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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…)

Why You May Need a Forensic Accountant for Your Long Island Divorce

Why You May Need a Forensic Accountant for Your Long Island Divorce

Finances are one of the most common issues in a Long Island divorce, and even more so in a high net worth divorce. You and your soon-to-be-ex-spouse must fully disclose your assets, and if one of you is found hiding assets, you could face serious penalties. Often, one spouse will hire a forensic accountant if they believe their spouse may hide assets to avoid paying as much in the divorce settlement and later in spousal support (alimony)  or child support.

However, whether you believe your spouse has the propensity for dishonesty or not, if there’s a lot of money at stake, a forensic accountant can prove helpful. Here’s what you need to know. (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…)

Lost Your Job? Can You Reduce Your Child Support or Alimony Payments?

Lost Your Job? Can You Reduce Your Child Support or Alimony Payments?

Once you’ve been ordered to pay child support or alimony by a Long Island court, there are very few circumstances in which you can stop or even lower your payments. One of these is if you lose your job. However, this does not mean that as soon as you lose your job that you can simply stop making child support or alimony payments — doing so could cause you a great deal of trouble. Here’s what you should do if you’re making child support or alimony payments on Long Island and lose your job or receive a reduction in salary. (more…)

How Will the New Tax Laws Affect my Long Island Divorce?

How Will the New Tax Laws Affect my Long Island Divorce?

The Tax Cuts and Jobs Act has many implications for your Long Island divorce, as it pertains to Spousal Support (aka Alimony) and the Child Tax Credit. The new tax rules may mean you want to speed up your divorce to have it settled before the end of the year (when the new rules take effect). (more…)

Spousal Maintenance, aka Alimony, Variations on Long Island

Spousal Maintenance, aka Alimony, Variations on Long Island

Spousal Maintenance, otherwise or formerly known as Alimony, plays a significant part in a majority of Divorce Proceedings handled on Long Island. Spousal maintenance is a creature of statute, and, as such is typically determined by following a formula. However, in certain cases, the courts in Nassau and Suffolk counties can deviate from the statute in a few different ways.

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