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A divorce in 2019 may be impacted by the Tax Cuts and Job Act

There are numerous things to consider when ending a marriage. For any New Jersey resident that has not had experience with a divorce, he or she may not be aware of all the complexities to consider. In addition, laws change, occasionally altering the process. In fact, the recent Tax Cuts and Job Act recently affected many aspects of the process and will affect many divorces in 2019.

Family law attorneys will explain the different legal processes of divorce to individuals. There are three general types: mediation, collaborative law and litigation. Typically mediation is less expensive and can be a quicker process, and litigation is typically the longest process and the most expensive.  Every couple has different needs and different abilities to discuss necessary items with the other party, which often determines the final cost and timeframe.

Unknown to some, retirement accounts and Social Security benefits can be affected by divorce. Retirement accounts are often a couple's greatest source of wealth, making it an important factor in negotiations. Tax laws also affect how funds are transferred from one account to another, resulting in attorneys suggesting solutions that will hopefully benefit both parties with the least amount of taxes paid. Individuals who divorce and remarry before the age of 60 may find that their Social Security benefits can be impacted, and attorneys can suggest the best approach to avoid an impact if desired.

A divorce is complex. In addition to all the things that need to be considered, there an a enormous amount of emotion between spouses, making the process more difficult. New Jersey family law attorneys are an outside non-involved party that can help an individual examine all the areas that must be considered.

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Heymann & Fletcher
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Toll Free: 800-481-8549
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Toll Free: 800-481-8549
Phone: 862-781-0029