Atlantic City Legal Blog

Ending a New Jersey marriage is not easy for either party. Still, the spouse who earned less in the marriage may feel particularly nervous about his or her financial future following divorce. Fortunately for this party, alimony exists in an effort to bridge the financial gap and help that individual stay afloat financially. The problem, though, is that the alimony deduction that currently exists for paying spouses will soon disappear, which may have an adverse impact on both spouses.

For over seven decades, spouses paying alimony could deduct their alimony payments from their federal income taxes. Meanwhile, the spouses who received the alimony paid taxes on the income. This will no longer be the case for tax years after 2018, when the alimony deduction will be eliminated. Lawmakers say that removing the deduction will help to raise more than $8 billion in tax revenue during the next decade.

Three individuals in New Jersey were recently taken into custody on drug and gun charges. Their arrests for committing drug and gun crimes took place following a police investigation into the distribution of drugs in a couple of New Jersey cities. Those taken into custody range in age from 27 to 49.

Police said in mid-March, members of a police task force finished their month-long investigation into a woman and secured a warrant to search her house. After executing the search warrant, police arrested the woman and another woman. They also later arrested a man who had connections to them. At the house, authorities allegedly seized synthetic marijuana, bulk heroin, packaged heroin, crack cocaine and drug paraphernalia.

The dissolution of a marriage in New Jersey can unfortunately derail even the most perfectly created retirement plan. This is especially true if the divorce happens late in life. After all, those who go through a marital breakup when they are older have less time to recover financially.

During divorce, two things typically happen that can complicate an individual's financial situation. First, the two spouses must split their assets. Second, they may end up doubling their expense footprint, as they now have to maintain two separate households using the assets they had spent their lives building. This can be financially devastating.

One of the toughest parts of going through a marital breakup is facing an unknown future. After all, divorce is all about untangling two lives both emotionally and financially so that both parties can go their separate ways. However, having a good idea of one's financial situation may help to make the transition to singe life easier in New Jersey.

Those going through divorce would be wise to examine the amount of debt for which they will be responsible after the divorce. Another important financial move is to calculate any child-related expenses they must cover. For those who have to pay child support or make alimony payments, these are other important costs to add into a new spreadsheet budget as well.