A Fiancee Visa (also known as a K1 Visa) is a travel document that allows a foreign Fiancee of a U.S. Citizen to enter the United States for the sole purpose of getting married. Fiancee Visas are generally considered the quickest vehicle to legally bring a foreign fiancée to the U.S. with the intentions of marriage and immigration.
What are the necessary steps to obtain a Fiancee Visa?
There are two major steps to the Fiancee Visa process: The first step involves the filing of a Petition for the Alien Fiancee by the U.S. Citizen (also known as the "Petitioner"). This Petition is filed with the United States Citizenship and Immigration Services (USCIS) and must be sent to the appropriate USCIS Service Center, which is based upon the geographic residency of the U.S. Citizen.
Once the Petition has been approved by the USCIS, the second step involves the filing of the foreign fiancee visa application, including several forms and affidavits of support, the Foreign Fiancee's interview and the eventual issuance of the Fiancee Visa at his/her country's U.S. Embassy or Consulate.
Once the Fiancee Visa is issued, how does it work?
The Fiancee is free to enter the United States once a valid Fiancee Visa is issued. Once the Fiancee enters the U.S., the marriage between the Petitioner and the Fiancee must take place within 90 days of the Fiancee's entry. If the Fiancee does not marry the Petitioner within 90 days, or if the Fiancee marries someone other than the Petitioner, the Fiancee must leave the United States after 90 days.
Who is eligible to file a Petition for a Fiancee Visa?
U.S. Citizens who intend to marry a foreign national in the United States may file a Petition. The U.S. Citizen and foreign Fiancee must be free to marry. This means that they are both unmarried, or that any previous marriage have ended in divorce, death, or annulment. The couple must also have met in person (at least once) within the last two years prior to the filing of the Petition.
Are Fiancee visas ever issued to couples who have not met in person?
There are extraordinary and extremely limited circumstances in which fiancee visas have been issued to couples who have never met. For example, fiancee visas may be issued under rare instances where a couple have not met in person due to certain religious or other extreme hardship cases.
Can Fiancee Visas be extended or renewed after the initial 90 days of entry if there is no marriage?
No. The Fiancee must leave the country if he/she does not marry within the 90 day period after U.S. entry. They may not re-enter the U.S. again under the same us fiancee Visa. They may, however, re-enter the U.S. after approval of a completely new Fiancee Visa/K1 Visa by starting the entire process again with the same Petitioner or a new Petitioner.
Contact at us 718-834-0190. To schedule a free in office consultation with an experienced
Friday, November 2, 2012
STUDENT VISA, F1 OR M1, WHO IS ELIGIBLE?
An alien who has a residence in a foreign country which he/she has no intention of abandoning, who wishes to come to the United States to pursue a course of study at an academic institution accredited by the USCIS, may qualify for an F-1 student visa. The alien must have a valid educational purpose for coming to the United States, and must be able to support himself or herself while in the United States without working.
The F-1 student visa applicant must have available sufficient funds and outside financial support to ensure he or she will not become a public charge or accept unauthorized employment. He or she must be proficient in English or receive training to make him or her proficient, intend to depart the United States at the conclusion of his or her studies, and be qualified to attend the particular institution. All F-1 students are given permission to be in the United States for "duration of status," that is for the period of time needed to complete the educational program plus 60 days.
At the end of the course of study a period of work authorization may be requested for the purpose of gaining experience in the field of study, known as "practical training." If qualified, the student may also change non-immigrant status to a temporary non-immigrant work visa or adjust status to a permanent resident visa.
Main Features of the F-1 Student Visa
• Once you’ve been accepted by a U.S. school, the application process is reasonably quick and straightforward.
• You may come to the U.S. as a full-time academic or language student enrolled in a program leading to a degree or certificate.
• You may not obtain an F visa to study at a public elementary school or a publicly funded adult education program. Nor may you obtain an F visa to study at a public secondary school unless you prepay the full cost of such program, for a maximum of one year.
• You can transfer from one school to another or switch academic programs by going through a simple procedure to notify USCIS.
