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Articles Tagged with divorce

stimulus__support_AdobeStock_408400886-300x200The government-issued stimulus checks were intended to help those eligible address some of the financial challenges brought on by the pandemic, but for divorced parents who share custody of their children and pay or receive child support, these payments have proven a major source of confusion in some cases.

Criteria used to determine eligibility in the first two rounds of stimulus payments sometimes resulted in both parents receiving payments for the same child, or receiving a stimulus payment along with additional tax credits for that child. The eligibility criteria surrounding the third stimulus payment has changed yet again, but it still affects those dealing with child custody and support agreements. To learn how read, “Child support and the third stimulus check: Let us clear up the confusion.”

child-support-400-08812515d-300x200Divorce may end your relationship with your spouse, but it does not end your role as a parent, and with that role comes the obligation to support your children in all ways — physically, emotionally and financially.

Depending on the type of custodial agreement you and your ex agree on — or the court deems to be in best interest of your children — one of you may be ordered to make child support payments. Quite often it is the father who is responsible for child support, although in today’s age of two-income families, mothers can easily find themselves in this situation, too. That being said, both parents could benefit from reading “What Dads Need to Know About Child Support” to better understand the process.

forensic-accounting-400-06176410dA crucial part of the divorce process is dividing up the couple’s assets and debts in as equitable a manner as possible. Sometimes this distribution of assets is simple, while other times it is much more complicated, especially for couples who have complex financial portfolios that include such things as stock options and restricted stocks, deferred compensation, retirement and insurance plans, properties located in other states or countries, and exceptionally valuable tangible assets such as artwork, antiques or collectibles.

The settlement options you agree to during your divorce proceedings can have a long-term impact on your financial and tax situation. If your situation is complex, it may be prudent to seek the help of a financial specialist, such as a forensic accountant, before agreeing to terms. For more on how a forensic accountant may be able to help in your divorce negotiations, read the New Jersey Business Magazine’s article, “Forensic Accounting During Divorce Proceedings.”

gifted-child-400-07411176dFor many children, extra-curricular activities are a trial-and-error means of discovering their interests and talents. New Jersey’s guidelines for child support recognize this and generally take into account the costs associated with such activities in the basic child support payments. What happens, however, when a child is gifted in a particular area, requiring more extensive involvement to develop his or her special skills?

A New Jersey judge ruled recently that a parent could be ordered to pay additional child support to help cover the costs of his or her gifted child’s endeavors to improve the child’s talents. To learn more read the nj.com story regarding “Divorced parents of gifted children …

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