Once the terms of a divorce are agreed upon and both parties walk away from the table, the effects may not have rippled through just yet. Depending on when a high-asset divorce unfolds in New Jersey, the financial impact may be felt during the tax season. Anyone who has received or paid a divorce settlement or child support in the past year should be aware of the tax implications of doing so.
Child custody is at stake when divorced parents move
A divorced parent changing a child custody arrangement by moving is not unusual. People often move from state to state, whether for job opportunities, the desire to be closer to family, or just for better weather. However, making the decision to move with children after a divorce can have a drastic impact on a child custody. For this reason, in New Jersey, divorced parents may not leave the state with the children the without the consent of both parents or without a Court Order.
Financial pitfalls to avoid during a high-asset divorce
When a couple splits, every decision regarding the split will affect future finances, in both the short term and the long term. While everyone wants a fair settlement, confusion over what to do about the division of finances and property in a high-asset divorce can lead to decisions that may be regrettable. The decision concerning what kind of settlement to accept and which assets to pursue or avoid can play a large role in how a New Jersey divorce plays out in the long run.
