From The Law Office of Richard Roman Shum, Esq. – How to Avoid Paying Taxes on Alimony offers strategic insight into navigating spousal support during divorce in New York, with a special focus on how tax obligations vary under state and federal law. This episode breaks down the key lessons from the blog post titled How to Avoid Paying Taxes on Alimony, revealing how legislative changes like the Tax Cuts and Jobs Act have reshaped alimony deductions and what divorcing spouses need to know today.
Listeners will explore the nuances of alimony in New York, including the differences between temporary and post-divorce maintenance. We dive deep into the state's continued use of the pre-2019 tax model, which still allows the paying spouse to deduct alimony and requires the recipient to report it as income—contrary to updated federal rules. The episode also covers how the courts in New York factor tax burdens into alimony awards and highlights the flexibility judges have when standard formulas yield unfair outcomes.
Hosted by a dedicated Manhattan family law voice, this episode walks you through practical strategies to structure alimony payments, avoid IRS front-loading penalties, and explore lump-sum options—all aimed at reducing your tax liability. You'll also learn about legal instruments such as trusts and postnuptial agreements that may offer financial relief under New York tax codes.
Whether you're negotiating spousal maintenance or finalizing your divorce, this episode from The Law Office of Richard Roman Shum, Esq. equips you with the legal foresight and financial clarity to make empowered decisions. Tune in to gain an understanding of how to protect your financial well-being during and after divorce, especially in light of New York’s unique treatment of alimony and taxes.
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