This week, Amazon founder Jeff Bezos and his wife Mackenzie announced their plans to divorce, setting off speculation about how the couple’s estimated $138 billion net worth (2019 value) will be divided.
The big news in divorce as the New Year begins? Starting January 1, 2019, a significant change in how alimony payments are treated under federal tax law goes into effect. As part of the Tax Cuts and Jobs Act (aka “Trump Tax”), spouses who pay alimony must now claim alimony payments on their federal tax returns as taxable income; spouses who receive alimony are not required to claim alimony as income and receive this money tax free.
The new tax change represents a complete reversal of the old federal code in which paying spouses deducted alimony from their income as a tax break, while recipient spouses were required to claim payments as taxable income. Any alimony order put in place on or before December 31, 2018, is grandfathered in under these old rules.
If you are currently going through a divorce that involves alimony, or are pursuing temporary alimony during a separation, you will need to grapple with these new tax implications. If you are the paying spouse, you probably want to know… is there anything I can to avoid this extra tax burden? If you are the receiving spouse, your main question may be… what can I do if my spouse low balls alimony in our divorce negotiations?
Bari Weinberger took a deeper look at alimony negotiations under the new tax law in her piece for the New Jersey Law Journal: The 2019 Alimony Tax Change Is Here — But Is It Fair? She described how changing tax rules will necessarily mean changing tactics in reaching an alimony agreement.
Here are 3 takeaways for your own alimony negotiations. Read more
We are excited and so pleased to announce that four attorneys at our firm have recently been made Partner. Congratulations to new Partners Erin Brueche, Robyn Howlett, Veronica Norgaard, and Carmela Novi.
“Erin, Robyn, Veronica, and Carmela are each staggeringly talented in serving our clients with the highest level of legal care. They contribute so much to our team and its a true pleasure and honor to now have them by my side as partners,” says Bari Z. Weinberger, Weinberger Divorce & Family Law Group founder and the firm’s managing partner.
The firm’s new Partners share a common background in excellence and achievement in family law. Read more
In 2007, New Jersey added “irreconcilable differences” as a no-fault ground for divorce. This means that the person asking for divorce is not required to prove their spouse did anything wrong – such as traditional fault grounds of cruelty, adultery, desertion, or confinement in prison. The only “ground” for a no-fault divorce is an irreconcilable breakdown in the marriage that has lasted at least six months.
Making the decision to file for divorce is a difficult one, but filing under the grounds of irreconcilable differences can help make the divorce process less contentious in the long run. Here are the top five advantages of a no-fault divorce: Read more
Nesting is a child-centered custody arrangement that puts the burden of switching homes solely on the parents, who take turns staying in the family home with the children. The divorced couple will usually rent a separate house or apartment where one person will go during the other’s parenting time so that the children never have to move between households. This arrangement benefits kids for the following reasons: Read more
Has your divorce turned you into an emotional wreck? Are you thinking about it 24/7? Are you so distraught that you have trouble sleeping, eating, and functioning in general? Then you need to learn how to divorce compartmentalization so you can cope during the process. Read more
If you’re a “gray divorcer,” you’re not alone: divorce rates for adults aged 50 and over have doubled in the past 25 years. While it may be a relief to extricate yourself from a long-term unhappy marriage, divorce at this stage brings unique challenges. Here are 10 steps to surviving gray divorce – and thriving once it’s over. Read more
Does your passive aggressive co-parent make your blood boil? Does he fail to honor his agreements? Does she avoid direct confrontation by communicating with you through your children? The first step to managing your passive-aggressive ex is to understand why they behave the way they do. Read more
You and your spouse are at loggerheads over custody arrangements, and it now looks like your matter could be headed to court.
Despite all the drawbacks to custody battles, they’re sometimes unavoidable: if your ex poses a safety risk to your kids; if your ex is obstructing your visitation time; if co-parenting is next to impossible. While mediation and other low conflict resolution matters are preferred whenever possible, going before a judge may be your best option for safeguarding your relationship with your child.
Are you ready for this next big step? Whether you’re initiating or responding to litigation, here are some tips for standing strong in your custody battle. Read more
Help! I married a shopaholic!
Consider it the dark side of all those Black Friday savings. For the estimated 5.8% of the U.S. population with Compulsive Buying Disorder, the annual holiday shopping kickoff often becomes a trigger for a shopping addiction bender.
A spouse’s compulsive shopping can be difficult to spot — until the addiction takes a hit on your marital finances and results in empty bank accounts, declined credit cards, repossessed cars, or even home foreclosure.
Financial woes rank as a top cause of divorce. Before your spouse’s shopping addiction threatens to end your marriage, read on for six tips on how to safeguard your relationship – and your assets – from compulsive spending. Read more
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