Yours, Mine, Ours
New York follows this frameowork when dividing marital assets
What is equitable distribution?
In a divorce, especially a contentious divorce, this is the one thing that never lies.
What are the numbers?
True or False: A divorcing spouse can be removed from the current deed and mortgage by filing a new deed and notifying your mortgage lender.
What is False?
This financial analysis determines the fair value of a closely held company for purposes such as equitable distribution, buyouts, or shareholder disputes in divorce.
What is a business valuation?
In New York, what was once called alimony is now referred to as this, and may be awarded temporarily or post-divorce depending on the case.
What is maintenance?
True or False: A divorcing spouse can be removed from the current deed and mortgage by filing a new deed and notifying your mortgage lender.
What is false?
This is commonly used in divorce matters to obtain bank, brokerage, or employment records directly from third parties.
What is a subpoena?
You should never do this if you purchase a new home in your individual capacity and your divorce is not yet finalized.
What is spend an overnight together with your soon-to-be ex spouse in your new home?
In New York, maintenance is taxable income to the recipient.
What is False? (For divorces finalized after 2018, maintenance is no longer taxable to the recipient or deductible to the payer under federal law).
We can thank this New York family law attorney and mediator for making a widely used free maintenance and child support calculator available to lawyers, mediators, and clients on her website.
Who is Joy S. Rosenthal, Esq.?
The New York support calculator is a starting point - not the finish line - especially when income exceeds this threshold.
What is the New York Statutory income cap for child support? ($183k)
This type of income often complicates support calculations because it fluctuates year to year.
What is variable income (bonuses, commissions, self-employment)?
A spouse plans to keep the marital home and sell it years after the divorce. As a single filer, capital gains may be triggered once gains exceed this amount.
What is the $250,000 capital gains exclusion?
The New York child support calculator does not automatically include expenses like child care, unreimbursed medical costs, or education—these are handled separately and often allocated based on each parent’s share of income.
What are add-ons?
These loan programs are always assumable, as long as the individual qualifies.
What are government sponsored loan programs?Which programs are always assumable? - FHA, VA, USDA.
Assets owned before the marriage, or acquired individually by gift or inheritance, that are not commingled or transmuted during the marriage.
What is separate property?
This forensic accounting process follows the flow of funds across accounts to identify assets that may be concealed, transferred, or mischaracterized during a divorce.
What is tracing?
A divorced person can have their previous mortgage payment removed from their Debt to Income ratio if it they can show the payments were solely made by another person for this many years.
What is one year?
When dividing a 401(k) or pension governed by ERISA, this specific order is required—using the wrong one can delay or invalidate the transfer.
What is a QDRO? A QDRO and DRO are not the same.
A person must receive Alimony / Child Support payments for this many month before it can be counted as qualifying income.
What is 6 months?
How long must it continue in order to count it as well? - 3 years
This tracing method presumes marital funds are spent before separate funds when both are commingled in the same account.
What is community out first tracing?
When reported income does not support a party’s spending, this analysis compares cash inflows to lifestyle outflows to identify undisclosed sources or uses of funds.
What is a sources and uses analysis?
This classification can apply to a displaced homemaker or single parent, even though they jointly owned their principle residence with their spouse over the past three years.
What is first time homebuyer status?
In divorce-related business valuations, this standard of value is commonly used when applying market-based evidence and valuation discounts.
What is fair market value? NJ and CT are FV states.
Based on a quickbooks study, about what percentage of business owners under-report/lie on their taxes?
What is 30-40%?