• You may work legally in a part-time job on campus. Also, you may get special permission to work off campus if it is economically urgent or if the job provides practical training for your field of study.
• You may travel in and out of the U.S. or remain there until the completion of your studies.
• Visas are available for accompanying relatives, but relatives may not accept employment in the United States.
• The application process is reasonably quick and straightforward.
• You may come to the U.S. as a full-time vocational or non academic student enrolled in a program leading to a degree or certificate.
• You can transfer from one school to another, but only if you apply for and receive permission from USCIS to do so. Once you are six months into the program of studies, you are prohibited from transferring except under truly exceptional circumstances.
• You are never permitted to change your course of study.
• You may not work during your studies.
• You may get permission to work for up to six months after your studies are done. The job must be considered practical training for your field of study.
• You may travel in and out of the U.S. or remain there until the completion of your studies, up to a maximum of one year. If you have not completed your program in a year or by the time your school projected, whichever is less, you must apply for an extension.
• The maximum extension allowed is three years from the original start date.
• Visas are available for accompanying relatives, although relatives may not accept employment in the United States.
Coming to the U.S. to Look for a School?
As a prospective student, you can come to the U.S. as a tourist for the purpose of locating a school you want to attend. If you do this, however, be sure to tell the consul at your B-2 visa interview that this is your intent so that he or she can make the appropriate annotation in your passport (usually “Prospective Student—school not yet selected”). Otherwise, if you later request a change of status from a visitor visa to a student visa, USCIS will presume that you committed fraud by applying for a visitor visa when you intended to come to the U.S. to study. USCIS will then refuse your application to convert to student status.
Therefore, if you enter the U.S. on a B-2 visa and do not have the annotation indicating that you are a prospective student, you will need to leave the U.S., before your authorized stay expires, so that you can apply for a student visa from your home country.
The F-1 student visa applicant must have available sufficient funds and outside financial support to ensure he or she will not become a public charge or accept unauthorized employment. He or she must be proficient in English or receive training to make him or her proficient, intend to depart the United States at the conclusion of his or her studies, and be qualified to attend the particular institution. All F-1 students are given permission to be in the United States for "duration of status," that is for the period of time needed to complete the educational program plus 60 days.
At the end of the course of study a period of work authorization may be requested for the purpose of gaining experience in the field of study, known as "practical training." If qualified, the student may also change non-immigrant status to a temporary non-immigrant work visa or adjust status to a permanent resident visa.
Main Features of the F-1 Student Visa
Here are some of the advantages and disadvantages of the F-1, academic student, visa:
• Once you’ve been accepted by a U.S. school, the application process is reasonably quick and straightforward.• You may come to the U.S. as a full-time academic or language student enrolled in a program leading to a degree or certificate.
• You may not obtain an F visa to study at a public elementary school or a publicly funded adult education program. Nor may you obtain an F visa to study at a public secondary school unless you prepay the full cost of such program, for a maximum of one year.
• You can transfer from one school to another or switch academic programs by going through a simple procedure to notify USCIS.
• You may work legally in a part-time job on campus. Also, you may get special permission to work off campus if it is economically urgent or if the job provides practical training for your field of study.
• You may travel in and out of the U.S. or remain there until the completion of your studies.
• Visas are available for accompanying relatives, but relatives may not accept employment in the United States.
Main Features of the M-1 Student Visa
Here are some of the advantages and disadvantages of the M-1, vocational student, visa:• The application process is reasonably quick and straightforward.
• You may come to the U.S. as a full-time vocational or non academic student enrolled in a program leading to a degree or certificate.
• You can transfer from one school to another, but only if you apply for and receive permission from USCIS to do so. Once you are six months into the program of studies, you are prohibited from transferring except under truly exceptional circumstances.
• You are never permitted to change your course of study.
• You may not work during your studies.
• You may get permission to work for up to six months after your studies are done. The job must be considered practical training for your field of study.
• You may travel in and out of the U.S. or remain there until the completion of your studies, up to a maximum of one year. If you have not completed your program in a year or by the time your school projected, whichever is less, you must apply for an extension.
