1. What are CSSA guidelines or court practice in NY for child support for income over$140,000 ? Is it up to mutual agreement between parents? Is the percentage larger or lower than the specified rate? 2. What are the rules for the 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 deposited into a separate IRA kind of account ? 3. Is it possible to reduce the 1 yr waiting period in NY? 4. Can the spouses during the waiting period sell the house and move (buy new houses) in a 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 use a different standard. Nevertheless, the parties can usually agree to deviate from the guidelines, as long as they adequately provide for the support of the children, which includes educational and medical support as well.
Concerning 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 according to their agreement. Such an agreement should be in writing and be prepared by an experienced attorney-mediator who is familiar with the requirements of the 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