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Divorce Cases

From a financial perspective, getting a divorce lowers the standard of living of two individuals who are often joined in a dual income union. Many times neither can afford the living arrangements of their previous life and are forced to downgrade. When they go about selling the marital home, they do not consider the tax implications on the sale. The tax levied on the profit of the sale of the marital home is called the capital gains tax. A Supreme Court decision resulted in the transfer of appreciated property in exchange for the release in marital rights, which then resulted in the recognition of gains to the transferrer according to the American Bar Association.
This resulted in the creation of Internal Revenue Code 1041, which states that no gain or loss is recognized on a transfer of property from a spouse or former spouse to a spouse or former spouse if the transfer is incident to the divorce. Basically, if a husband were to give the wife the marital home during the divorce or the home was awarded to one party over another, no money would be exchanged in the transaction.
The liabilities of the property transfer or to which the property is subject exceeding the adjusted tax basis on the property itself under Internal Revenue Code 1041 create the tax consequences when transferring properties. One of the main consequences is in regards to the family’s home’s sale, which allows qualifying tax payers to exclude from gross income gain up to $250,000 or $500,000 for qualifying joint filers according to the American Bar Association. Typically, the filing status for most couples is determined on the last day of the year. If you were married on December 31, then you file as married filing jointly and still be entitled to the advantages like exclusion limits for capital gain on the sale of principal residence. It is important to note that since you’ll be filing jointly, you’ll both be liable if you were audited.
There are tax related consequences to having to withdraw funds from your 401k account in order to pay an ex spouse. There is an early withdrawal penalty that is considered taxable income, however, the penalty is dodge-able if you fill out a qualified domestic relations order. The degree that a divorce will impact your retirement is dependent on the duration of your marriage, the types of retirement benefits involved, your spouse’s retirement accounts, and the laws in your state. As much as it may be difficult to cut into part of your retirement and your financial future, it is a necessary evil to acquire funds quickly.
Generally speaking, the custodial parent gets to claim all of the child related tax benefits for a child, including the Child Tax Credit, the dependency exemption, the Child and Dependent Care Credit, the exclusion for dependent care benefits, head of household filing status, and the Earned Income Tax Credit according to the Internal Revenue Services of the United States Department of Treasury. There is an exception, which applies to divorced or separated parents or parents who have lived apart for the last six months of the calendar year. It states that non custodial parents may claim the dependency exemption for a child if the custodial parent releases the exemption. Additionally, the non custodial parent can claim the Child Tax Credit if the other requirements for the Child Tax Credit are met, but only the custodial parent can claim the dependency care credit.
Alimony is tax deductible by the payer. It must be reported as income by the recipient according to the IRS. It is also considered an above the line deduction so it can be subtracted from your gross income before you reach your adjusted gross income. There are four main circumstances under which alimony can be deducted. Number one, the payments are made pursuant to a written agreement or judgment. Number two, you are not a member of the same household. Number three, the payments are not child support, which is determined partially by a three year payment analysis.
Number four, payments end upon your ex spouse’s death. Deducting alimony also requires you to understand the three year recapture rule, which is the ability to require you to claim all of the previous deductions within that period. It also implies that the recipient is entitled to the reduced reported income from the alimony payments previously received. This rule is applicable when the payments decrease or terminate during the first three post divorce calendar years and the total payments made in the third year decrease by $15,000 or more from the payments made in the second year, or the payments made in the second and third years are substantially less than the payments made in the first year.

First DUI Offenses in NJ

Have you been ticketed in New Jersey for drunk driving? Is it your first offense? Well, you might be wondering what the penalties are, what you’re facing, and mostly how much trouble you’re in.
For a first offense, the penalties can vary depending upon your blood alcohol reading, which determines the levels of alcohol in your blood at the time of testing. If the reading was anywhere from 0.08% to 0.99% you’re facing a $250 to $400 fine, a license suspension of three months, fees and costs of about $364, and at least 12 hours in an intoxicated drivers resource center.
Now the statute does provide for jail time, but there’s a presumption against that for a first offense, so in the vast majority of first offense cases there’s no jail time. If your reading was 0.1% or higher, then you’re facing a $300 to $500 fine, the same $364 in fees and costs, a license suspension of seven months to a year, and 12 to 30 hours in an intoxicated drivers resource center. Also, dependent upon your reading, you might be required to use what’s an ignition interlock device for a certain period of time after your suspension is over. If you’ve been ticketed for drunk driving in Southern New Jersey, call a lawyer to discuss your options and possible actions to take to avoid jail time.