• The maximum extension allowed is three years from the original start date.
• Visas are available for accompanying relatives, although relatives may not accept employment in the United States.
Coming to the U.S. to Look for a School?
As a prospective student, you can come to the U.S. as a tourist for the purpose of locating a school you want to attend. If you do this, however, be sure to tell the consul at your B-2 visa interview that this is your intent so that he or she can make the appropriate annotation in your passport (usually “Prospective Student—school not yet selected”). Otherwise, if you later request a change of status from a visitor visa to a student visa, USCIS will presume that you committed fraud by applying for a visitor visa when you intended to come to the U.S. to study. USCIS will then refuse your application to convert to student status.
Therefore, if you enter the U.S. on a B-2 visa and do not have the annotation indicating that you are a prospective student, you will need to leave the U.S., before your authorized stay expires, so that you can apply for a student visa from your home country.
Thursday, November 1, 2012
Youth Business Leadership Program
The New American Chamber of
Commerce, (NACC) the African American International Chamber of Commerce (AAICC)
and the New York Statewide Coalition of Hispanic Chambers of Commerce (NYSCHCC)
are pleased to announce our Youth Business Leadership Program (YBLP), first
series, Small Business Boot Camp. Our nonprofit organizations, are aiming to
develop a culture of leadership and excellence among teenagers and young adults
from various sectors across New York City, by promoting entrepreneurship and
civic engagement.
YBLP provides them with the
knowledge, tools and opportunity to be the leaders and entrepreneurs of
tomorrow. NACC established YBLP in 2012.
YBLP strives to address the problem of economic and educational inequality in
Black and Hispanic communities of New York City by means of two main frameworks:
Youth Leadership
Youth Leadership
The organization will operate
several multi-cultural youth programs at our Chamber and throughout New York
City in different communities, providing young Black and Hispanics with the
tools from the world of business, management and entrepreneurship. Furthermore, as members of our Chamber, we
will guide these teens throughout their high school and college years, as they
establish business enterprises in New York City.
Our potential partners are
local chambers, the United States Small Business Administration (SBA),
municipalities, businesses, social organizations and other leading companies
working to empower young Black and Hispanic entrepreneurs.
The Educational Process
NACC, AAICC & NYCHCC Youth
Business Leadership Program - Small Business Boot Camp Series. This program is sponsored by the Law Firm of Figeroux & Associates.
Each scholarship is worth $500.00. Thirty scholarships will be granted. If you
are interested in attending, please complete the online application form. You
must submit a copy of your resume also.
Donations
Donations are welcome. If you would like to contribute
towards our scholarship program, please contact Ms. Phillip, at 718-771-0988 or
visit www.mynacc.org
to donate.
For
questions or more information go to our website at www.mynacc.org or contact us at 718-771-0988 ext. 112 or by email at info@mynacc.org.
Victim of a Cyber Crime?
In the United States, like most
countries, cybercrime, at the office, home or with people you trust, may lead
to economic loses or personal abuse. In
the United States, most cyber crime offenses are covered by – Title
18, United States Code (USC) Section 1030 – fraud and related
activity in connection with computers.
This is what the cyber criminal contravened when they logged into your
account.
The Department of Justice website contains a Computer
Crime and Intellectual Property Section with a contact page for reporting incidents to local,
state or Federal Law Enforcement Agencies (LEA).
Two Federal Law Enforcement Agencies have a remit to
investigate some computer crimes:
The
Federal Bureau of Investigation (FBI)
The
United States Secret Service (USSS)
As
a victim you should report the crime at your FBI Local Office, or US Secret
Service or Internet Crime Complaint Centre.
Remediation
Victims should change their webmail password immediately and use a robust password that can be memorized rather than one which you have to write down. Victims could also consider using password management software (examples include 1Password, LastPass or KeePass) where you only will need to remember one complicated master password.
Victims should change their webmail password immediately and use a robust password that can be memorized rather than one which you have to write down. Victims could also consider using password management software (examples include 1Password, LastPass or KeePass) where you only will need to remember one complicated master password.
