Elder Law, Family Law, and Estate Planning in Hackensack, New Jersey

The Tax Cut and Jobs Act (TCJA) passed in December of 2017, is major legislation that affects individuals, particularly families going through a divorce. Several changes were made to family tax credits and the kiddie tax. One of the key changes involved alimony or spousal support or maintenance. Previously, the paying spouse was able to deduct spousal support or maintenance payments made to the receiving spouse in his or her individual taxes. Effective January 1, 2019, that tax exemption will no longer apply. For more information on the impact of TCJA on alimony payments see our post, Alimony and the New Tax Law .                                                                Before we get started on the discussion for today’s topic, a disclaimer. The Giro Law Firm does not provide tax, legal, or accounting advice on this blog. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, or accounti

When seeking a divorce, a couple puts all issues surrounding their marriage on the table. To reach a divorce settlement, both spouses must reach a consensus on division of assets and debts, spousal support, child custody, and child support or let the courts make the determination for them. Couples also must decide who gets to keep the family pet. So, what happens to Fide, Rex, or Spot in the event of a divorce?    New Jersey Pet Custody Laws Pet custody rules vary by state. In New Jersey, pets are considered personal property, like jewelry or the flat-screen tv. Like other personal property, during a divorce the spouses also determine who will get to keep the family pet. If they can not agree amongst themselves, a judge will decide for them. Keep in mind, there is no such law as the pet custody law in New Jersey. The law in place governs the division of personal property. Since pets are considered personal property in New Jersey, to determine who gets “custody” of your pe