Why Protecting Your Assets In the Event of Divorce Just Got More CriticalOctober 7, 2014 – In The News
Robert Epstein was quoted in the Main Street article, “Why Protecting Your Assets In the Event of Divorce Just Got More Critical.” Full text can be found in the October 7, 2014, issue, but a synopsis is below.
A newly passed alimony law in New Jersey mirrors the trends in many other states and significantly changes long term payments. The legislation highlights how critical protecting your assets in case of a divorce is as people are living and working longer and the length of time that alimony is being paid is being reduced.
For example, both Maine and Texas have strict alimony laws that limit the amount of payments to short durations.Robert Epstein noted, “since alimony is very state specific, it is critical that you speak with an attorney. The current 'societal normal' will affect these laws.”
Epstein explains that a significant change to the alimony law now allows the person paying alimony to modify or terminate the obligation in a “more defined path” while avoiding litigation.The law is also making it “open durational” alimony, removing permanent alimony, which will largely only be available for marriages of 20 years or more. For marriages less than 20 years, the alimony duration cannot be longer than the marriage itself.
“This law had to happen for better or worse. There was a push for alimony reform and a balance was struck,” Epstein said.