Conclusion In general, it's important that all computer crime is
reported. Even if no investigation follows, crime report intelligence can be
built up and an accurate picture of the levels of computer crime can be
produced.
If
victims of a particular crime do not come forward to report incidents, then the
number stated in crime reporting statistics will be not be a true reflection of
the number of crimes taking place.We have not included any corporation’s AUP (Acceptable Use Policy) that may be in place and may have been breached. Consult your employer, if the cybercrime was committed on your job.
This
article is not intended to be legal advice, hire an attorney if you are a
victim of a cyber crime. Article compliments of the Law Figeroux &
Associates.
Thursday, October 11, 2012
Join our Journey - Our NAACP Award
When
I arrived in Brooklyn, NY in August 1985, I had just completed a union strike
at Barclays Bank/ Republic Bank in Trinidad & Tobago. At the Bank, the
Trinidadian French Creole, the white man, through racist tactics had prevented
Blacks and East Indians from entering the financial sector, because it provided
the most lucrative jobs in the job market.
Additionally, business loans were not given to Blacks and East Indians
as it was for the French Creole.
As a
shop steward, my union career focused on giving Blacks and East Indians equal
job opportunities at the Bank: equal opportunity in promotions through a
structured grading and promotion system and equal business loan opportunity for
Black and East Indian businesses.
Eventually, ironically, as a Loans Officer, I later observed,
discrimination by an East Indian Bank Manager against Black business people.
Luckily, I shortly left the Bank for Brooklyn, NY after the Bank paid me to
leave, we were both disenchanted with each other.
At
Brooklyn College, I majored in Accounting as my career goal was to be a CPA. I
participated in the student government, was Floor Leader of the Black and
Hispanic Party, the United Students League, (USL) and was the President of the
National Association of Black Accountants. I used these various positions to
address issues of inequality at the campus. I advocated for justice on the
campus for a Haitian student who was assaulted by the college’s baseball team,
accountability for student activity fees, that is, contributions outside of
tuition that was wasted by college officials, and for accountability in the
Accounting & Economics Department for exams that was continuously leaked to
Jewish students. Inequality, whether in
Trinidad & Tobago, or Brooklyn, NY, is inequality.
While
at Brooklyn College, Michael Griffith, a citizen of Trinidad & Tobago, was
killed by a white mob, on December 20, 1986. The mob members were later
prosecuted by Special Prosecutor, Charles J. Hynes, now, the District Attorney
for Kings County. Yusef Hawkins, was killed by a white mob on August 23, 1989
and members of this mob were later convicted. The Rev. Al Sharpton, Civil
Rights Leader and Carl W. Thomas, colleague, attorney and friend, now deceased,
all motivated me to become an attorney. At Figeroux & Associates, we have
worked on many civil rights cases, the most famous being Abner Louima and Bert
Dewgard. The cases that did not get media attention, such as, wrongful death
issues, stop and frisk issues, sexual harassment, police beatings, and many
other civil rights issues, are dearest to the attorneys, paralegals,
investigators, and other staff of Figeroux & Associates.
I
am honored to accept this award today, Thursday, October 11, 2012, from the
NAACP- NYCHA Branch. This award means a lot a
lot to me, our staff and our non-profit organizations: CARE, (Concerned
Americans for Racial Equality), IJLEF (the Immigrant’s Journal Legal &
Educational Fund, Inc.), NACC (the New American Chamber of Commerce), and AAICC
(the African American International Chamber of Commerce).
As
a special note, AAICC, President, Randal Toure, Esq., will be making a trip to
China, this month to open a gateway for minorities for EB5 business partnership
opportunities. This is an initiative of NACC, under Ms. Pearl Phillip’s
presidency to secure capital for Black, Caribbean and Hispanic businesses. This is real capital that American Banks like
Barclays Bank have racially refused to address for over a hundred years. Through this project, we hope to economically
empower our community, like we already empower it through our civil rights
litigation. Finally, our attorneys, staff, non-profit organizations and
partnerships, are led by minorities that are intelligent, that execute and most
of all are thoughtful. Through our various organizations, this is how we
contribute. If you have time, we invite you to be part of what we do. Volunteer
with us, we execute.
