Archive for September, 2008
Property Transfers and their tax consequences: NY Divorce Laws
ARTICLE TITLE: Property Transfers and their tax consequences The general rule is that when property is transferred from one spouse to another, and the transfer is “incident to the divorce” no taxable event has occurred. Taxes generally As a general rule, the Courts in New York will consider the tax consequences of a property [...]
Alimony can either be taxable or not. It depends on how you and your spouse choose to classify it
During divorce proceedings, the distribution of marital property can either take the form of cash distributions or they will be in the form of property distribution. Only cash distributions are deductible by the payor spouse and taxable to the payee spouse. Property transfers/settlements are not taxable to the payee spouse or deductible by the [...]
High Net worth individuals and the prenup
So you are getting married and you are thinking about the pre nup. Good idea? Bad idea? Well, it depends. It's kind of like lovemaking. And taking precautionary measures. Or not.... It really depends on what you are trying to accomplish. If asset protection is one of your concerns, as a general rule, then you might want to seriously consider a [...]
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