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Divorce settlements may not focus on alimony much longer

Couples in New Jersey who have finally come to the decision that they will end their marriage understandably may feel overwhelmed by the emotional toll of the choice they have made. However, if they believe that one of the spouses might be deserving of spousal support, they will not want to wait long before taking steps to get their divorce underway. As difficult as this sounds, the reason for this is because by waiting, that person may end up with a lot less in alimony than if they can manage to get their divorce completed this calendar year.

Divorce, alimony and shifting dynamics

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.

Divorce negotiations may change under new tax law

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.

Can alimony change?

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.

Why do you need alimony?

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.

Defining the different types of alimony in New Jersey

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.

Paying alimony with a 401K

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.

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