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TaxesPreviously we wrote about the new tax law (known as the 2017 Tax Cuts and Jobs Act) and how it will impact alimony and child support, but as promised we are still following the law and its potential impact on family law cases.  One of the latest concerns is how the law will affect pre-nuptial agreements.  Often one of the primary goals of a couple entering into a pre-nuptial agreement is to determine the terms of alimony both in duration and amount in the event of a divorce – this is agreed to prior to getting married through the pre-nuptial agreement.  The pre-nuptial agreement is a contract with certain terms and understandings on the part of both parties.  In the case of alimony and pre-nuptial agreements that were entered into prior to 2018 the most likely understanding was that the alimony would be deductible income by the party paying it and reportable income by the party receiving it.  However, under the new tax law if the parties are divorced after January 1, 2019 alimony will be a non-taxable event.  Effectively the new tax law has changed the terms of the contract.

Where does this leave the parties?  Is the pre-nuptial agreement still enforceable if a major term of the contract has changed?  What can married couples do that have an existing pre-nuptial agreement?  What should potential couples do who are planning on entering into a pre-nuptial agreement?   The answer to these questions is the parties should discuss their concerns with qualified legal counsel.  There are numerous ways to proceed.  The parties could renegotiate the alimony portion of the pre-nuptial agreement to reflect the reality of the new tax law.  The concern of course is if one term of the pre-nuptial agreement is being renegotiated does that open-up the possibility of renegotiating other terms.  Is this something a happily married couple wants to do?  Another option would be to leave the pre-nuptial agreement as is.  It’s possible that the new tax law might be changed in the future.  Every pre-nuptial agreement, like all divorces, is fact sensitive.  If you have a pre-nuptial agreement we suggest that you review it with legal counsel so that you understand your agreement in terms of the new tax law; and that you understand the options open to you.

Next week we will address the new tax law and its possible impact on a business evaluation during a divorce.

If you have any questions regarding the new tax law and how it may impact your divorce we are available to discuss your concerns with you, please call our firm at 908-879-9499.

closeup of a marriage prenuptial agreementDonald Trump has just been sworn in as our 45th President, making Melania Trump the First Lady.  I am sure no one is surprised that upon their marriage in 2005, they signed a Prenuptial Agreement.  In fact, President Trump has been quoted as saying if she won’t sign a prenup, she’s not the wife for you.

So, are Prenuptial Agreements only for the wealthy and famous?  Not necessarily.  There are many reasons a couple may decide they want to prepare and sign a Prenuptial Agreement before they marry.  Often, it’s a second marriage and if there are children of a first marriage, they want to protect them.  In other scenarios, there is a family held business, or one of the couple is caring financially for an ill relative.

To learn more of the benefits and pitfalls of a Prenuptial Agreement, call IANDOLI & EDENS at 908 879 9499 for a free consultation with one of our experienced matrimonial attorneys.

Don’t you hate it when you call a professional and they do not return your call? We’ve all been there. Doctors, accountants, contractors, real estate agents and, yes, even lawyers have fallen victim to this horrible habit.

It goes without saying, waiting for someone to answer your question or to let you know the status of your matter creates unnecessary anxiety and worry. Very rarely do we come across a professional who will not only take the time to return our call, but who will call us back quickly.

Here, at Iandoli & Edens, LLC, we return phone calls. We answer your emails. We let you know what is going on with your case. Quickly. If an adversary calls on your case and we are unavailable, we return their calls too. Stop waiting by the phone. Iandoli & Edens, LLC is here to help. Call us today at 908.879.9499 or visit us on the web at http://www.iandoliedens.com.

A Will is a document served to dispose of a Testator’s estate upon his or her demise. A Will can devise a Testator’s property, both real and personal; it can appoint a guardian for a Testator’s minor children in the event of his or her demise; and it can also dispose of the residue of the estate not otherwise bequeathed.

A Will appoints an Executor and Trustee vested with specific power and authority to manage and administer the estate of the Testator in accordance with his or her wishes. It is common for the Testator to direct payment of his debts, funeral expenses, and taxes before disposition of the estate.

