Second Saturday Seminar Speaker, Danielle Konzelmann is an established trial lawyer who has been practicing family law for 15 years and will be presenting on the topic of: The divorce process and legal fees, how to protect yourself legally and financially, child custody, child and spousal support and avoiding court through mediation. If you were unable to attend, you may feel free to contact Ms. Konzelman directly at 201-487-4747.
The Great Unknown…Alimony On January 1, 2019, Congress passed the Tax Cuts and Jobs Act (TCJA), which eliminated the deductibility/taxability of alimony. Unlike some other portions of the TCJA that will lapse after 5 years, this change (alimony no longer being deductible by the payer and taxable to the recipient) appears to be permanent, at least until the law changes again. The State of New Jersey continues to allow alimony payments to be deductible/taxable. Prior to the commencement of 2019, a payment of alimony was deductible by the payor and taxable to the payee. Essentially, former spouses ended up with
If you are involved in a divorce it is necessary to discuss and negotiate how to divide assets and liabilities. You will also address support (alimony and/or child support) after the termination of your marriage. If you or your spouse are recently unemployed or have taken a leave of absence from the workforce, the imputation of income is an issue that will be faced. The imputation of income is based on an evaluation of an individual’s earning capacity. If you or your spouse earn significantly less income than you are able to earn, the alimony and/or child support obligation will
What Happens to a Professional Practice Upon Divorce? Professionals with an ownership interest in their practice will likely find that there is a challenge in court regarding how to value their practice for purposes of distribution. This question is not settled by a partnership agreement defining the partner’s interest in a firm, and sole practitioner’s may find their practice exceeds the expected book value. Courts pay close attention to “mechanical” valuation techniques, but also look to the “goodwill” that the partner brings to the business. Goodwill is essentially a reputation that will probably generate future business, although it also includes
Triple Play is a weekly NJBIZ feature that asks top executives in New Jersey to talk about three things related to their industry. Richard H. Weiner is the managing shareholder of Hackensack-based law firm Aronsohn Weiner Salerno & Kaufman, P.C. We asked Richard to identify three effects on a company when a partner or shareholder goes through a divorce. 1. Other partners and shareholders can be impacted when the company’s equity/value becomes an asset subject to distribution in the divorce. The value attributed to an individual’s equity interest by a forensic accountant/business appraiser for divorce purposes could be very different