Divorce Tax Mistakes to Avoid

Financial Information

Ending a marriage is difficult enough. But if you’re recently separated or divorced, you have the added burden of figuring out a new and more complicated tax situation. In our founding partner’s most recent Huffington Post piece (see below for the link), Bari Weinberger gave us answers to the top four tax questions she gets asked by clients who are in the process of divorce. We’re following up with three more common mistakes divorced taxpayers make on their taxes and how to avoid them. Read more

Who Gets the House in a Divorce?

Marital Assets and Property

You’ve lived there for 20 years. Now one of you has to leave. And a central question in divorce is: Who gets the house?

It may seem like getting the family home in the divorce settlement is a victory. But is it? Think it through: along with the property come property taxes. And there’s usually a mortgage (which in many cases is too much for one person to afford easily). If you’re like most couples, you and your spouse have precious little equity to show for your home ownership right now—but trying to sell is going to be a lengthy affair. You may even lose money. So is it a blessing to get the house — or a burden? Read more

Who Gets Custody of the Family Business in a Divorce?

When Jennifer Lopez went on the Today Show last month, she brought up an interesting subject: What happens when the guy you’re divorcing is the same guy you’re in business with? In J-Lo’s case, Lopez is co-producing a new TV series, “Q’Viva — The Chosen,” with her ex-husband, Marc Anthony. The project has been in the works since long before the couple decided to split and — surprisingly — the business venture will survive their split. As Jennifer explained to Today Show host Matt Lauer, the passion and commitment both she and Marc feel towards the show outweighs their personal differences, so they have agreed to keep working together, despite any leftover emotional baggage. Read more

Spike in Smartphone Usage Notes a Spike in Evidence for Divorce Cases Too

Not surprising, new research from Google shows that smartphone usage is surging globally. People use their mobile devices for just about everything these days and the trail of texts, calls, emails, and photos is not just spanning worldwide use, but is now following them into divorce court. According to a new survey conducted by the American Academy of Matrimonial Lawyers (AAML), more than 90% of the nation’s top divorce lawyers report a recent spike in divorce cases that use evidence taken from smartphones, including Androids, BlackBerrys and iPhones.

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Divorcing? Consider a Lifestyle Analysis

As part of the New Jersey divorce process, you will need to complete a Case Information Statement – essentially what amounts to a listing of a couple’s financial assets and liabilities as well as income and family expenses. The courts then use this document, in part, to determine such critical financial matters as division of assets, alimony, and child support.

In a perfect world, the information written down on the Case Information Statement would be 100% accurate and complete. But what if you don’t have access to old bank accounts, are unsure how much you owe on your mortgage, and have no idea how much money it takes to pay the bills each month – and on top of this have an uncooperative spouse only willing to supply minimal information? Instead of guessing or estimating – and possibly suffering the consequences of an inaccurate financial record — your lawyer may recommend a process called lifestyle analysis.

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New Jersey Officially Amends Outdated Alimony Laws

A New Jersey Senate Judiciary Committee has passed amendments to New Jersey’s currently outdated and oppressive alimony laws. As reported by Marketwatch the effort was headed by Democratic Senator Nicholas Scutari with support from the New Jersey Alimony Reform and its director, Tom Leustek–whose efforts toward this end were previously reported in our blog post about Ending Lifetime Alimony. Read more

Ending “Lifetime Alimony”

Imagine this: your divorce ends with you being told that you have to pay alimony to your ex. You don’t like it, but you do it. Then you lose your job. You can’t afford anything for yourself, let alone payment of anything to someone else. The only way you can get your alimony payments lowered or suspended is to go to court, where you now have to prove that your financial situation has seriously changed. You’re told that you haven’t been unemployed long enough to show that your circumstances have changed. Now you’re forced to wait around and prove that you’re unemployed, racking up more and more debt every month. Additionally, you’ve also had to spend money on a lawyer to try to prove that you have no money.

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Name Game: Can Your Ex Change Your Child’s Name?

What’s in a name? That which we call a rose by any other name would smell as sweet.

That was a very lovely thing for Juliet to say to Romeo, but the truth is that a name is a big deal–especially when it’s your child’s name and your ex wants to change it.

Read more

Bari Weinberger – The Voice of Central Jersey WCTCAM Radio Exclusive Interview

Central New Jersey’s 1450 WCTC AM Talk Radio Bert Baron talks to Bari Weinberger with this EXCLUSIVE interview aired yesterday, Tuesday, January 17, 2012.

