THE MUCH-PUBLICIZED divorce of former New York City Mayor Rudy Giuliani and Donna Hanover highlights the role that taxes play in settling the financial affairs of the parties when a marriage dissolves.
In their case, the $6.8 million cash payment over a period of 30 months to Ms. Hanover, in addition to the couple’s East Side apartment, represent a property settlement (equitable division of assets under New York law), which is not taxable to her or deductible by Mr. Giuliani (Code �1041). Mr. Giuliani also agreed to make monthly child support payments to Ms. Hanover for the benefit of the couple’s two children.
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