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Does it Matter if Your Spouse Runs Through Your Assets Before You Are Able to File for Divorce in New Jersey?

May 23, 2013 in Divorce by David Salvaggio

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Of course it does—at least most of the time.   New Jersey Alimony Lawyer

Under New Jersey divorce law, the trial judge must evaluate several factors before deciding how to equitably distribute the marital assets.

One factor is whether either spouse has “dissipated” any of those marital assets.  In a New Jersey divorce, “dissipation” is deemed to occur when one party spends marital assets with the intent of diminishing the other party’s share of the marital assets.

A New Jersey appeals court recently had to consider that issue in a case called Wadhwa v. Sethi.  That court began by pointing out that, for many years, New Jersey divorce judges have recognized that there are two competing interests which must be reconciled in order to make that determination.

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Already Divorced in New Jersey? You May Still Be Liable for Your Ex Spouse’s Income Tax Liability

May 15, 2013 in Post Divorce Issues by David Salvaggio

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Some people who get divorced in New Jersey believe that, once they are divorced, they are no longer liable for the income tax liability that their Are you still liable for taxes after your divorceex-spouse incurred during the marriage.

Unfortunately, that is not necessarily true.

How can you be held liable?  If you have filed a joint income tax return with your spouse, then both of you are jointly and individually liable for the taxes owed on that joint return.  According to the IRS, your liability also includes any additions to the taxes owed from that joint return, such as interest or penalties which may have been added on to the taxes owed.

What if, as part of your New Jersey divorce, your spouse agrees that he/she is solely liable?

The IRS simply doesn’t care.  If your name is on the tax return, then the IRS can go after you for any amount owed on a past joint tax return.

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What’s in a Name Anyway? Whose Last Name Should Your Children Have After A New Jersey Divorce?

May 6, 2013 in Divorce by David Salvaggio

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As part of a New Jersey divorce, a wife who took her husband’s name when they got married can What last name does my child get after a divorcetake back her former name.  But what about the children?  Whose last name should they have?

There is now a case before the New Jersey Supreme Court which may answer that question, once and for all.

When Mr. Emma and Ms. Evans married and had children, the children were given their father’s last name of Emma.  When the parents divorced in New Jersey, they agreed that they would have joint legal custody of the children, but Ms. Evans was named as “the primary residential/physical custodian” and Mr. Emma was named “the alternate residential parent.”

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Changes to New Jersey Child Support Guidelines: Do You Agree?

April 30, 2013 in Child Support by David Salvaggio

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If you have children and have been involved in a New Jersey divorce case or other proceeding involving child support, you know that there are Changes to New Jersey Child Supportwritten Child Support Guidelines which most often determine the amount of that child support.

The New Jersey Child Support Guidelines are based on a system called the “Income Shares” model, which uses the incomes of both parents to calculate the amount of child support.

Federal law requires that New Jersey review its Child Support Guidelines every four (4) years, to ensure that they accurately reflect the current costs of raising a child.

The New Jersey Supreme Court’s Family Practice Committee recently released its Report, recommending some fairly significant changes to the New Jersey Child Support Guidelines, which reflect the tough economic times that many families are now facing.

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My Spouse Died In the Middle of Our New Jersey Divorce: Now I Get All of Our Joint Assets, Right?

April 24, 2013 in Divorce by David Salvaggio

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Death During Divorce

Death During Divorce

Many years ago, the New Jersey Legislature passed a law creating a remedy called “equitable distribution,” which states the rules for figuring out how the marital assets and debts get divided in a New Jersey divorce.

If you and your spouse can’t agree, the New Jersey Family Court Judge will make that decision in a trial at the end of the case.

But what if there is no agreement and your spouse dies before the Judge can decide?

Some people may think that the answer is simple. Since my spouse is no longer around, they say, I get all of our joint assets.

Under New Jersey Family Law, it may be that simple—and it may not.

In a recent New Jersey divorce case called Beltra v. Beltra, the wife died in the middle of the case. Thereafter, the trial judge held a 5 day trial in which the representative of the wife’s estate was permitted to present evidence of what “equitable distribution” should have been.

