Spousal support or alimony is not meant to last forever. New York sets forth statutory guidelines for calculating the duration of support. The rules exist with the view that even in long marriages, the recipient spouse should eventually become self-supporting. Notwithstanding how long a divorce … [Read more...] about When Does Spousal Support End?
Should You Accept Spousal Support as a Lump Sum Payment?
In New York, spousal support awards in divorce are determined according to a formula set by statute. However, the parties still have the flexibility to negotiate their own terms. One option is for spousal support to be paid upfront in a lump sum rather than over time as a monthly amount. There are … [Read more...] about Should You Accept Spousal Support as a Lump Sum Payment?
Spousal Support Concerns for a Stay at Home Parent and Payor Spouse
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
Does Child Support and Spousal Support Cover the Cost of Insurance?
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?
How New York State Taxes Spousal Support Payments
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
How Courts are Addressing the Loss of the Tax Deduction for Spousal Support
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