If you are one of the many spouses in New Jersey who is considering whether or not to stay in your marriage or to pursue a divorce, you will want to know about how changes in the tax code might impact you differently this year than next year. Updates to tax laws, deductions and more are not unusual but the recently passed Tax Cuts and Jobs Act may have significant ramifications for divorcing couples.
When you get a divorce in New Jersey, you may think that the amount of alimony you receive cannot be changed once it is determined by a court. However, there are several ways that your alimony might be altered.
After you get your divorce, you may be feeling so relieved that this stressful period in your life is over that it can be tempting not to think too much about what happens next, at least regarding legal matters. Finally, you can begin to move on. However, financial difficulties can make it difficult to rebuild your life. You and other New Jersey residents should understand why alimony exists, and how it might help you after your divorce.
Several of those that our team here at Melinda L. Singer, Esquire have worked with in the past have come to us with questions about alimony. Many are surprised to learn that those cases that call for it may have a different type of alimony assigned to them. If you have recently decided to end your marriage in Hackensack, it may behoove you to study the different forms of alimony the state recognizes for you to understand whether you might qualify to receive it or if you may be required to pay it.
If you are headed for or even in the midst of a divorce in New Jersey, you may be concerned about the prospect of paying spousal support to your to-be former husband or wife. Regardless of your income level and how much money you are ordered to pay, this can cause a big strain on your monthly budget and add a lot of stress to your life. If you have a 401K or other ERISA-qualified retirement plan, you may be able to get some help by accessing these funds to help you satisfy this obligation.