nj divorce

Filing for Divorce: Here’s What to Expect

Published on: July 16, 2020 | Skoloff & Wolfe

What to expect when filing for divorce
Being on the brink of divorce can be an intimidating and scary experience. If you find yourself seeking to initiate the divorce process, or you’ve suddenly been served with a complaint for divorce by your spouse, what’s next? The first step is to find an attorney. Many people have little to no familiarity with the court system and can easily be overwhelmed by the process. This is where having an experienced attorney like those at Skoloff & Wolfe, P.C. can benefit you. Once you have retained an attorney, what is the process like? What do you need to do? How long is this going to take? While a divorce has the possibility of being a long, arduous process, especially if a trial is needed, there are various steps throughout the process that provide the parties ample opportunities to settle and resolve most of, if not all of their issues. Below is a step by step outline of the procedure of obtaining a divorce so that you can be better prepared during your case.

The First Step of Divorce: Filing a Complaint

If you are the party seeking a divorce, one of the first landmarks during your case will be the filing of a complaint. If you are filing the complaint in your case, you will be referred to as the plaintiff going forward. A complaint is a document filed with the court that initiates your divorce case. It lays out the following:

How To Find The Best Divorce Attorney in NJ

Published on: May 15, 2020 | Skoloff & Wolfe

How to find the best divorce attorney in NJ Divorce is a major life event that can be very stressful. Therefore, it is not surprising that selecting a divorce attorney can often be a daunting process. Given the personal nature of this extremely important decision, it is critical that you choose someone with whom you feel comfortable because good communication with your attorney is essential to successfully navigating your divorce.

Before choosing an attorney, you should research the prospective matrimonial attorneys based on referrals, reputation, location or any other considerations that are important to you. Once you have selected one or more lawyers to interview, you should obtain copies of your recent tax returns if you have access to them, and you should also compile a list of assets and liabilities to the extent you have this information. This will allow the attorney to give you a preliminary opinion about the possible outcome or outcomes of your case in your initial consultation, in addition to giving you a general overview of the divorce process.

Below are general questions to help you in your selection of an attorney to best accomplish the goals for your case. They fall into three major categories: experience, practice style and cost.

Acceptable Grounds for Divorce in New Jersey

Published on: May 8, 2020 | Skoloff & Wolfe

Acceptable Grounds for Divorce in New Jersey
If you are a resident of New Jersey and contemplating a divorce, among the things you may want to understand is what you will have to tell a court in order to allow you to dissolve your marriage.

First, it is a generally a requirement that either you or your spouse must live here for more twelve months before you file a complaint.

Next, and perhaps most importantly, you have the option to file a complaint for divorce without escalating your conflict by having to point your finger at your spouse and make claims about what may have happened which contributed to the failure of your partnership.

Retirement Assets and Divorce in New Jersey

Published on: April 27, 2020 | Skoloff & Wolfe

Couple Discussing Retirement Assets for Divorce — Skoloff Wolfe lawyers attorneys
Retirement funds are often among the most valuable assets a divorcing couple owns, although before retirement they are often not given a whole lot of thought. How they are treated is one of the most important considerations to be dealt with in a divorce case, and in order to do that, the rules of the road need to be understood by both attorney and client. How such funds are distributed may be one of the most consequential decisions to be made in the divorce process, and there is a lot to know.

Understand the Different Types of Retirement Accounts that are Considered in a Divorce

In order to know what to do with retirement assets, it is important to first understand what it is that you, or your spouse, own. Basically, there are two styles of retirement plan: the defined benefit plan, which guarantees the owner an income stream in a predetermined amount each month, starting from a fixed age through the end of the pensioner’s life; and the defined contribution plan, which has a fixed value at any given point in time, just like a bank or brokerage account. Defined contribution plans are usually in one of two forms: the 401(k) account, which is funded by withholdings from an employee’s paycheck and contributions from his or her employer; and the Individual Retirement Account (“IRA”), which is either funded with a worker’s savings, “rolled over” from a 401(k) with a prior employer, or both. There may be multiple accounts if the person has had multiple employers. A person going through a divorce needs to be certain to know how many accounts they and their spouse have, and what kinds of accounts they are.

Divorce and the Family Business

Published on: April 22, 2020 | Skoloff & Wolfe

A couple who owns a family business together going through a divorce
A family business is typically a closely held corporation—a business which is not publicly traded and for which there is no open market. Where the interest was purchased during the marriage, its value will be subject to division in the divorce. The major question which presents itself, however, is how will the value be determined.

