What New Jersey’s New Surrogacy Law Means For Your Plans to Have a Baby Via Gestational Carrier

lgbt surrogacy

Same-sex couples who wish to become parents and couples struggling with infertility may have just had their dreams of having a baby move a bit closer to reality, thanks to the passage of New Jersey’s new gestational surrogacy law. 
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FREE Webinar: 5 Key Strategies for Divorcing a Narcissist

If you are divorcing someone with Narcissistic Personality Disorder (NPD), you need to understand the sort of behaviors to expect, and how to cope. 

Divorcing a narcissist can be difficult — both emotionally and legally — and that’s why we put together a special free webinar on key strategies that can get you through your divorce with confidence and peace of mind. Register now and watch if for free!  Read more

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Want to Beat the New Alimony Tax Law? Finalize Your Divorce By Year’s End

If you and your spouse have made the decision to divorce, but haven’t yet taken any legal steps yet to end your union, there’s one big reason why getting your divorce wrapped up this year is crucial.

Why the divorce rush is on in 2018

Beginning January 1, 2019, a new tax laws goes into effect that will change how alimony is treated on tax returns.

Under the current system, spouses required to make alimony payments (aka payor spouses) are able to deduct alimony payment amounts from their income come tax time. Once the new rule takes effect, however, this tax break is no more. For any new divorce or separation agreements executed after December 31, 2018, the payor spouse must include alimony as part of their taxable income. As a result, the payor spouse may also see an increase in the amount they owe Uncle Sam.

And here is why the clock is ticking: these new rules do NOT apply anyone with an existing alimony order.Divorce and separation agreements outlining alimony that are put in place before the deadline of December 31, 2018, the date upon which the old rules expire, will be considered “grandfathered” in under the old rules. If you divorced in 1998 or 2008…or you will finalize your divorce in 2018…the old tax deduction rules for alimony will still apply.

How the new alimony tax law works

Tax laws are never the easiest rules to understand, so let’s a closer look at how this one will work.

Let’s say your income is $200,000, and you pay roughly $50,000 per year in alimony. Under the current tax rules, you can deduct the $50K right off the top, giving you a taxable income to start of $150,000, an amount that could land you in a lower tax bracket, thus lowering your overall tax burden.

Starting in 2019, however, this $50,000 will be considered part of the payor’s taxable income with no break. Bottom line: If you pay alimony, you will be taxed for this money.

Are you the spouse who receives alimony? For you, the tax laws work in reverse. Under the old rules, spousal support payments counted as taxable income. (So that $50,000 would have been your taxable burden under the old rules.) Under the new rules, alimony will become essentially tax-free for recipient spouses.

The divorce clock is ticking

If you and your spouse are locked in a contested divorce that is beginning to feel like it could go on for years — or if you and your spouse have separated, but just have not gotten around to filing for divorce, it’s time to take stock:

• Will you need to pay alimony as part of your divorce settlement, or as part of a separation agreement (temporary alimony)?
• Do you have an idea of how much you will need to pay? What is the annual total? How long does your order require you to pay spousal support? (What is the duration of the alimony?)
• What is your tax situation? Do you have other deductions or would alimony be a key break on how much you own Uncle Sam?
• What is your overall income? You earn money and now you will need to pay alimony…can you really afford to pay more in taxes on top of that?

The next six months have become crucial time for you to move forward purposefully to ensure that your settlement is finalized by year’s end to take advantage of the old tax rules.

As a reality check, this blog is being posted on July 11 with 173 days to go until the December 31st deadline. There is still time to get your divorce decree (and alimony agreement) in place, but it’s in your best interests to start the ball rolling NOW!

If you are embroiled in a highly disputed divorce — or know that you want to divorce, but don’t know how to get started — we encourage you to come in for a free consultation with one of our highly skilled family law attorneys to understand your options for resolving your divorce in 2018.

Don’t delay in creating a clear strategy for a fair settlement. Safeguard your future. Call us today at 888-888-0919 or click the button below to get help.

Schedule a Free Consultation

 

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How To Know When It’s Time To Divorce

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Divorce is one of the most important emotional and financial decisions anyone can make, so be sure you’re acting out of reason, not impulse.  How do you know when it’s time to pull the plug on your marriage? Here are 3 questions to help you decide. Read more

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7 Steps to Having a Positive Divorce

It’s possible to have a positive divorce even when you’re angry with your spouse. The key is not to let your feelings dictate your behavior. Here are 7 steps to help you end your marriage in ways that lessen conflict and establish an amicable co-parenting relationship. Read more

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Pets and Divorce: Who gets custody of the family dog?

It’s National Take Your Dog to Work Day, so what better time to answer one of the most commonly asked questions in divorce:

Who gets custody of the family pet? Read more

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4 Ways To Help Your Marriage Survive Infidelity

surviving infidelity

If your marriage has been rocked by infidelity, you’re not alone. Recent infidelity statistics show that in 1/3 of all marriages, one or both partners have cheated. Wondering how to get your relationship back on track? Here are four ways to work through the trauma of betrayal and make your marriage stronger than ever. Read more

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You Are Invited! New Second Saturday Divorce Workshop, Featuring Allison Holzman

Learn how to protect yourself in your divorce by joining Weinberger Divorce & Family Law Group attorney Allison Holzman and other expert presenters for an all new Second Saturday divorce workshop on Thursday, June 21 at the Park Avenue Club in Florham Park. Read more

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7 Steps for Repairing Your Credit After Divorce 

Does part of preparing for your new post-divorce life require repairing or rebuilding your credit history?

Rehabbing a credit score is something that requires multiple smaller steps, and time — like most large tasks. But here’s some good news: while it’s often true that the path to good credit takes diligent effort, gaining traction is often not as difficult as it first appears.

You can get started right now by learning 7 steps to basic divorce credit repair. Read more

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7 Steps To Conscious Uncoupling When You Have Children

Conscious uncoupling, also known as a “good divorce,” happens when two people make mindful choices to end their marriage and co-parent with as little conflict as possible. Want to give it a try? Here are 7 tips to help you disentangle yourself from your ex gracefully, setting the stage for a cooperative co-parenting relationship. Read more

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