Figeroux & Associates
26 Court Street, Suite 701
Brooklyn, NY 11242
718-834-0190
Tuesday, October 9, 2012
ELECTION TIME FAQs
For all those who maybe confused concerning whether or not it is permissible to vote under certain criminal restrictions, please read this or share with someone who maybe in need of this very important voter information.
I have a criminal history. Am I eligible to vote?According to New York State Election Law § 5-106, individuals who are either in jail/ prison for a felony conviction OR are on parole for felony conviction cannot vote. While this means that some persons with criminal convictions are legally prohibited from voting, the majority of individuals with criminal histories can and should vote.
The following list has examples of individuals with criminal histories who are eligible to register and vote:• those convicted of a misdemeanor, not a felony;
• those currently in jail awaiting grand jury action, trial or disposition of a case, but not yet convicted;
• those convicted of a felony who do not receive a sentence of imprisonment;
• those convicted of a felony who did receive a sentence of incarceration, but who are no longer in prison and not on parole.
Can I vote in New York if I'm on probation?Yes. If you are otherwise qualified to vote, anyone who is on probation, even if convicted of a felony, may register and vote in New York.
Do I have to have a Certificate of Relief from Disabilities or other documentation about my criminal history in order to register to
vote?No. You do not need to provide any documentation about your criminal history in order to register.
What address should I put on the voter registration form if I am in jail?If you are in jail or prison awaiting grand jury action or trial, or confined after conviction for an offense other than a felony, you should register to vote in the county of your permanent address. Put your permanent home address on the registration form, not the address of the facility where you are incarcerated.
How do I vote if I'm in jail?You will vote by absentee ballot. To get an absentee ballot, you must fill out an absentee ballot application form. You can request the application form by writing to your county board of elections or you can download one from the New York State Board of Elections website (http://www.elections.state.
How do I register to vote?You need to fill out and submit a Voter Registration form. Contact the League of Women Voters of New York State - 1-866-LWVNYS1, the New York State Board of Elections - 1-800-FOR-VOTE, or download a voter registration form in New York
State from http://www.elections.state.ny.
The following list has examples of individuals with criminal histories who are eligible to register and vote:• those convicted of a misdemeanor, not a felony;
• those currently in jail awaiting grand jury action, trial or disposition of a case, but not yet convicted;
• those convicted of a felony who do not receive a sentence of imprisonment;
• those convicted of a felony who did receive a sentence of incarceration, but who are no longer in prison and not on parole.
Can I vote in New York if I'm on probation?Yes. If you are otherwise qualified to vote, anyone who is on probation, even if convicted of a felony, may register and vote in New York.
Do I have to have a Certificate of Relief from Disabilities or other documentation about my criminal history in order to register to
vote?No. You do not need to provide any documentation about your criminal history in order to register.
What address should I put on the voter registration form if I am in jail?If you are in jail or prison awaiting grand jury action or trial, or confined after conviction for an offense other than a felony, you should register to vote in the county of your permanent address. Put your permanent home address on the registration form, not the address of the facility where you are incarcerated.
How do I vote if I'm in jail?You will vote by absentee ballot. To get an absentee ballot, you must fill out an absentee ballot application form. You can request the application form by writing to your county board of elections or you can download one from the New York State Board of Elections website (http://www.elections.state.
How do I register to vote?You need to fill out and submit a Voter Registration form. Contact the League of Women Voters of New York State - 1-866-LWVNYS1, the New York State Board of Elections - 1-800-FOR-VOTE, or download a voter registration form in New York
State from http://www.elections.state.ny.