Restraining Orders in New Jersey

In New Jersey, having a restraining order placed against you is serious business. Under the Prevention of Domestic Violence Act, a victim need only tell the police, or a judge that they’ve been harassed, assaulted, or otherwise victimized, and a Temporary Restraining Order will be issued even without hearing your side. This order can prevent you from staying at your home, seeing your kids, or communicating in any way with your spouse or partner.

While restraining orders aren’t technically criminal, they are issued when a victim alleges that certain criminal acts have occurred; however, unlike in criminal court where the standard of proof is beyond a reasonable doubt, a victim of domestic violence need only prove their case by a preponderance of the evidence. This standard equates to more likely than not. Acts that are defined as domestic violence include harassment, assault, criminal mischief, stalking, and other more serious crimes.

Once a Temporary Restraining Order has been issued, you will be required to appear before a Superior Court Judge within 10 days. This judge will determine whether the restraining order will become final. Final Restraining Orders are forever. Generally, the only way a Final Restraining Order can be dismissed is if the victim physically goes to the Superior Court and asks the judge to dismiss the order. This is why it is so important to get it right the first time.

In order to get a Final Restraining Order, the victim must be, one, a former or present household member, two, have a child in common, or three, have been in a dating relationship with he accused. At the final hearing, the victim must prove two things, that an act of domestic violence occurred and that there has been a history or domestic violence.

This is a very important point, just because a single act of domestic violence is proved to the court, that does not mean that a Final Restraining Order will be issued unless the act of domestic violence was extremely serious, the victim will also have to prove that there has been a history of domestic violence. This is often done by providing evidence of past arrests or prior restraining orders. While the court does not require that prior acts be reported to the police, it is often hard to prove that these acts occurred if the victim never told anyone.

If a Final Restraining Order is issued, the judge can provide a broad range or remedies. He can order that you not return to your house or apartment, that you have no contact with your spouse or partner, that you have no or limited contact with your children, and that you pay reasonable expanses such as your partner’s rent or legal fees. Additionally, the presence of a Final Restraining Order will appear in a background check, and persons who have a restraining order against them are prohibited from owning or possessing firearms.

life insurance lawyer

A Life Insurance Lawyer Can Help

It’s no secret of life insurance companies are doing everything they can to avoid paying out claims. We’ve even heard some stories of companies the train the representatives to deny any claim over a few thousand dollars just in the hope that the customer will not challenge them on it. Enough people don’t challenge them that it is profitable to continue the strategy; there have been a number of lawsuits revolved around the nonpayment of insurance claims over the years. There is one very famous case that is still in the court systems involving State Farm that you can read about here.

Went to life insurance claim has been denied, there are a few things that you can do. The first thing is to contact a life insurance attorney that deals specifically with these sorts of claims. An experienced life insurance lawyer is going to know all of the different grounds that insurance companies lean on to support the denial of life insurance claim and all of the counter arguments against them. You only have a window of a few years to contest the life insurance claim denial and you don’t have unlimited opportunities to sue for denial of death benefit so it’s important that you not waste time or opportunities by trying to do it yourself.

There are a number of firms throughout the country that handle these sorts of claims but very few that focus specifically in life insurance claim denials. It is highly recommended that you go with a firm that specifically focuses on these sorts of cases since they are going to be much better versed in the intricacies of life insurance regulations and life insurance law then a firm that is handling all kinds of different consumer complaints ranging from product liability, to auto insurance claims, and everything in between. By having an attorney the specialize specifically in my insurance claims you will have an advocate that is familiar with all of the regular tactics and strategies that are used to deny claims

So what kind of stuff do Life insurance companies do to avoid paying out claims? I’ll give me the perfect example: a man passes and his wife tries to claim the life insurance benefits. The claim is denied because there is a discrepancy between the autopsy any original application; on the autopsy he was listed as being 59 while on the application he was listed as being 511. Now whether this is a case of him having strong after death or they’re having been some sort of error during the autopsy, we don’t know. But what any reasonable person will believe is that a matter of the of the just of 2 inches difference on a life insurance policy should not have any impact on Whether the claim should’ve been paid out or not and ultimately, the life insurance company agreed and settled with the weather. Now, had it been just the widow against life insurance company alone, there’s a good chance that this case would not have settled in her favor. This is the perfect example of why you should be hiring a lawyer to handle your life insurance claim denial and not try to take care of it yourself; you are outgunned and underresourced to go against a team of lawyers that do this all day, every day.