Category: Alimony
How Important Is A Correct Calculation of Marital Lifestyle on My Case Information Statement?
The marital standard of living of spouses during the marriage is one of 14 factors considered by courts in calculating an alimony award. Accurately determining what a couple’s spending was during the marriage is crucial because one purpose of alimony is to ensure that both parties can continue to live in a reasonably comparable manner […]
How Alimony is Calculated in New Jersey
Alimony, also known as spousal support, is a challenging concept. The obligation to pay support to a former spouse is often the most contentious issue in any divorce. One purpose of alimony is to ensure that both parties may continue to live in a reasonably comparable manner to which he or she grew accustomed during […]
How Will Courts Enforce Alimony When Your Ex-Spouse Does Not Pay?
When alimony is agreed upon in accordance with a Marital Settlement Agreement or awarded by a Court order, it is a legally enforceable obligation. As a result, if the payor-spouse refuses to pay or pays less than the agreed upon amount, the recipient spouse can file an application with the Court to enforce the support award. The Court has the power to order the payor spouse to pay the amount owed and may use other tools to deter the spouse from future nonpayment.
Why It Is Important to Agree that Life Insurance Can Be Reduced If Support Is Reduced
When a couple divorces, the party required to pay alimony and/or child support typically agrees to take out a specific amount of life insurance to secure his or her support obligations. Generally, the insurance policy names the former spouse or children as the beneficiaries. While a spousal support award may be modified in certain circumstances, it does not necessarily follow that the party’s life insurance obligations also will be reduced as evidenced by a recent New Jersey decision.
There is More to the Tax Cuts and Jobs Act Besides the Changes to the Deductibility of Alimony
Many couples made it a priority to settle their divorce cases prior to December 31, 2018 to protect the paying spouse’s ability to deduct alimony which changed effective January 1, 2019 as a result of the Tax Cuts and Jobs Act of 2017 (hereafter the “Act”). While this was certainly the most widely known change […]
Why You Should Consider Owning a Life Insurance Policy on Your Former Spouse
When divorcing, it is common practice for parties to secure their alimony and/or child support obligations by agreeing to carry a certain amount of life insurance. Problems can occur, however, when one spouse does not maintain the life insurance policy and does not disclose that he/she has allowed the life insurance policy to lapse.
