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Under the 2017 Tax Cuts & Jobs Act, spousal support is no longer tax deductible on the Federal level for the person paying the support. As discussed in a previous post, the law shifted responsibility of paying the tax from the payee (i.e., the spouse receiving the support) to the payor. This … [Read more...] about How Courts are Addressing the Loss of the Tax Deduction for Spousal Support

Federal tax law provides for special treatment of capital gains taxes on the sale of a person’s residence provided certain conditions are met. A taxpayer may qualify to exclude up to the first $250,000.00 of the capital gain from the sale of a home. When a married couple owns the home, they can each … [Read more...] about How Divorce Affects the Capital Gains Tax Exemption on Sale of a Couple’s Home

Many couples realize they should update their will and beneficiary designations after getting a divorce. Divorcing parties don’t think about making these revisions prior to or during a divorce action and, yet, we strongly encourage them to do so. Here is the issue. If one of the spouses dies … [Read more...] about Why You Should Change Your Will as Soon as You Decide to Divorce in NY

You’ve heard the doorbell ring. You go to the front door and open it, only to be met by a stranger who is handing you something. He says, “Are you (insert your name)?” You have to think a minute about the answer, because you are facing a stranger and have no idea what he wants. He leaves so fast you … [Read more...] about What to Do If You Get Served with Divorce Papers

Let’s say that one day your spouse comes to you and says that he or she wants a divorce. Regardless of how you feel about your marriage, your first reaction will probably be emotional. You may experience anger, fear, sadness, disbelief and other feelings. While it is normal for anyone facing these … [Read more...] about 6 Steps to Protect Yourself Financially If Your Spouse Asks for a Divorce

Child custody is a common area of conflict among divorcing parents. New York law encourages parents to resolve these issues amicably and in the best interests of the children. With that in mind, the courts prefer parents share custody equally – both physical and legal custody. However, joint custody … [Read more...] about Pros and Cons of Joint Child Custody