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How is Alimony Taxed on Long Island?

How is Alimony Taxed on Long Island?

Alimony, also called “spousal maintenance” on Long Island, is a payment usually made from the higher earning spouse to the other to replace a portion of lost income until the lower earning spouse is able to financially support themselves independently. Often, one spouse will give up career opportunities while the other pursues theirs to keep the home and/or take care of children, leaving them at a distinct financial disadvantage in the event of a divorce. Spousal maintenance was originally designed to bridge that gap, and since its inception, many laws have been created to govern how and when alimony is paid and taxed. (more…)

3 Tips to Keep Your Contested Divorce Uncontentious

3 Tips to Keep Your Contested Divorce Uncontentious

A contested divorce on Long Island is a divorce where you and your ex-spouse do not agree on one or more issues of the divorce. For example, if you and your spouse are unable to agree on child custody arrangements and neither party is willing to compromise, the divorce becomes contested and a judge must decide for you how to award custody. (more…)

Long Island Divorce & Retirement Accounts — Who Gets Paid?

Long Island Divorce & Retirement Accounts — Who Gets Paid?

Divorce can impact you financially, including your retirement accounts. For most people on Long Island, planning for retirement is largely guesswork. Although you’re putting part of your income in savings accounts and investments to provide for your future expenses when you no longer can or want to work, there are a lot of things that are up in the air. For example, you don’t know how inflation will affect the value of your retirement funds and how much cost of living will increase on Long Island. Even so, you save because it’s important to try to plan ahead as much as you can. (more…)

Disclosing Your Finances in a Long Island Divorce

Disclosing Your Finances in a Long Island Divorce

In a divorce on Long Island, you must disclose, or make known, your complete financial information if your case involves child support, spousal support, or other maintenance. New York State Domestic Relations Law §236 makes it mandatory for both spouses to bring forward their information so the financial situation of each spouse can be accurately represented. Even if your divorce is uncontested, you’ll still need to completely disclose your finances. (more…)

5 Ways to Get a Fair Divorce Settlement on Long Island

5 Ways to Get a Fair Divorce Settlement on Long Island

When you’re heading into a Long Island divorce, it’s natural to feel apprehensive and unsure of what you should do next. You’re in unfamiliar territory, which can be made harder if your spouse is being difficult or is unwilling to compromise. You may be worried that you won’t get a fair divorce settlement and you’ll be left with little to nothing to start your new life with. Here are 5 effective strategies to help you present your best case for a settlement that you and your lawyer decide is appropriate. (more…)

5 Reasons Long Island Prenuptial and Postnuptial Agreements Could Be Found Unenforceable

5 Reasons Long Island Prenuptial and Postnuptial Agreements Could Be Found Unenforceable

Traditionally, a premarital agreement (prenup) is signed by both parties before the wedding. A postnuptial agreement (postnup) is similar, however, it takes place after the wedding. These agreements are designed to protect the assets of each individual entering the marriage and provide a guide as to how property should be allocated and if alimony or spousal support will be paid and under what conditions, among other things. However, a prenup or postnup needs to be valid to be enforceable on Long Island. Here are 5 reasons your prenup or postnup could be found unenforceable. (more…)