When a parent has been out of the workforce for a while, divorce can be particularly stressful because he or she is likely to experience a significant change in financial circumstances. Until a few years ago, this parent could expect, depending upon the facts of their case, to receive spousal … [Read more...] about Spousal Support Concerns for a Stay at Home Parent and Payor Spouse
Health and life insurance are costly and the obligation to pay for it can be an issue in divorce. Under New York law, the provisions for insurance differ from other expenses encompassed within child support and spousal support. As a result, couples should be aware of their obligations and their … [Read more...] about Does Child Support and Spousal Support Cover the Cost of Insurance?
While changes in federal taxation of spousal support have been well-publicized, less well-known is how New York taxes spousal support payments. Many people assume New York and IRS tax rules are identical. Before the Tax Cuts & Jobs Act of 2017 (“TCJA”) was enacted, New York and Federal law were … [Read more...] about How New York State Taxes Spousal Support Payments
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
In 2016, New York made significant changes in how spousal support is calculated. The goal was to provide more predictability in awards and address evolving perceptions of fairness. Whether the state has succeeded may depend on your point of view, but it has provided additional guidance to parties in … [Read more...] about New York’s Changing Views on Spousal Support
“Spousal support,” also known as alimony, is determined by a legal formula in New York. As a result, the law offers some certainty about how much a spouse will receive or must pay and how long payments will last. Unfortunately, these provisions can be confusing and complicated especially since … [Read more...] about Top Questions About Spousal Support in New York