Alimony Modification Lawyers South Jersey
New Jersey Alimony Lawyers Fight for Fair Spousal Support in Moorestown, Haddonfield and Cherry Hill, NJ
Alimony is frequently one of the more contentious issues that must be addressed when couples in Cherry Hill, New Jersey, choose to divorce. In fact, the alimony requirements can even motivate couples to remain in unhappy marriages because of the financial difficulties that splitting a future income stream while maintaining separate homes can create for both spouses. However, in many divorce cases, the alimony payment requirements are inevitable—and the results of alimony proceedings have a substantial and long-lasting impact on your financial future.
It is vital to retain a skilled and experienced alimony lawyer to represent your interests during alimony proceedings. At Cordry Hartman, LLC, our attorneys are dedicated to helping our clients reach equitable alimony agreements that are fair to both parties. We understand all sides of the issue and know that there are many moving pieces that can be used to negotiate an equitable arrangement in all cases. We are ready to bring our decades of experience to work in reaching an alimony agreement that you can live with. Contact our Moorestown, NJ office today to schedule a free consultation regarding your alimony claim.
Tax Reform Changes the Math on Alimony Beginning January 1, 2019 in New Jersey
The 2017 tax legislation, known as the Tax Cuts and Jobs Act, or TCJA, is a sweeping piece of tax legislation that eliminated the previously existing above-the-line tax deduction for alimony for the tax year beginning January 1, 2019. For the spouse receiving payments, alimony, spousal support and separate maintenance payments are no longer included as taxable income. For the paying spouse, alimony payments are no longer able to be claimed as an above-the-line deduction on their taxes. The new treatment of alimony payments does not impact payments made to a former spouse for the support of a dependent (meaning that it does not impact child support).
These new rules become effective beginning January 1, 2019, but will also apply to divorce or separation agreements executed before that date if the agreement is modified at a later date. This gives couples who have already divorced the option of evaluating the new tax law to determine whether changing their alimony structure could be advantageous in future years.
Under prior law, a taxpayer in a higher income tax bracket was essentially able to shift income to his or her former spouse (presumably in a lower tax bracket) through alimony payments. The change in the legislation was designed to close what Congress viewed as a tax loophole in requiring that the income now be taxed at the paying spouse’s applicable tax rate even though he or she is required to pay the funds as alimony to a former spouse.
Dedicated Alimony Lawyers Work Tirelessly to Secure Alimony Payments in New Jersey
The New Jersey courts generally consider a variety of factors when deciding whether to award alimony payments to a divorcing spouse. New Jersey does not mandate any specific formulaic approach to calculating alimony payments, meaning that your attorney can bring forth any relevant factors to argue for a fair alimony allocation. Our attorneys understand that the courts will consider, among other factors unique to the case, the following:
- The length of the marriage,
- The parties’ respective income levels before and during the marriage,
- The parties’ standard of living during the marriage,
- Any prenuptial or postnuptial agreements,
- Whether one spouse contributed to the other spouse’s education and, thus, increased earning potential,
- The spouses’ ages and health,
- Each spouse’s contributions to the marriage, including any contributions made by one spouse as a homemaker,
- Each spouse’s need for future financial support,
- Each spouse’s ability to provide financial support to a former spouse,
- The tax impact of the alimony payments.
Dividing assets among spouses is always difficult, but a reputable attorney with well-honed negotiation skills can help make reaching an agreement a much smoother process. At Cordry Hartman, LLC, our attorneys understand that it can be difficult to reach a fair and equitable alimony arrangement, but we also understand the acute need for reaching such an agreement. We look to a variety of creative solutions to ensure that an appropriate alimony agreement is reached, including variations on the duration of alimony payments, the amount of the payment, potential for lump sum agreements, and factors that will impact when alimony payments end. Contact us today to schedule a free consultation so we can discuss the effects of your alimony.
Schedule a Confidential Consultation with an Experienced Cherry Hill Alimony Lawyer Today
The math surrounding the new tax law changes have thrown an added complication into calculating required alimony payments for divorces that occur in 2019 and beyond. If you are considering a divorce, contact us today to schedule a confidential consultation to discuss the alimony rules with one of our seasoned attorneys today. Our office is conveniently located at 505 S Lenola Rd Suite 224, Moorestown, NJ 08057. We serve clients throughout New Jersey, including in Moorestown, Cherry Hill, Haddonfield, Marlton, Voorhees, Burlington County, Camden County, Gloucester County, Cumberland County, Cape May County, Salem County, and Atlantic County.
There are a variety of reasons why one spouse, even with sufficient education and experience, may choose to take a lower paying job or stay at home to raise children or act as a homemaker. Generally, the spouse’s contribution to the household is considered a relevant factor in awarding alimony payments. Despite this, there are ways that an experienced alimony attorney can prove that one spouse has the ability to earn a higher income level, and this can play a factor in determining a fair alimony award. This generally requires filing a motion with the courts to conduct an evaluation of the spouse’s abilities, which can also include the rationale behind any decision for one spouse to remain at home with children, for example. An experienced attorney can provide more details.
Permanent alimony or limited duration alimony can be awarded. The time period over which alimony must be paid generally depends upon the length of the marriage. Other types of alimony may be awarded in specific cases. For example, rehabilitative alimony can be awarded to allow one spouse to complete an education program. Alimony can also be awarded based on the fact that one spouse supported his or her spouse during a period of education so that that spouse was able to reach a higher earning standard.