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Posts tagged "taxes"

How does New York law treat student loans in divorce?

Heavy student loan debt is a burden for people throughout the United States, but debt-related matters can become especially complicated in the midst of divorce. Like the majority of states, New York is an equitable distribution state, which means that marital assets and debts will be divided equitably between the spouses.

Taxing problems in New York divorce settlements

Tax time is unpleasant. Even refunds are depressing when taxpayers realize the check they get back is money they should never have paid. Most New York residents have at least some idea of an expected federal tax liability before the Internal Revenue Service deadline rolls around. The exception may be spouses in the middle of a divorce.

Federal tax considerations after a 2011 divorce or separation

New York residents take note; the last day of any year is the most significant for tax filing status. The married or unmarried state of an individual on December 31 determines how a taxpayer files with the Internal Revenue Service.

What happens to assets during divorce

Asset division is a part of every divorce. How assets are divvied up depends on both state and federal laws. For couples going through a divorce in New York, family courts use what is called equitable distribution to divide marital assets and liabilities. "Equitable" is what the court rules as fair, not always an exact split of 50-50.

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