New York Alimony Trust in Lieu of Alimony and all Claims

State:
Multi-State
Control #:
US-02105BG
Format:
Word; 
Rich Text
Instant download

Description

This is an agreement in which Spouse A (the spouse who is ordered by the court to make alimony and/or child support payments to Spouse B) must put assets (the principal) in a trust, from which the payments are made to Spouse B.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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  • Preview Alimony Trust in Lieu of Alimony and all Claims
  • Preview Alimony Trust in Lieu of Alimony and all Claims
  • Preview Alimony Trust in Lieu of Alimony and all Claims

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FAQ

Is Alimony Ever Permanent? In New York, if a marriage lasts a long time and a spouse is old, ill or unable to support themselves, permanent alimony may be awarded. Which Spouse Pays Taxes on Alimony? Usually the payee spouse will pay taxes and the payer can deduct the amount.

However, there are several ways to avoid having to provide this type of support. Common ways include signing a pre- or postnuptial agreement, negotiating assets with your spouse instead of payments, proving there is not a need for spousal support, or filing for a fault-based divorce.

New York permanent alimony does not have any set duration in which it will end. Most alimony today is durational rather than permanent except in certain specific situations. Permanent alimony is also known as ?non-durational? alimony.

If you have a 15-20-year marriage, it is 30-40% of the duration of the marriage. And more than 20 years, it is 35-50% of the duration of the marriage. One thing to keep in mind with regard to all of the calculations is that they are all subject to deviation based on different factors.

Making a trust irrevocable can protect a beneficiary in divorce since the terms cannot be altered. An irrevocable trust can't be dissolved either until its purpose is fulfilled, i.e., passing assets on to beneficiaries.

Generally, spousal support ends under the following circumstances: Divorce decree or marital settlement agreement. Generally, in marriages lasting less than 15 years, the court will award support for a period lasting between 15% to 30% of the marriage's length.

There are two types of alimony in New York: Temporary maintenance. This may be referred to as pendente lite maintenance. ... Post-divorce maintenance. This type of alimony is paid after the final divorce decree is made.

There's no guarantee of a maintenance award in any divorce case. If the court decides that maintenance is appropriate, it can award one or both of temporary and postdivorce maintenance.

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New York Alimony Trust in Lieu of Alimony and all Claims