new tobacco taxes.
Don’t despair! There have been a number of changes that you should know about because they could result in more dollars in your pockets, or a smaller check to Uncle Sam on April 15, 2000.
In order for permanent alimony to be awarded in New Jersey, the marriage must have lasted at least 10 years and one spouse must have become economically dependent on the other. This type of alimony allows the obligee to maintain the lifestyle to which he or she has become accustomed for the duration of the obligor's lifetime (unless the obligee remarries).
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"A Plain English Guide to Protecting Your Children"
Author: Mary L. Boland, Attorney at Law
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