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Maintaining the best standard of living possible after divorce

As the "less-moneyed" spouse in a New Jersey relationship, you may have grown to enjoy a higher economic standard of life by virtue of your marriage. Perhaps you don't have the economic means to maintain this same standard after your divorce has been finalized. Under New Jersey divorce law, you might be entitled to receive spousal maintenance or alimony to assist you in keeping the same standard of living once your marriage ends.

Should I choose a lump sum alimony payment?

When you're negotiating alimony in your divorce, if you're the one who plans to pay alimony, you might cringe at the idea of needing to pay your ex-spouse any amount of money on a monthly basis. Nevertheless, if the law is on your ex's side, you may not have a choice in the matter when it comes to the question of alimony. When it comes to the question of monthly payments, on the other hand, you might have some choice in the matter.

Life insurance and divorce proceedings

Imagine your ex-spouse is paying you alimony and child support each month. Your spouse is regular with his or her payments, and the extra money is the only thing that keeps you and your children afloat. Now, imagine your spouse suddenly dies and you stop receiving alimony and child support.

Alimony tax deductions to be eradicated for post-2018 divorces

Congress recently passed a massive tax update that will affect nearly every area of your financial life -- even your divorce. One thing that changes for divorced spouses relates to alimony payments. Ex-spouses paying alimony have had the right to deduct those payments from their income taxes for the last 75 years, but now they won't be able to deduct these payments anymore.

Is there a viable reason to reduce my spousal support payments?

No ex-spouse ever wants to pay alimony or spousal support. These payments will doubtlessly represent a significant monthly expenditure -- and if you ever find yourself in a difficult financial circumstance, you might discover that you're having trouble gathering enough cash to pay the bill. Fortunately, if you've suffered a significant change in your financial situation, you might be able to apply for a reduction in your spousal support payments.

How a new life insurance policy could be a part of your divorce

Most New Jersey residents who are in the throes of the divorce process will be dealing with difficult emotions, overcoming financial concerns and trying to protect their legal rights as a soon-to-be single individual. The idea of buying life insurance will not be at the forefront of their minds. However, the purchase of life insurance could become an element in the finalization of your divorce

Ask these questions know if it's time to consider divorce

You'll never know for sure intellectually whether you should get a divorce. It's something you have to feel out and intuitively know. When it's time, you'll feel it and you'll act upon that feeling. Until that moment, however, it could be useful to analyze where you stand in your partnership.

Can I receive more spousal support if I'm returning to school?

One of the most important parts of temporary spousal support involves helping a California spouse have the necessary time required to become financially independent. Part of the process of becoming financially independent from an ex-spouse could involve schooling to assist in finding a higher paying. However, what if you weren't in school at the time of your divorce, and now you want to go to school? Can you ask for an increase in spousal support?

Getting real about your finances post divorce

When you're married, you benefit from a lot of different financial advantages. Although a lesser earning spouse can often seek alimony or spousal support to try and maintain a similar standard of living enjoyed during marriage, the reality is that most spouses will probably take a serious financial hit following the finalization of their divorce.

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