Thanks to Ms. James
Figeroux & Associates
26 Court Street, Suite 701
Brooklyn, NY 11242
718-834-0190
Alimony
Types of Alimony In New York, alimony is referred to in three different ways: as alimony, spousal support, and maintenance. Temporary maintenance is an order that one spouse must financially support the other while the divorce is being finalized. Once the divorce is finalized, the temporary maintenance stops and the judge decides whether permanent alimony is appropriate. A spouse could receive temporary maintenance but no permanent order once the divorce is finalized, or could receive no temporary maintenance during the divorce but later receive a permanent order. Judges decide whether or not to order spousal support based on individual circumstances of each case.
Making Alimony Decisions To decide whether spousal support is appropriate, the judge will look at the needs of the spouse asking for support and whether the other spouse has the financial ability to provide financial help. For example, if your income is lower than your spouse’s but you are able to support yourself, you may not be entitled to alimony. The court will also look at other factors when making a decision about support:
each spouse’s age and health status
each spouse’s present and future earning capacity
the need of one spouse to incur education or training expenses
whether the spouse seeking maintenance is able to become self-supporting
whether caring for children inhibited one spouse’s earning capacity
equitable distribution of marital property, and
the contributions that one spouse has made as a homemaker in order to help enhance the other spouse’s earning capacity.
The court will also look to see whether the acts of one spouse have inhibited or continue to inhibit the other spouse’s earning capacity or ability to obtain employment. The most common example of this would be domestic violence. If one spouse’s abuse of the other affected that abused spouse’s ability to maintain or to get a job, the court might consider those actions in making its order.
Duration of Alimony
Temporary maintenance orders terminate when a final judgment for divorce is entered. Even if you’ve been receiving alimony while your divorce was in process, you will only continue receiving payments if the judge makes a permanent order for it. Permanent alimony ends either on a date specified in the order, at the death of either spouse, or when the spouse receiving alimony remarriesEither of the spouses can ask the judge to modify the permanent order if there is a substantial change in circumstances. For example, if the spouse receiving support gets a better paying job, the court may reduce the payment amount or even terminate the payments.
The state of New York provides an online guideline calculator for temporary spousal support, which can be found here. The calculator only looks at each spouse’s income and does not take into consideration any of the factors listed above, so you’ll get an estimate but not necessarily the exact amount the judge would order. Alimony is tax deductible to the paying spouse and reportable as income by the receiving spouse. New York Statutes. §236: Special controlling provisions (all alimony)
click here for calculator
Figeroux & Associates
26 Court Street, Suite 701
Brooklyn, NY 11242
718-834-0190
Equitable Distribution
The law in general, and family law in particular, embodies social values. In 1980, the New York State Legislature enacted Domestic Relations Law section 236 part B, which implemented equitable distribution as the means by which judges should distribute property upon divorce. One of the bill’s supporters hailed the legislation as achieving "the adaptation of law to current social values." The new law sought to eradicate financial inequities suffered by divorcing women by distributing marital assets without regard to which spouse held title. Equitable distribution embraced the modern concept of marriage as an economic partnership and allowed wives to receive a share of the marital assets upon divorce because of their contributions as a homemaker. If you are getting divorced in New York, do you know what property you get to keep and what you have to split with your spouse? You may also have questions about who will be responsible for the marital debt.
Equitable Division
New York is an equitable distribution state, meaning that the marital property will be divided between spouses in a way that is equitable, or fair. The court decides what’s fair based on a set of factors that show what each of you contributed to the marriage and what each spouse will need to move forward after divorce. The division does not have to be equal to be considered fair.
The court will be involved in the division only if you could not work together with your spouse to resolve your property disputes. Throughout the divorce process, you will have opportunities to decide with your spouse how you want to split your property between yourselves. The court will usually accept a written separation agreement on how you want to divide your property. It is only if you cannot reach a compromise with your spouse that the court will step in and divide your property for you.
Only Marital Property Will be Divided Before the court can divide your property, it needs to know which property belongs to the marriage, which belongs to each spouse separately, and how much there is of each. Generally, marital property is all property acquired or earned during the marriage, regardless of what the title says. Separate property is property you owned before marriage. It also includes some property you receive during marriage, like a gift, an inheritance, or personal injury award to you alone. If you exchange your separate property for new property during marriage, then that new property remains yours alone. There are circumstances, however, when an increase in the value of your separate property will be characterized as marital property.
