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Tag Archive: divorce attorney

Gov. Cuomo Proposes Changes to NYS Estate Tax

New York is one of only fourteen states that tax estates. That means in addition to the federal estate tax, a New York estate could be paying another 9% – 16% to Albany – a fact that some believe is leading to a migration from New York to other states. Governor Andrew Cuomo’s new budget proposes several major changes to New York’s estate tax. First some background: The federal estate tax applies to people who have an estate of $5.34 million or more, and they typically pay a rate of 40%. So the federal system has a big exemption, but a high tax rate. New York’s system affects many more taxpayers because the personal exemption of $1 million is so much lower, notwithstanding the lower 9% – 16% rate. When Governor Cuomo highlighted this issue at his recent press conference, he made a series of proposals to bring the New

Separation and Divorce in the age of social media can be dangerous!

Posting an angry rant on Facebook or Twitter is far more dangerous than standing on your front steps and yelling it.  Internet posts never fully disappear, and any attempt to delete your post could be construed as tampering with evidence, if someone wants to use the post in court. Click here for an interesting article on the subject.

Important statutory changes in NY divorce law effective January 31, 2014

The Combined Parental Income Cap under the Child Support Standards Act, i.e., the amount of parents’ combined income that will be applied to the formula for calculating child support, has been adjusted from $136,000 to $141,000;  and The Income Cap under the Temporary Maintenance Guidelines has been adjusted from $524,000 to $543,000.

Preparing for Divorce

Although no two divorces are exactly the same, there are a number of things that can be done to make the process more efficient. First, even before meeting with your attorney, organize your paperwork so that your attorney will have a more accurate idea of the financial issues:  make copies of tax returns, bank statements, credit card statements, loan agreements, deeds, and other financial records.  If there will be a claim that some assets were premarital, assemble proof of when the asset was acquired or  account opened, the source of funds, and copies of old checks, deposit slips, etc. Next, make sure you have your own credit card and checking/savings account, separate and apart from your spouse. Finally, start considering realistic long terms goals, and obligations:  Do you want to stay in the house? Can you afford to stay in the house?  How will the children’s college be paid for? 

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