People who are divorcing will sometimes want to know whether they qualify for alimony or not. The laws in New York regarding spousal support payments are strict, so not everyone will qualify. Some individuals might be able to work out these payments as part of the...
Tax Considerations In Divorce
What are some tax implications associated with getting divorced?
Divorce isn't just trying on former spouses' emotions but can be financially taxing as well. Your tax filing status changes after your divorce. There are also other tax implications associated with splitting up that you need to be aware of before you negotiate a...
Head of household filing status after divorce
If you and your spouse in New York are discussing the possibility of getting divorced, it is important for you to learn as much as you can about the financial implications of this decision. Some of the decisions made during a divorce may have immediate repercussions...
Divorcing in 2019? Know these new tax laws
As one of many married people across New York who believes divorce is in your near future, you may be trying to get your affairs in order so that you can navigate the separation and make the split as seamless as possible. While divorcing your spouse alters many...
Some couples using trusts to get around alimony tax changes
At the beginning of this year, major changes to the federal tax code took effect, including one that greatly impacts the tax implications for alimony. Prior to 2019, the law allowed alimony payers to take a tax deduction on their payments while alimony receivers were...
Scriveners Beware: The General Rule That An Income Tax Refund On A Joint Return Gets Evenly Split Does Not Apply Unless The Terms Of The Divorce Settlement Expressly Preserve That Right.
The general rule in a New York divorce case is that each spouse has a right to 50% of the marital portion of an income tax refund, because such portion of the income tax refund constitutes marital property. Cohen v. Cohen, 132 A.D.3d 627; Hymowitz v....