It depends how the property is titled. If the property is titled in one spouse’s name, only the spouse who owns the home can keep the property, because the court does not have the authority to transfer the home title in one spouse’s name to the other spouse
FAQs
If circumstances call for it, can someone paying spousal support apply to have it reduced?
Yes, reducing spousal support payments is possible. In any New York divorce proceeding resolved after 2010 the payer of child support may apply for a reduction in support if his or her income is reduced by 15% or more, or three years have elapsed since the payments began. Or there’s a substantial change in circumstances […]
How will multiple properties be divided upon divorce?
If a home is owned by a spouse prior to marriage, assuming there was no marital money contributed to the home during the marriage such as a payment to a mortgage or payments made to the upkeep of the property, this property would not be subject to distribution on divorce. But it could be considered […]
Should a wealthy person pay maintenance in a lump sum or make monthly support payments?
When a wealthy spouse makes a lump sum payment to the non-moneyed, it’s paid as what’s called a distributive award. Distributive award has no tax consequences for either party. One of the more useful tools in resolving support related issues is the tax deduction benefit available to a spouse making a stream of maintenance payments […]
What factors do the courts consider when setting spousal maintenance?
The court considers the practical needs and responsibilities of each party moving forward. For example if the parties have young children and the custodial parent cannot re-enter the workforce without additional school or training, the duration of maintenance may exceed guidelines. Conversely if the non-moneyed spouse has the training and ability to work, income may […]
How are pensions and retirement plans divided during divorce in Maryland?
Contributions made from the working spouse’s wages to the working spouse’s retirement accounts during the marriage would be considered marital property and subject to distribution under Maryland law. There’s a difference between pensions, which are known as defined benefit plans and retirement plans such as 401Ks or Roth IRAs, which are known as defined contribution […]
How does the new spousal maintenance law in New York work?
The New York state legislature has created a default formula for courts to use as a guideline when calculating the amount and the duration of spousal maintenance. This statutory formula takes into consideration the incomes of each spouse and the duration of the marriage. Actually there are two different formulas, one for the situation where […]
What do courts do to fairly distribute marital property?
All marital property is considered when dividing property during divorce; any business, professional practice, real estate, and retirement account. If one spouse has more marital property titled in his or her name then the other spouse, the court can grant the spouse with less marital property a monetary award. For example let’s say that the […]
Is alimony, spousal support, and maintenance the same thing in New York?
Yes. Maintenance, spousal support, or alimony all refer to payments made by one spouse to the other either during or after a divorce to assist with their living expenses. In New York State the domestic relations law refers to all monetary support paid by one spouse to the other spouse incident to a divorce as […]
Can you explain the differences in tax treatment of spousal support versus child support?
Child support is non-taxable. It’s nondeductible by the child support payer and it’s non-tax includable to the child support recipient. This is rooted as best I can explain it in the concept that child support, while paid by a parent to another parent is nonetheless money that belongs to the child. The recipient parent gets […]
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