Robert A. Bonavito, CPA PC


Part 9 Divorce terms

Monied Spouse and Non -Moneyed Spouse (family top earner) Dissipation Daubert Challenge Attribution) Equitable Distribution Alimony, maintenance DV Domestic Violence Mediation v Arbitration Psychometrician Vocational Evaluation Expert RSU Restricted Stock Unit Deferred compensation alimony modification, change of circumstances PSA-property settlement agreement prima facie burden of changed circumstances prima facie- accepted until proven incorrect Tax Cut and Job Act TCJA

Posted February 3, 2020 by Robert A Bonavito in Matrimonial & Divorce

Part 8 Child support

Unlike alimony child support has never been deductible, and it’s usually easier to calculate based on guidelines. Go through attached forms Limit on guidelines $3600*52=$190,000

Posted January 20, 2020 by Robert A Bonavito in Matrimonial & Divorce

Part 7 Tax Cut and Job Act “TCJA”

Tax Cut Jobs Act TCJA, alimony deductions, New Jersey alimony   Tax Cut Jobs Act TCJA, caused a lot of problems last year and it also affected divorces drastically. It denied the deductibility of alimony and this caused a lot of problems. 2018 was an extremely busy year because most people getting a divorce wanted agreements signed prior to year end. Some states may still allow alimony deductions, currently, New Jersey does not but may change Projected to raise an additional $6.9 billion over the next 10 years Changes alimony, divisor 1/3 to ¼, Remember just because alimony is no longer deductible for divorces that are settled after 2018, alimony still deduction for those signed before 2019. Most people don’t realize that alimony has to meet certain requirements. And we’ve handled a few audits of alimony and the government is pretty strict in what is considered alimony.

Posted January 6, 2020 by Robert A Bonavito in Matrimonial & Divorce