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What Can You Do When You Find Out That It’s Not Your Child?

April 9, 2013 in Paternity by David Salvaggio

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New Jersey Paternity Laws

New Jersey Paternity Laws

The fact pattern in M.M. v. M.G., a case decided last month by the Appellate Division of the New Jersey Superior Court, was one that is not very common but has occurred before.

In this recent case, the husband had agreed to pay his wife child support for two children in the parties’ 1999 New Jersey divorce.  The youngest of those children was 5 years old at the time of the divorce.

Ten years later in 2009, when that child was 15 years old, a family friend informed the husband that he had obtained a DNA test and that he—not the husband—was the biological father of that child.

What were the husband’s rights? 

In this case, the Appellate Division concluded—correctly– that the trial court had been wrong not to give the husband a “plenary hearing” (with the opportunity to present testimony) on his application to disestablish paternity of the child.

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Can Your New Jersey Divorce Wreck Your Credit?

April 1, 2013 in Post Divorce Issues by David Salvaggio

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Post Divorce Credit IssuesOne of the often-overlooked aspects of a New Jersey divorce is the potential effect on your credit score.

What can hurt your credit score in a New Jersey divorce?  Not surprisingly, the failure to pay credit card bills, car loans and home mortgages.

Many people who try to save money by handling their own divorces without a New Jersey divorce lawyer think that they will have no problem if they create Settlement Agreements in which their soon to be ex-spouses agree to be responsible for payment of specific debts that they both incurred during the marriage.

Sadly, that is just not true.

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Buyout of Spouse’s Interest in Marital Home After New Jersey Divorce Judgment: A Lesson Learned?

March 25, 2013 in Post Divorce Issues by David Salvaggio

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A case decided by the Appellate Division last week is yet another reminder of the serious issues that can arise Post Divorce Issues in New Jerseyin a New Jersey divorce case, after a Divorce Judgment  is entered requiring one party to purchase the other party’s interest in their home.

In Freeman v. Freeman, the parties’ Divorce Judgment signed on March 15, 2007 required the husband to purchase his wife’s interest in the former marital home for $42,000 within 30 days.

The Judgment also stated that, if the husband failed to do so, the property needed to be sold “at the best possible price obtainable” and the parties would equally divide the net proceeds.

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New Jersey Alimony Reform: It’s Really Getting Closer

March 18, 2013 in Alimony by David Salvaggio

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Less than a month ago, I wrote in this Blog about the growing movement for future alimony reform in New Jersey divorce New Jersey Alimony Lawscases.

As it turns out, the future is now.

On March 7, 2013, an alimony reform bill was introduced in the New Jersey State Assembly.  The impact of that bill, if passed by both Houses of the New Jersey Legislature and signed by the Governor, simply cannot be overstated.

First and foremost, the proposed bill would end permanent alimony in New Jersey divorce cases and replace it with limited duration alimony.

Second, unless the court found that it was “necessary,” the amount of the limited duration alimony could not be more than your ex-spouse’s need or 30 to 35 percent of the difference between your gross incomes at the time of the alimony award.

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Are You Over 50 and Getting Divorced in New Jersey? Here’s What You Need to Consider.

March 11, 2013 in Divorce by David Salvaggio

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A recent study found that 1 in 4 adults who are now going through a divorce is over 50 years of age.  Even more New Jersey Divorcesignificant is the fact that the rate of divorce among those over 50 years of age has doubled since 1980.

Because many of those couples have worked for longer periods of time than their younger counterparts and are closer to retirement, their retirement assets often take on a much greater significance in their divorce.

In New Jersey divorce cases, all retirement assets which have been acquired during the marriage must be divided between the parties.  These assets may include IRA’s, 401K plans, pensions and retirement annuities.

Although each individual retirement asset need not be divided; i.e., each of the parties can retain his/her retirement assets as long as the retirement assets are of similar or equal value, it is important that each asset be properly valued in order to achieve an equitable distribution of retirement assets between the parties.

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