In New Jersey, it is necessary for the Testator to sign the Will in the presence of two witnesses. The Testator must identify himself, establish residence in the State of New Jersey and declare the document to be his last Will. The Testator is required to revoke all prior testamentary dispositions as it is necessary to avoid any confusion in connection with other Wills made by the Testator. It is advisable to date the instrument to further avoid confusion.

A codicil is required in the event the Testator wishes to render minor changes, such as additions, deletions or alterations, in the terms of his or her existing Will.

Call Iandoli & Edens, LLC today to find out more at 908.879.9499. Visit us on the web at http://www.iandoliedens.com. Did you know you could make an appointment simply by emailing our firm? Try it today at Thomas@iandoliedens.com.

Stop debating as to whether or not you need a Will. Chances are, if you are over the age of 21, you should have one; if you have children, you need one; and if you wish to devise your property in a specific fashion, it is necessary.

Despite contrary belief, attorneys can prepare a Will for you rather quickly. For instance, if you call Iandoli & Edens, LLC today, we will send you a form to help you prepare your Will. You will need to designate the beneficiaries of your estate, the Executor of your estate and, if you have children or pets, name guardians for their care in the event of your demise. Your attorney will then draft the Will to your satisfaction. All you have to do is show up for your appointment to sign the document in front of two witnesses. This law firm will provide you with everything you need. Sounds simple? That’s because it is.

Call us today to find out how easy it is to get your Will off of your long, over-due “To-Do” list. We are open 9: a.m. to 5:00 p.m. to take your call at 908.879.9499. Visit us on the web at http://www.iandoliedens.com to contact us about making an appointment with one of our experienced attorneys.

There are so many attorneys, you may be wondering where and how to start your search for your divorce attorney. One tip, of course, is to look at the attorney’s website. You may also want to ask professionals, such as other attorneys, therapists and psychologists. You may want to ask family members and friends and learn of their own experiences. Most definitely, you will want to interview the attorney you are considering. The attorney you hire should handle a significant amount of family law cases. Importantly, you want to have a rapport with that attorney. You don’t want to feel reluctant to discuss personal issues with your attorney. You want to be comfortable expressing your concerns and the matters that are most important to you.

For a consultation, call one of our experienced family law attorneys who know how to listen at Iandoli & Edens at (908) 879 9499 or click here http://www.iandoliedens.com to learn more about us.

A Premarital Agreement (also coined a “prenuptial agreement”) is a contract between prospective spouses made in contemplation of marriage. The contract is effective upon marriage. The document must be in writing, signed by both parties. The contract typically contains obligations pertaining to the following:

• The personal rights and obligations of each party
• Property management
• Disposition of property
• Spousal support
• Death benefits
• Governing law

Creating an enforceable and foolproof prenup is impossible without strict adherence to two very important rules. Rule number one is full disclosure. Rule number two is the agreement must not be unconscionable at the time it is sought to be enforced.

The contract must be free of any material omissions or distortions. If a party neglects to list a material asset, debt or resource, the document can be challenged on the assertion of fraud or misrepresentation. Disclosure need not be exact, but it must be complete.

If you would like more information about prenuptial agreements, contact us today at 908.879.9499 to speak to one of our experienced attorneys. Visit us on the web at http://www.iandoliedens.com.

Iandoli and Edens is collecting non-perishable food for the Backpack Program. It is a charitable organization which collects and distributes food to parents of children. If you would like to contribute, we will keep a box in our waiting room for non-perishable food items. The program has suggested:

•Cereal-low sugar, child friendly
•Canned tuna or chicken
•Macaroni “N” cheese
•Peanut butter and jelly
•Pancake mix and syrup
•Applesauce and fruit (single serve), no sugar added
•Shelf-stable milk
•Meals in a can, like Dinty Moore and Chef Boyardee
•Granola type snack bars
•Raisins, individually boxed

Iandoli & Edens, LLC Donates to Chester Day!!

Date: May 11, 2013

Time: 11:00 a.m. – 3:00 p.m.

Look for our table near the Gazebo!!

Iandoli & Edens, LLC Donates to Chester Day!!

Date: May 11, 2013

Time: 11:00 a.m. – 3:00 p.m.

Look for our table near the Gazebo!!