New Jersey law requires full disclosure of all marital assets during a divorce. This ensures a fair division of property. However, some spouses may try to hide assets to reduce the size of the marital estate, leading to an unfair settlement. Both parties must be transparent about their financial situation. If you’re considering divorce, make sure you inventory all assets… The post How can I find hidden assets during my divorce? first appeared on Tournour Law ..read more

Divorce is never an easy journey, but choosing the right path can help you ease the process. To achieve this, you can try alternative methods to litigation like collaborative divorce and divorce mediation. Both processes can be more cost effective and less time consuming than going to court. Still, you must understand their differences to choose the right path for… The post Differences between collaborative divorce and divorce mediation first appeared on Tournour Law ..read more

Alimony payments can affect your taxes. In New Jersey, making these payments tax-deductible requires specific procedures. It may be helpful to follow some steps to ensure your alimony payments meet the criteria for tax deductions. Ensure your alimony qualifies To make your alimony tax-deductible, it must meet the requirements set by the IRS. The payments must be part of a divorce or separation agreement. Make the payments in cash or a cash equivalent. Do not designate the payments as non-deductible or part of child support. Finally, both you and your ex-spouse should not live in the same house ..read more

When a married couple decides to part ways, they may consider either divorce or legal separation. While both involve living separately, there are significant differences between the two. Understanding how New Jersey defines divorce and separation can help you decide which one is right for you. What is divorce? Divorce is the legal termination of a marriage. When a couple divorces, their marital rights and responsibilities come to an end. In New Jersey, courts grant a divorce on the grounds of irreconcilable differences, separation, desertion, extreme cruelty, addiction, institutionalization, i ..read more

The traditional adversarial approach to divorce often worsens the stress and conflict of the situation, making it harder for couples to move forward. Mediation, on the other hand, offers a more collaborative and less contentious alternative. Mediation makes things easier in several different ways. Maintaining control and flexibility One of the primary benefits of mediation is that it allows you and your spouse to maintain control over the decision-making process. Unlike a court-imposed judgment, mediation enables you to craft a settlement that works for your unique situation. You can prioritiz ..read more

Child support determinations depend on calculations based on both parents’ incomes. If you have a court-ordered child support agreement in place, you may wonder if you can ever have the agreement modified. Certain significant changes warrant a child support modification. Changes in income One of the most common reasons to revisit a child support order is a substantial and lasting change in the income of either parent. For example, if the paying parent receives a promotion or takes a pay cut at their job or the receiving parent goes back to work, the court may revise the support order. Changes ..read more

When you are a business owner, it adds another layer of complexity to divorce. Protecting your business is necessary for its continuity and your financial stability. 1. Thorough documentation Accurate and detailed documentation is the foundation for protecting your business in a divorce. Maintain organized records of your business finances, including income statements, balance sheets and tax returns. Clearly distinguish between personal and business expenses. This meticulous documentation can help demonstrate the true value of your business and prevent any overestimations during the divorce pr ..read more

The American Institute of Stress lists divorce as the second-highest stressor that people face. Naturally, couples facing this crossroads look for ways to streamline and improve the process. One option people may overlook is collaborative divorce. They might fear that such proceedings could leave a person open to manipulation or exploitation. However, collaborative divorce could be preferable to fighting over details in court for many reasons. Reduced conflict and stress Collaborative divorce emphasizes open communication and cooperation. By working together, spouses can often find mutually be ..read more