New Jersey Family Law Blog

If you are one of the many people in New Jersey who owns a business with your spouse and is considering getting a divorce, you will no doubt be concerned about what to do with your business. Some couples are able to successfully continue running a company together even after their marriage has ended. Other couples find this is not possible for them and may therefore opt to sell the business outright to a third party or to allow one of the spouses to buy the other one out and run it alone. 

If you choose one of these latter two options, knowing and agreeing on the value of your business will be essential to you as it may likely play into your overall divorce settlement agreement and how you split any other assets or debts. This is a time when you may benefit from using a forensic accountant. As explained by the Forensic CPA Society, this special type of accountant not only understands how to conduct audits and perform other accounting functions but they also know how to investigate matters and provide data that is up to the level of scrutiny required by a court of law.

If you are one of the many parents in New Jersey who may be getting divorced, you might need to pay or receive child support. You may also be facing this issue if you were never married to your child's other parent. As explained by the New Jersey Courts, the state operates its program for allotting child support on the philosophy referred to as income shares approach.

This philosophy is based on a few key principles including the belief that children should not go without just because their parents were never married to each other or got divorced. In short, children deserve the same lifestyle regardless of their parents' marital status or relationship to each other. It also states that both parents have the ongoing responsibility to financially provide for their children and that kids have the right to share in both parents' income.

New Jersey residents going through divorce are all too familiar with the frustration that can often accompany procedures, especially when it comes to the fine print. Navigating alimony post-divorce alone can present obstacles for some ex-spouses, depending on the situation. As far as the process goes, recent news reflects future changes in regard to alimony in the state of New Jersey.

News 12 New Jersey shared in February that future changes will be taking place in the state's alimony laws. More specifically, these modifications are connected to New Jersey's tax plans: starting in 2019, alimony payments will no longer constitute a tax deduction for spouses who pay alimony. By the same token, spouses receiving alimony will no longer include alimony as income. However, those going into a divorce agreement prior to December 31, 2018 will still work under the old regulations regarding alimony. 

Whether you and your spouse in New Jersey have been married for many years or are newly married, you may end up making different decisions about raising children than what you originally planned. It is not uncommon for people to assume that both parents will continue to work after they have kids but to later on choose for one parent to stay home with the children. If you are the parent who is going to give up your career, you may want to consider creating a postnuptial agreement.

As explained by Today, leaving the workforce even for just a few years can make it much harder to get back in the job market at a comparable salary should you desire later on. If you remain married to your spouse that may not be as much of a concern. However, if you get divorced, your need to earn more money could take on a new level of importance. A postnuptial agreement can provide valuable protection for you when you decide to leave a career for your family.