People in New Jersey who are planning to divorce may be concerned about the tax implications of ending a marriage. The Tax Cuts and Jobs Act passed Congress and was signed into law in December 2017, but one of its most wide-ranging effects on divorce will go into effect with the new year in 2019. This aspect of the law changes the way that alimony is treated under the tax code, reversing the treatment of spousal support payments for the past 80 years.
Dealing with business assets during a divorce
New Jersey residents who are getting divorced will discover that dividing assets can be a complex and lengthy process. This is particularly true if one or both partners own a business.
