Articles Posted in Divorce

Even couples who are convinced their marriage is over hesitate to take the final steps toward divorce during the holiday season. Not wanting to disrupt their families during what is supposed to be a happy time, they put off the inevitable. For that reason, January has become the month in which the most divorce filings are recorded, earning it the name “divorce month.” ⁽¹⁾

Statistics say that half of all marriages end in divorce, but when considering that number, one must remember that statistics are merely estimations coupled with assumptions. ⁽²⁾ Still, the divorce rate in this country remains fairly high. Some people looking to end their marriage, however, prefer annulments over divorce. One reason is that a legal annulment can pave the way for a religious annulment down the road.

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It is natural for married couples to do almost everything together. After all, marriage is a partnership and one that is built on trust. Because of that, few people would hesitate to enter into a joint contractual or financial arrangement with their spouse. And while that may be fine as long as the marriage lasts, it could prove troublesome if the union ends in divorce.

Consider the co-signed loan. By co-signing a loan, you become legally responsibility for the debt should the person holding the loan default. What happens in a divorce if your ex, who holds the loan, fails to pay? Is there any way you can force your ex to live up to his or her financial responsibility? Unfortunately, there is not. (1)

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When contemplating divorce, one of the first issues to be handled, after custody, is the distribution of marital assets. What some people fail to do adequately, however, is address the issue of joint debt that has accumulated during their years together. Failure to take care of debt and credit issues can lead to credit rating nightmares for years to come.

People may fail to realize that a divorce decree does not change the commitments made to creditors. When you incur debt of any type – mortgages, loans, credit cards – you are entering into a legal contract to repay that debt in compliance with terms of the loan.(1) There are several ways to handle marital debt and save your credit rating.

It is possible to come to an agreement as to which partner is responsible for which debt after divorce and have those terms included as part of your divorce agreement. For instance, the spouse who keeps the house may assume mortgage payments, while the spouse who takes the family car assumes the car loan. Just know, however, that if those loans remain in joint names and the responsible party fails to make the payments, that failure will appear on both parties’ credit reports. (2) Online access to your accounts can help you see potential problems before they get out of hand.

By now, all year-end tax records have been received and people are busy preparing tax returns for filing by April 15. Earlier this year, changes were made to the tax code which could affect many people, especially those in the process of divorce.

On January 1 the American Taxpayer Relief Act (ATRA) was passed as a remedy to the “fiscal cliff” this county was facing, replacing the alternative solution, which included tax increases for middle-class Americans and widespread spending cuts. The ATRA, however, contains some provisions that could negatively impact those in the process of divorce. Two areas of most concern, according to a recent article on Forbes.com, are income changes and distribution of assets. (1)

When negotiating alimony payments, be aware that the ATRA increased the tax rate for those in the higher income brackets to 39.6% from 35%. The threshold for that bracket is taxable income in excess of $400,000 for a single filer. Alimony is considered taxable income so it is advisable to consider how any alimony award would affect your current tax situation before reaching agreement on these payments. In some cases, a lump sum settlement, which would be non-taxable for both parties, could be preferable to scheduled alimony payments. (1)

Newt Gingrich, Advance Directive Advocate (Photo credit: Mike Licht, NotionsCapital.com)

Although divorce can be a very emotional experience, keeping a clear head concerning certain practical matters can help to avoid additional heartache down the road. If, after reading the following, you need a Hunterdon County lawyer to assist you with any aspect of your divorce, contact the family law attorneys at The Rotolo Law Firm in Lebanon, N.J.

Last Will and Testament

ch-ch-ch-ch-changes (Photo credit: Heather Quintal)

Although its origins date back to a time when women had few individual rights, the custom of women taking their husbands’ names at marriage is still popular. (1) It can be a symbol of unity as a couple starts their married life together. If the marriage fails, however, it can be a painful reminder. Resuming one’s maiden name following divorce is a common and relatively simple practice, but it is important to do it correctly in order to avoid difficulties down the road. If, after reading the following, you need the assistance of a Hunterdon County lawyer with a name change or any other aspect of divorce, contact the family law attorneys at The Rotolo Law Firm of Lebanon, N.J.

The process for changing your name is subject to both federal and individual state laws and, as such, can vary from state to state. Familiarizing yourself with the local laws can help simplify the process. (2)

Tax (Photo credit: 401K 2012)

When a couple faces divorce, the IRS and taxes are probably the last things on their mind. Divorce, however, carries tax implications that, if ignored, could cost you plenty down the line. The following covers a few basic facts you should be familiar with regarding taxes and your divorce. Because of the complicated nature of these areas, though, it is advisable to consult your financial advisor as well as a divorce attorney before taking actions. If you are a Hunterdon County resident seeking a divorce, the family law attorneys at The Rotolo Law Firm of Lebanon can be of assistance.

Essentially, there are two types of family support payments associated with divorce – alimony and child support – and both have different tax implications.

Your marriage failed. You are convinced there is no saving it. You want a divorce. The problem is you have no idea where your estranged spouse is, and the law requires you inform him or her of your intentions before a divorce is granted. Does this mean you are at a dead end? Not necessarily. Courts can grant divorces under such circumstances provided certain requirements are met. If you need assistance with a divorce in Hunterdon County, the family law attorneys at The Rotolo Law Firm of Lebanon can help.

Whether your spouse has abandoned you – in itself, grounds for a divorce – or you have been separated so long that you’ve lost touch, not knowing the whereabouts of an estranged spouse is not an unheard of situation. Specific requirements to obtain a divorce under these circumstances, known as divorce by default, vary from state to state. (1) There are, however, a few basic guidelines to follow.

The first step in all divorces is to file an application, or petition, for divorce with the court in the county in which you live. Usually when you file this petition, your estranged spouse is served with notice of your intentions. When your spouse’s whereabouts are unknown, you should request an affidavit for service by publication, or “substitute service of process.” This affidavit requests the court allow you to notify your estranged spouse through publication of a legal notice in the newspaper rather than in person. By filing this affidavit, you are telling the court, under oath, that you have no knowledge of the whereabouts of your spouse. (2)

English: Kris Humphries playing with the Dallas Mavericks (Photo credit: Wikipedia)

When the marriage of former NJ Nets player Kris Humphries and Kim Kardashian ended, Humphries sought an annulment over a divorce. (1) Both actions have essentially the same results – ending the union between a man and a woman – so what is the difference? If, after reading the following, you need a Hunterdon County lawyer to assist you with a similar situation, contact the family law attorneys at The Rotolo Law Firm in Lebanon, N.J.

Both divorce and annulment are legal means to end a marriage. The major difference is an annulment states the marriage never existed; it is void in the eyes of the law due to circumstances that existed as the relationship formed. Divorce, on the other hand, recognizes that problems developed during the marriage causing the relationship to disintegrate beyond repair. (2)

Marriage (Photo credit: Lel4nd)

Did you know that even after divorce you still may be entitled to receive Social Security benefits based on your ex-spouse’s contributions? It’s an area many divorced couples may overlook, but one that can be crucial to your the financial well-being.

According to an article on iVillage.com, one in five women age 65 and older relies solely on Social Security for her income. Social Security benefits are based on contributions which, in turn, are based on income. Women’s benefits, the article noted, are generally lower than men’s by an average of about 25%, partly because women spend more time out of the workforce taking care of family commitments and partly because, in many industries, women continue to earn less than men. (1) This is one reason not to overlook spousal benefits even after the marriage ends.