In one word, the answer is “yes.” At Lyons & Associates, we specialize in all aspects of matrimonial and family law, and part of what we pride ourselves on is keeping our clients informed as to how current events could impact their lives. One such event is the Fiscal Cliff and the related government budget talks.
Once way in which the Fiscal Cliff can impact your Divorce and Support relates to taxes. New Jersey’s Alimony statute, codified at N.J.S.A. 2A:34-23, speaks to the issue of taxes and how support is calculated. Also, New Jersey’s Child Support Guidelines consider a parent’s gross and net incomes when determining Child Support. Increases or decreases in taxes can impact your Divorce and Support.
With changes in the tax structure, Courts are also more likely to look at the issues of deductions and which party gets to claim what in any given year. It is important that your attorney helps you understand those implications.
And yet another way that the Fiscal Cliff and budget talks can impact your Divorce relates to government spending. If one or both parties are employed in a sector of our economy that is supported by government spending, then that person’s job could be affected when cuts kick in. So, for example, people who work in the defense industry, the transportation industry, the educational industry, or other major sectors where the government spends its money could find their jobs cut back or eliminated. That too can impact your Divorce and Support.
If you have questions about the Fiscal Cliff and how it might impact your Divorce or Support, or if you have any other questions about your family law issues, contact the skilled attorneys at Lyons & Associates at 908-575-9777. You can also fill out our intake form online.