For example, if you owned a vacation home before marriage that your spouse updated and remodeled during marriage, then the increase in that house’s value is marital property because it comes from your spouse’s efforts. On the other hand, if you bought an apartment in an up-and-coming neighborhood before marriage and it improves in value during the marriage simply because the rest of the homes in the area do the same, then that increase in value remains your separate property.
At divorce, the court divides only the marital property. It can’t award any property that was yours alone before or during marriage to your spouse. It can, however, consider all your financial resources – both your share of the marital property and your separate property – when deciding how much spousal maintenance (alimony) to award, if any.
Factors Considered in Dividing Property The types of property commonly divided at divorce are real property like the family home, personal property like jewelry, and intangible property like income, benefits, and debts. The court treats debts the same as any other real, personal, or intangible property. Before dividing an asset or debt, the court will have to characterize it as either marital or separate and then assign ownership or responsibility for it based on a set of factors designed to give an equitable result.
These factors include the length of the marriage; each spouse's age, health, income, potential earnings or future financial circumstances; and property. The court also looks at how each spouse contributed to the acquisition of marital property and, for these purposes, the court treats a spouse’s efforts as a homemaker the same as monetary contributions. For the family home, if you have custody of your children, then you have a better chance of keeping that property, or at least the right to live there while you raise the children.
In addition to any other factor that might be relevant to the particular circumstances of your marriage, the court specifically considers what the spouses may have lost at divorce, such as an interest in an inheritance, pension rights, or health insurance. It also evaluates future losses the spouses face in terms of taxes.
Some assets aren't easy to divide between two people. Something like cash, which is very liquid, can easily be split between the spouses. But an interest in a business isn't as easy to divide. The court has the option to order a distributive award – a payment to balance out an uneven distribution of property – if it is impractical to divide a substantial asset.
Although fault in causing the marriage to fail is not part of the calculation, the court can award less of the marital property to you if you wasted marital assets. You can’t spend marital funds flying your lover to Paris, for example, without having to pay for it later. Likewise, you can’t sell, transfer, or otherwise encumber property in anticipation of your divorce. If you do, the court can penalize you for it during the division.
Is a business or professional practice subject to equitable distribution?
Yes. Businesses, professional practices, and enhanced earning capacity attributable to the attainment of a career, or professional license, educational degree, profession or license is considered "property" subject to equitable distribution. However, as noted above, interests in a business or career may be difficult to divide, or it may be undesirable to do so. In this situation, the court will typically award the actual business or practice to the spouse who is running it, awarding the other spouse property to make up the difference.
Spousal Maintenance Determined Separately Spousal maintenance is a payment from one spouse to the other to help sustain the recipient spouse after divorce. Similar to the division of property, the court’s order for spousal maintenance must be equitable. Payments can be periodic (monthly, for example) or in a lump sum, and for a set or indefinite period of time. A spouse can request temporary maintenance payments during the divorce process, the amount of which will be based on specific income guidelines.
When the court orders the divorce and the property has been divided, the court can also make a permanent maintenance award. In New York, an award for spousal maintenance is based on many of the same factors as the division of property. Some other factors include the spouses’ level of education and earning capacity, the marital standard of living, and the needs of any children. The court also considers domestic violence during the marriage, which may have kept the battered spouse from seeking or improving employment. The court is also free to look at any factor relevant to the award of maintenance, such as a spouse’s ability to pay.
Sources You can read the law on division of property and spousal maintenance in the New York Consolidated Statutes, Article 13 of Domestic Relations, Section 236, which is divided into parts A and B. Part A applies only to divorces filed in New York before July 19, 1980. For all later cases, use part B.
