News

Court Is Not Bound to the Income Reported by the Husband

Macari v. Marichal | April 5, 2011, Appellate Division, Second Department

The Appellate Division once again holds that the trial court is not bound to rely on a party's own account of his or her finances, and may impute income based on that party's past income, or demonstrated earning potential.

In other words, if a party is earning less money than historically earned, or has not reported the full income or refuses to work, the court then can use an amount of income that more actually reflects the party's earning potential or historical earnings, and compute child support and/or maintenance predicated on that amount of money.
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Court Awards Custody to Parent Who Is More Likely to Foster Relationship with the Other Parent

Kreischer v. Perry | April 12, 2011, Appellate Division, Second Department

The paramount concern in any custody decision is, under the totality of the circumstances, what is in the best interests of the child. Factors include the quality of the custodial home environment and the parental guidance, the ability of each parent to provide for the child’s intellectual and emotional development, the financial status of each parent, the relative fitness of each parent, and the effect of a decision on the child’s relationship with the non-custodial parent.

The trial court found mother was more willing than father to assure a relationship between the child and the non-custodial parent.
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Family Court Magistrate Demonstrates Bias and Lack of Objectivity, and Is Reversed by the Appellate Division

Getty v. Getty | April 12, 2011, Appellate Division, Second Department

A mother was obligated to pay $200.00 per week support to the father for their two [2] children, at a time when the mother was earning approximately $50,000.00 per year. The mother thereafter lost her job, in 2008, due to no fault of her own, and has been unable to pay the $200.00 per week, living on unemployment benefits of $362.00 per week.
The combined income of the father and his current wife exceeds $150,000.00 per year.

The mother established a substantial change of circumstances warranting a downward modification, and the Family Court erred in denying the downward modification. The Support Magistrate who conducted the hearing did not demonstrate sufficient objectivity during the course of the hearing, and thus, the Appellate Division referred the matter back to the Family Court of Nassau County for a new hearing, before a different magistrate.
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Needs of a Child Take Precedence over the Written Terms of an Agreement

Duggan v. Duggan | April 5, 2011, Appellate Division, Second Department

Although an agreement entered into by the mother and the father provided for the calculation of child support, predicated on reduction in the father’s income, the Family Court, as affirmed by the Appellate Division, holds that the needs of the child must take precedence over the terms of the agreement when it appears that the basic interests of the child are not being met.

The father sought to lower his child support obligation from $8,000.00 per month to $1600.00 per month predicated on language in the parties’ agreement, given a decrease in his earnings from $475,000.00 per year, to $466,757.00 per year.

The Family Court, and the Appellate Division, denied the father’s interpretation of the Stipulation, and held the father to the initial agreed upon amount of $8,000.00 per month.
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Low or No Equity for Fannie Mae or Freddy Mac Owned Mortgages

If your loan is owned by Federal National Mortgage Association (FNMA) or Federal Home Loan Mortgage Corp (FHLMC) you can refinance with no equity up to 105% maximum loan-to-value. The maximum combined loan-to-value ratio is 125% for primary residences with 1-4 units and single-family second homes. If you do not currently have private mortgage insurance you will not need it with this program, even though your loan to value ratio may exceed 80% with current market conditions.

Click here to see if your loan is owned by Fannie Mae »
Click here to view Fannie Mae matrix »

In Need of a Mortgage?

Dovetail Funding Solutions, LLC
A reminder to those of you who are interested in purchasing a home, or refinancing, that Carl F. Wand, Esq. is a registered mortgage broker, and is the owner of Dovetail Funding Solutions, LLC. We offer customized service in assisting you in refinancing your home, and with obtaining a mortgage in connection with the purchase of a new home.
You can reach Carl or Vicki Sweet, his operations manager, at 631/ 486-6275.