Hear this on-air on-demand podcast radio interview and learn more about family law attorney Bari Weinberger. Included in the interview is a discussion about our vitally-important webinar: The 5 Critical Risks of Divorce!

Talking About Marriage & Divorce…

Which celebrity power couple announced their divorce after being married for just over a year–and which celeb is on tap to make a huge payout to a former spouse? What happened to make an Italian couple the oldest divorcees in the world? And what new details were revealed this week about a prominent politician’s divorce? After scouring the web for the latest news, views, and tweets from the world of marriage & divorce, here’s the scoop on this week’s headline-grabbing stories:

Celebrity Divorces:

 

Katy Perry and Russell Brand won’t be ringing in the New Year with their wedding rings on, after Russell filed for divorce in California on December 30, 2011, citing irreconcilable differences. Divorce rumors began to swirl around the comedian and Teenage Dream singer when it was reported that they had spent this year’s holiday season living apart.

According to TMZ,  Russell indicated the couple have “community property assets”, a sign the star couple did not sign a prenuptial agreement, or the one they did sign doesn’t cover all of the earnings and other assets they accumulated since their October 2010 wedding.

In other Hollywood news, Mel Gibson officially became single again this week, but not before paying out half of his estimated $850 million fortune to ex-wife Robyn Moore in what is being called one of the largest divorce settlements in history.

Because the couple didn’t have a prenuptial agreement, Robyn, 55, was legally entitled to half of everything he earned during their marriage and she is also entitled to 50 per cent of Mel’s future film earnings. According to the OC Register, Mel now joins such fellow celebs as Paul McCartney and Tiger Woods when it comes to high payout divorce settlements. In 2006, Paul McCartney paid former wife Heather Mills a sum of $50 million after arguing with the judge that his assets were not as great as Heather claimed. In 2010, Tiger Woods paid Elin Nordegren $100 million after their five-year marriage ended in scandal.

Sources & Resources  this week for Celebrity News:
http://www.tmz.com/2011/12/30/katy-perry-divorce-russell-brand/
http://www.ocregister.com/articles/divorce-333206-gibson-fortune.html

In Political News:

 

Newt Gingrich’s campaign still denies that it was the former Speaker of the House who sought a divorce in 1980 from first wife Jackie Battley Gingrich, an issue that has been the basis of personal attacks in the lead up to the Republican primary race. But as CNN reports, recently unearthed court documents show that not only did Newt file for divorce, citing the marriage as “irretrievably broken” but Jackie Gingrich responded to the complaint by asking the judge to reject her husband’s filing, stating, “Defendant shows that she has adequate and ample grounds for divorce, but that she does not desire one at this time.”

Newt Gingrich maintains that his wife requested the divorce, with daughter Jackie Gingrich Cushman bolstering this account in an op-ed she wrote last year. Until they were located last week, the Gingrich divorce court documents had been hidden in an undisclosed location due to security concerns, says the Clerk of Court for the Carroll County Superior Court in Carrollton, Georgia.

Sources & Resources this week for Political News:
http://www.cnn.com/2011/12/26/politics/gingrich-divorce-file/index.html

Worldwide:

Are we about to set a new record for the world’s oldest divorce couple? A few days before Christmas, a 99-year old Italian man, identified by lawyers only as Antonio C, was rummaging though some papers when he discovered a set of love letters from the 1940s written by his wife of 77 years, Rosa C, 96, to the man she had a secret affair with all those decades ago. Though Rosa came clean about her past indiscretions, Antonio immediately filed for divorce. The couple have five children, a dozen grandchildren and one great-grand child. If the divorce does go through, Rosa and Antonio will become the world’s oldest divorcees, displacing current record holders,  Bertie and Jessie Wood, both aged 98, from the UK.

Sources & Resources this week for Worldwide News:
http://www.telegraph.co.uk/news/newstopics/howaboutthat/8982958/99-year-old-divorces-wife-after-he-discovered-1940s-affair.html

Marriage in Tweets:

As seen in Twitter this week:
Marriage isn’t until dislike do us part; It is until death do us part. Choose your spouse wisely #Marriage — via @marriage4

Some wise words to consider as we welcome 2012.

Happy New Year!