If you are preparing to go through a divorce in New Jersey, you need to prepare for the possibility of paying alimony. New Jersey law allows for both short-term and long-term alimony awards; and, while both spouses are on a level playing field when it comes to alimony in New Jersey, if you are the primary earner in your family, there is a good chance that your wife will seek alimony during your divorce.
So, as a husband in New Jersey, what do you need to know about dealing with alimony during a divorce in 2019? Here are some tips from the attorneys at MR. Men’s Rights Divorce & Family Law of New Jersey by Schultz & Associates, LLC:
1. Your Wife is Not Guaranteed Alimony.
First, your wife is not automatically guaranteed alimony. In order to obtain alimony, your wife must specifically request it during the divorce process, and she must present a convincing case under New Jersey law. When determining whether an alimony award is appropriate, divorcing spouses must apply a laundry list of factors; and, if alimony is justified, then an appropriate award will need to be calculated.
2. You Need to Start Planning Now.
In order to limit your obligation to pay alimony to the greatest extent possible (if not avoid it entirely), you need to start planning before your divorce. In fact, this is true with regard to the various other aspects of your divorce (i.e. property division, child custody, and child support) as well. For tips on preparing for the divorce process, you can read:
- 7 Tips on How to Prepare for Your First Meeting with a Divorce Lawyer
- 7 Tips for Preparing for a Divorce in New Jersey
- Divorce Preparation Checklist
3. Both Spouses’ Incomes are Relevant to the Determination of Alimony.
When it comes to determining whether an alimony award is appropriate (and if so in what amount), both spouses’ incomes are relevant. During the divorce process, your wife will be entitled to information about all of your income sources, and you will be entitled to hers as well. If you have any reason to suspect that your wife is hiding assets or income, this is information your divorce attorney can obtain during your divorce.
4. The Federal Tax Rules for Alimony are Changing for 2019.
Until this year, alimony payments were deductible for the payor and counted as taxable income for the recipient. Under the Tax Cuts and Jobs Act, however, this tax treatment is being reversed starting in 2019. As a result, while husbands used to have a tax incentive to negotiate alimony, you will not have this incentive during your divorce. To the contrary, you may have an additional incentive not to agree to a generous alimony award.
5. Alimony is Just One Financial Aspect of Your Divorce.
Finally, when going through a divorce in New Jersey, alimony is just one of several financial aspects involved. From calculating child support to dividing your investment and retirement accounts, there are various other financial aspects as well – and these aspects can all affect the calculation of alimony. To ensure the least overall financial burden from your divorce, it is important to consider these issues concurrently and execute a comprehensive divorce strategy with your long-term best interests in mind.
Schedule a Confidential Initial Divorce Consultation in Hackensack, NJ
If you would like more information about alimony and the other financial aspects of divorce in New Jersey, we encourage you to contact us for a confidential initial case evaluation. To speak with an attorney at MR. Men’s Rights Divorce & Family Law of New Jersey by Schultz & Associates, LLC, please call 201-552-3394 or request an appointment online today.