If you are planning to become divorced in 2016, it has ramifications for a whole host of things that deal with your economic well-being. First, you can no longer file jointly on your taxes in the tax year you are divorced. Second, you have to determine, if there is still a marital residence where the mortgage and property taxes are being paid, who is going to take those deductions, the Husband or the Wife. Third, in terms of spousal support, if it is being paid, it is a deduction for the party paying for alimony, and taxable income to the party receiving alimony. For all those reasons, if you are getting a divorce in 2016, the New Year, you have to be aware how it will shape your economic future and well as your emotional future. Here's wishing you good luck and good fortune in the New Year, from Green & Associates, your divorce law and family law, New Jersey divorce lawyer and divorce attorney practice with an NJ divorce lawyer and NJ divorce attorney available to assist you in your divorce law and family law needs.
Dec 31, 2015 @ 09:01 AM — by Michael Green