CHILD CUSTODY & CHILD SUPPORT
1. What are CSSA guidelines or court practice in NY for child support for income in excess of 80,000 ? Is it up to mutual agreement between parents? Is the percentage larger or lower than specified percentage ?Answer:
2. What are the rules for division of 401K plan ? The money is before taxes so if cash is given to the spouse taxes are subtracted? Is the lump sum distribution to the spouse made into separate IRA kind of account ?
3. Is it possible to reduce 1 yr waiting period in NY ?
4. Can the spouses during waiting period sell the house and move (buy new houses) in different state (NJ) ? Will the NY court accept it?
The guidelines for income above $80,000 apply the same percentage standard as below $80,000 unless the judge has some reason to apply a different standard. Nevertheless, the parties can usually agree to deviate from the guidelines, as long as they adequately provide for support of the children which includes educational and medical support as well.Back to content
With regard to the 401K, the present value of the account will have to be determined, which shall include a reduction in the sum to cover the percentage of tax owed, and the net result will be credited to the other spouse. No new IRA account is established.
If both parties are in agreement regarding the need for a divorce, the one year waiting requirement can be avoided.
If both parties are in agreement regarding the sale of the house or other marital property, such property may be disposed of or sold as agreed upon, and the proceeds divided by the parties pursuant to their agreement. Such agreement should be in writing, and be prepared by an experience attorney-mediator who is familiar with the requirements of court.
Please give me a call at 212-370-1660 and I will be glad to discuss with you the possibility of mediating and preparing all of the necessary documents.
Leonard M. Weiner, Esq. Divorce Solutions