Category Archives: Alimony

What You Should Know About Alimony and Taxes

The Tax Cuts and Jobs Act, signed into law in December 2017, changed the way alimony payments are taxed for some people. The way tax rules apply to your alimony depends on when you were divorced. Here’s a quick overview of what you should know. Changes to the system The legislation eliminated alimony tax deductions… Read More »

Types of Alimony Arrangements

If a court awards alimony to you or your spouse in your divorce, there are several types of alimony awards the court may choose. It is important to know the terms of your alimony arrangement so you can plan accordingly. Here are some examples of these types of alimony. Bridge the gap alimony: This is… Read More »

Living With Your Girlfriend/Boyfriend and Plan to Marry? Why You Need a Co-Habitation Agreement

IF YOU ARE LIVING WITH YOUR GIRLFRIEND OR BOYFRIEND, AND LATER MARRY THEM, YOU NEED A CO-HABITATION AGREEMENT OR YOU MAY BE PAYING MAINTENANCE (f/k/a “ALIMONY”) FROM THE DAY THEY MOVED IN WITH YOU. THEY CAN ALSO HAVE YOU THROWN OUT OF YOUR OWN HOME. The most recent changes to New York State Family Court… Read More »

Dealing With Child Support and Alimony Struggles During the COVID-19 Pandemic

The rapid spread of the COVID-19 pandemic has left many Americans out of work. Many have filed for unemployment benefits but are experiencing extremely long wait times. Others may have stimulus money coming their way, but for those who do not get direct deposit, there have been reported delays with checks being issued that may… Read More »

What You Should Know About Divorce, Alimony and Taxes

The overhauls to the tax system that went into effect last year have made matters a bit more complicated for divorcing spouses. Under the new system, alimony payments are no longer tax deductible for the person paying them, and are no longer considered taxable income for the person receiving them, which reverses a practice that… Read More »

Who You Decide to Marry is the Most Important Business Decision of Your Life

Whether or not to marry is a huge decision. The person you choose to marry will most certainly affect your career and wealth. Maintenance (formerly alimony in New York) takes into consideration how one spouse may have affected the other spouse’s career. If one spouse withdraws from the workforce to care for young children and… Read More »

Finalize Your Divorce by New Year’s Eve or Pay 30 Percent More in Alimony!

Last year’s federal Tax Cuts and Jobs Act may have had corporate executives cheering, but the same can’t be said for people about to divorce. As an article this summer in Forbes explains, the act means divorce is likely to get much more expensive once the clock strikes midnight, ushering in 2019. If you don’t… Read More »

Wealthy Americans May Have an Incentive to Get Divorced Quickly

A recent article in The New York Times indicates that under the new Republican tax law, there may be an incentive for wealthy Americans pondering divorce to rush to get it done before 2018 is over. The primary reason for this is that the new Tax Cuts and Jobs Act will eliminate the previously existing… Read More »

How Alimony is Calculated in New York

In New York, spouses can receive either temporary or permanent alimony during and after a divorce, depending on the circumstances of the marriage. To determine if alimony is appropriate in a case, the judge carefully analyzes the needs of the spouse seeking the support and whether the potential payer is financially capable of providing that… Read More »

Why You Might Consider a Lump Sum Payment Instead of Periodic Alimony

There’s a chance you could be awarded alimony as a part of your divorce settlement. In this arrangement, you may have a choice between getting an upfront lump sum payment periodic payments spread out over time, especially if that alimony arrangement will be a short-term one. Although most people have periodic alimony arrangements, there are… Read More »