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Posts tagged "High Asset Divorce"

Divorce and business assets

Getting a divorce is not something many married business owners in New Jersey want to think about. However, business owners should take the necessary steps to protect company interests in case a divorce does occur. They should consider it just as important as making sure that there are insurance policies in place for themselves and their loved ones in case the unexpected happens.

Tips for divorcing with a high-net worth

New Jersey residents may have heard that Amazon founder Jeff Bezos and his wife MacKenzie Bezos are divorcing. What wasn't heard after the announcement was any name calling or blaming. This is because the couple jointly broke the news and are making an effort to stay amicable. There are some tips for dissolving a marriage without contention when extensive assets are involved.

Handling retirement accounts during a divorce

When people in New Jersey decide to divorce, they may be concerned about the future of their retirement accounts. Many couples have saved a significant amount in their 401(k)s, IRAs and similar plans to the extent that these are often the largest assets held by a divorcing couple. As a result, the division of these funds can be a contentious issue; one survey of divorce attorneys found that retirement assets were one of the top three subjects of conflict during the end of a marriage.

Money moves to make in divorce

New Jersey couples who are planning on divorcing soon may have incentive to finalize them before 2019 begins. This is because a change to the tax treatment of alimony will soon take effect. For divorces that are finalized on or after Jan. 1, 2019, alimony is no longer income to the recipient, nor is it a tax deduction for the person making the payment.

Tax reform could have significant divorce effects

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.

How people can make financial preparations for divorce

People in New Jersey who are considering divorce can take a number of steps to prepare financially. The first is to get all financial documents together and put them somewhere safe. This could be with family, friends or in a safe deposit box.

Social Security and divorce

When New Jersey couples get a divorce, if they have been married for at least 10 years, one person might be able to draw on the other person's earnings record for Social Security payments after retirement. The payments can actually start when the people are 62 although the benefits will be higher if they wait until the full retirement age of 67.

Retirement can face an impact from divorce

The end of a marriage can be an emotionally and logistically difficult time for spouses in New Jersey. More than that, however, it can also be a particularly challenging time for figuring out how to handle financial pressures. This can be of concern to people who choose to divorce later in life, especially as the divorce rates have risen for Americans over 40 and doubled for couples over 50 years old.

What a spouse's unusual financial moves might mean

Some New Jersey residents may be alerted to the possibility that their spouse is planning to file for divorce by that person's financial actions. For example, one man's wife suddenly decided to put a significant amount of money into a certificate of deposit that only had her name on it. This was money the couple had made on the sale of their home. In addition to the $90,000 from the home, the woman added a $40,000 payout she received after a job loss. The man asked his wife to either add his name to the account or return the amount to their joint accounts, but she did not.