In New York, marital property is divided pursuant to equitable distribution. The first step is to identify and value the marital estate. For example, when was the marital home purchased? What is it worth? Is there a mortgage or home equity line of credit? Did either party contribute premarital funds or gifts from third parties to the acquisition of the residence?Once the assets are identified … [Read more...]
How Is Spousal Support Determined in New York?
Spousal support in New York is determined based upon a formula which starts with the incomes of the parties. Income is defined as what was or should have been reported on the prior year’s tax return from all sources, adding back voluntary deductions from income for things like health insurance and retirement deductions. The gross incomes of both parties are then plugged into the formula and FICA … [Read more...]
