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Why You Should Finalize Your Divorce Now

By Lois G. Schwartz | October 29, 2018

Why You Should Finalize Your Divorce Now

Why You Should Finalize Your Divorce Now

As it stands, there are new tax laws to be enacted starting the first day of 2019 that will impact divorce across New Jersey and the country. Whether your divorce is currently in litigation or you are thinking about getting it underway, it might be in your best interest to start the divorce process and get it finalized sooner, rather than later. It is important to consult an experienced NJ divorce lawyer when considering your settlement and divorce options with the upcoming changes to the law. Read on to learn about some of the changes that will impact divorce in 2019.

Four Reasons to Finalize Your NJ Divorce

The first reason to finalize your divorce in 2018 is the fact that alimony will no longer be deductible by the payor or taxable to the recipient in 2019. This may result in less alimony being paid to the receiving spouse. Another downside to alimony no longer being deductible by the payor or taxable to the recipient is that it could result in non-working divorced spouses not being eligible to make contributions to an IRA. Finalizing your divorce in 2018 will keep alimony deductible and taxable for the duration of your divorce agreement.

The second reason to finalize your divorce before 2019 is the fact that the new law reduces the deductibility of property taxes, as well as reducing the amount of a mortgage that qualifies for interest deduction. This will make it critical to determine whether to sell your marital home before the divorce is finalized.

The third reason to finalize your divorce now is that the personal exemption amount for tax years 2018-2025 is eliminated under the new tax code. This means that you will not get a multiplier of kids as a deduction on your tax return.

Finally, while it might not apply to everyone, the new 2019 tax code laws may impact some of the items that you and your spouse have agreed to in your prenuptial and post-nuptial agreements. Again, the best way to assess how your divorce will be impacted under the new laws is to enlist the expertise of a dedicated divorce attorney.

Cherry Hill Family Law Attorney Handles All Aspects of Divorce

When really trying to finalize and perfect your divorce agreement in accordance with the new laws, you need an attorney who is experienced in divorce law. Lois Garber Schwartz, Esq. represents clients throughout South Jersey, including Camden, Cherry Hill, Voorhees, Washington Township, and Woodbury, NJ. Whether your divorce is contested or uncontested, or you are dealing with alimony, children and parenting issues, or property division, Lois G. Schwartz can help. All you have to do is fill out the online contact form or call (856) 375-8989 to speak with an experienced divorce attorney today.

The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly.


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Lois Garber Schwartz

1040 Kings Highway N., Suite 202

Cherry Hill, NJ 08034

 

Phone: 856-375-8989

Fax: 856-482-0343

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