Divorcing couples in New Jersey often have a wide variety of questions about how the dissolution process will work. Each divorce case is different, but many will involve common issues: child custody and support, alimony and property division. For some couples in a high asset divorce, property division and alimony might be the most important issues of all. But, just because a divorce involves a significant amount of assets, does that mean that the sides should push for a quick resolution of the case to save money?
As a recent article noted, as 2018 comes to a close, for some couples the answer to this question is a resounding “yes.” Why? Well, when it comes to new tax laws enacted in 2017 and alimony, it could mean that those who pay alimony case could see a substantial tax impact if the case isn’t resolved before the end of the year.
But, even beyond the tax consequences of a high asset divorce, there are other reasons that some couples may want to move the case along as quick as possible toward a resolution. For starters, a couple going through a divorce ultimately want the same goal: to be apart from each other. Dragging the case out by fighting over assets can not only lead to lingering animosity, but also heated emotions and high stress throughout the divorce process.
Unfortunately, there are cases that can take quite a bit of time to resolve. In a high asset case, there may need to be some valuation determinations, such as for business assets or artwork. Each case will have its own set of facts, so any New Jersey residents who are going through a divorce will want to get the right information about their own unique case.