Determining Fair Value of a Business During a Divorce

Brown v. Brown, 348 N.J. Super. 466 (App. Div. 2002) determined that the governing standard of value to be applied is “fair value,” and not “fair market value.” Fair market value is the amount at which property would change hands between a willing seller and a willing buyer when neither is acting under compulsion and when both have reasonable knowledge of the relevant facts. Fair market value takes into consideration a discount for lack of marketability or liquidity which is a discount based on the inability to sell an ownership interest in a business. Fair market value also takes into consideration a minority interest discount which is a reduction in value due to the lack of control which can be exercised by an owner with only a minority interest.

The Covid-19 Coronavirus Crisis and Modification of Alimony Payments in New Jersey – “How Can I Possibly Be Expected to Pay Now?”

Published on: April 3, 2020 | Skoloff & Wolfe

By Richard F. Iglar, Esq.

Alimony COVID-19
The COVID-19 coronavirus pandemic has plunged our world into a once in a lifetime crisis–we have not seen anything like this in the United States since the Spanish Flu pandemic of 1918. Many aspects of our society have ground to a virtual halt, and our economy has been decimated. Restaurants, hotels, airlines, manufacturers, small businesses and large businesses alike, are shuttered and at risk of going out of business. Fear of the loss of employment and income is pervasive. How will this pandemic impact one particular family law issue, the issue of the payment of alimony? The divorced individual paying alimony asks, “How can I possibly be expected to pay now?”

Understanding Alimony in NJ & COVID-19

Parenting Time Exchanges During the Covid-19 Pandemic: A Practical Guide for Separated & Divorced Parents

Published on: March 25, 2020 | Skoloff & Wolfe

By: Thomas DeCataldo

Divorced parents COVID-19
The ongoing Covid-19 pandemic has caused the tragic loss of life and spurred international panic. Adding insult to injury, the economic impact of this health crisis has thus far been devastating, with stock markets collapsing and many struggling to keep businesses afloat while being unable to work or attempting to do so remotely. As a result of the tumult caused by this virus, divorcing couples and separated parents find themselves attempting to cope with several accelerants to an already stressful situation.

Against this backdrop, in recent weeks many parents questioned the impact of the Covid-19 pandemic on custody and parenting time arrangements, whether entered formally as Court Orders or informally by agreement of the parties. The pandemic presents many hotbed areas for disagreement among separated or separating parents, particularly for those in high-conflict situations.

Examining Retained Earnings in Divorce: Prudent Business Practice or Support Dodge?

Published on: March 9, 2020 | Skoloff & Wolfe

By: Jonathan W. Wolfe

This article was previously published in New Jersey Law Journal, Vol. 212 – No 12.

There are many legitimate reasons for a business to retain earnings. However, for a spouse in a divorce — or contemplating divorce — leaving money in the business may be viewed as a tool to shield income to avoid support. For shareholders of an S corporation, even though earnings have not been distributed, they will appear as “phantom income” on the owner’s personal tax returns. Given how frequently these issues arise in our practice, there is surprisingly little New Jersey precedent addressing the treatment of retained earnings in the context of divorce.

How Family Trust Funds May Impact Your Divorce Case in NJ and Other States

Published on: February 19, 2020 | Skoloff & Wolfe

By: Jonathan W. Wolfe

Matrimonial attorneys who handle high-asset cases are confronted with a variety of complex legal and factual questions when either their client or the client’s spouse is a beneficiary of a trust. When considering family trust funds and divorce answer these questions:

Getting Started with the Divorce: What You Need to Be Prepared, According to Top New Jersey Divorce Attorneys

Published on: February 13, 2020 | Skoloff & Wolfe

By: Richard F. Iglar

You have come to a decision which you may have been dreading, or which may make you feel relieved. You are taking the ﬁrst step toward a decision which will allow you to take control of the direction of your future life. You are going to start interviewing top New Jersey divorce attorneys (and hopefully you have made the wise decision to hire a seasoned, wise and practical AAML attorney to guide you through the difficult divorce process). What is your matrimonial attorney going to need from you do his or her job effectively? What can you do to provide your attorney with the background and tools he or she will need to represent you in the effort to obtain the best possible outcome for you? What can you do to convey that information to your attorney in a practical and efﬁcient way and put you ahead of the curve?

Your attorney is going to explain to you the three major issues before you in the divorce case: 1) custody and parenting time; 2) equitable distribution of the marital assets; and 3) the ﬁnancial support issues of alimony and child support.