Figeroux & Associates
26 Court Street, Suite 701
Brooklyn, NY 11242
718-834-0190
Tuesday, October 2, 2012
Lending Money to Family? Make it a Tax-Smart Loan
Let's say you decide to loan $5,000 to your daughter who's been out of work for over a year and is having difficulty keeping up with the mortgage payments on her condo. While you may be tempted to charge an interest rate of zero percent, you should resist the temptation. Here's why.
When you make an interest-free loan to someone, you will be subject to "below market interest rules". IRS rules state that you need to calculate imaginary interest payments from the borrower. These imaginary interest payments are then payable to you and you will need to pay taxes on these interest payments when you file a tax return. Further, if the imaginary interest payments exceed $13,000 for the year, there may be adverse gift and estate tax consequences.
Exception: The IRS lets you ignore the rules for small loans ($10,000 or less), as long as the aggregate loan amounts to a single borrower are less than $10,000 and the borrower doesn't use the loan proceeds to buy or carry income-producing assets.
In addition, if you don't charge any interest, or charge interest that is below market rate (more on this below), then the IRS might consider your loan a gift, especially if there is no formal documentation (i.e. written agreement with payment schedule) and you go to make a nonbusiness bad debt deduction if the borrower defaults on the loan--or the IRS decides to audit you and decides your loan is really a gift.
Formal documentation generally refers to a written promissory note that includes the interest rate, a repayment schedule showing dates and amounts for all principal and interest, and security or collateral for the loan, such as a residence (see below). Make sure that all parties sign the note so that it's legally binding.
As long as you charge an interest rate that is at least equal to the applicable federal rate (AFR) approved by the Internal Revenue Service, you can avoid tax complications and unfavorable tax consequences.
AFRs for term loans, that is, loans with a defined repayment schedule, are updated monthly by the IRS and published in the IRS Bulletin. AFRs are based on the bond market, which change frequently. For term loans, use the AFR published in the same month that you make the loan. The AFR is a fixed rate for the duration of the loan.
Any interest income that you make from the term loan is included on your Form 1040. In general, the borrower, in this case your daughter cannot deduct interest paid, but there is one exception: if the loan is secured by her home, then the interest can be deducted as qualified residence interest--as long as the promissory note for the loan was secured by the residence.
If you have questions about the tax implications of loaning a family member money, don't hesitate to call us. We're here to help.
Figeroux & Associates
26 Court Street, Suite 701
Brooklyn, NY 11242
Phone: 718-834-0190
Fax: 718-222-3153
Figeroux & Associates - Tax Practice
Mr. Figeroux is supported by an experienced legal and professional staff that helps to level the playing field when it comes to tax issues. If you are seeking a corporate or income tax attorney in New York with expertise in handling complex financial issues, then engage Brian Figeroux, Esq., the lead attorney at Figeroux & Associates in New York to defend you and your property.
Contact us to schedule a consultation with a Figeroux & Associates tax attorney today, and get tax relief now! Evening and weekend hours are available by appointment.
Our tax practice expertise focuses in three areas:
Tax planning and tax controversies, including: Audits & Tax Court, Delinquent Tax Returns, Offers in Compromise, Payment Agreements, Tax Liens & Levies, Innocent Spouse, Tax Id Assistance, Wage Garnishment, Tax Preparation Federal & All States, Income Tax Planning and assistance with IRS debt problems. If returns from years past remain unfiled back taxes accrue unpaid, or offshore accounts go unreported, we can help. We can also assist with an IRS lien before the government levies property. No one should face IRS audits or tax problems without a qualified tax lawyer in New York on their side.
Tax issues in estate planning, probate, power of attorney and guardianships. This includes creation of well-thought-out estate plans for both U.S. citizens and non-U.S. citizens, estate tax planning, probate administration and litigation, and assistance with guardianships. We can assist with the range of complex issues associated with estate planning.
Tax issues in business transactions, including what is the best type of entity to conduct business and contract review and preparation. We can assist with the range of complex issues associated with business startups, succession planning and resolving shareholder disputes.
Figeroux & Associates
26 Court Street, Suite 701
Brooklyn, NY 11242
Phone: 718-834-0190
Fax: 718-222-3153
Subscribe to:
Posts (Atom)