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Divorce can be overwhelmingly complex and stressful for all parties involved, especially when they have to go into court to settle matters regarding shared property and finances. Unless otherwise stipulated in a prenuptial agreements, the spouse with a higher income is generally required to make payments to the other for a set amount of time following the legal formalization of their separation. The length and size of alimony payments depend on many different factors, including the duration of the marriage and the incomes of both parties.
Notable Alimony Laws in New York
New York enforces broad and detailed legislation to guide divorce proceedings, including limits on the income and assets to be shared between separating spouses. Upon filing for divorce, the spouse generating the highest income is required to make temporary alimony payments to support the other until the court issues a final judgement. A final judgement of durational alimony may last for several months or years, up to half as long as the length of the marriage.
These payments, known as pendente lite maintenance, are based on the supporting spouse’s income up to a maximum of $543,000. However, final alimony payments awarded by the court are based on the spouse’s income only up to a cap of $175,000. New York law leaves many of the details of a case up to the court, so the judge may use a lower amount to base alimony on than the maximum cap. This makes legal counsel essential for anyone concerned about protecting their financial well-being during a divorce.
Calculations for Spousal Maintenance
There are several guideline calculations used to share income between spouses following a divorce. While the formulas can be somewhat complicated and subject to change with new legislation, the result is usually derived by comparing fractions of income from both parties. A wide gap between incomes will result in higher payments up to the $175,000 cap. It’s also important to note that child support factors into the formula, so alimony is considered as part of the supported spouse’s income when calculating child support payments.
Most couples that file for divorce settle their financial commitments through durational alimony, which means payments are only made for a limited amount of time. In New York, there is a basic formula used to guide the court regarding duration of payments. Marriages lasting less than 15 years typically result in alimony that lasts for 15 to 30 percent of that length, while those lasting over 20 years result in payments for up to 35 to 50 percent instead.
Prepare for Divorce Proceedings with Professional Legal Counsel
While there are statutory formulas that dictate how finances are allocated, there is still a lot of room for debate and argument in the courtroom. That’s why you should consult with a licensed New York durational alimony lawyer to make the best case possible whether you are the supporting spouse or the dependent spouse. An experienced attorney can help you fight for your rights to property so you can maintain your previous quality of life while dealing with the emotional strain of separation.
Durational alimony is a kind of maintenance that is mainly given to a party for a specific period of time. This form of alimony is mainly to provide assistance to those who are in need of additional economic support in addition to the maintenance that is already being produced. Either [party can file a durational alimony and is generally approved by a court of law if adequate evidence is presented, and if the court sees it fit. Durational alimony is only given after a court hearing, or some form of proceeding is conducted. Different states in America have various laws for durational alimony, with some having different provisions as compared to others.
How Is Durational Alimony Different From Standard Alimony
Durational alimony is different from regular alimony in many ways. For starters, it is given only for a limited period of time. This period is again, usually set by the court of law, similar to the amount that has to be paid. The period of durational alimony can be anywhere, from one month to a period of a year. The duration is sometimes uncertain, and can generally be extended if the need arises. The durational alimony usually lasts until the party that it needs to be paid to has been able to reach economic stability once again. However, durational alimony can be done instead of normal maintenance altogether, or with, in addition to the amount already being paid. Alimony was never designed to be permanent, however, in a lot of cases goes on for an extremely extended period of time.
Durational Alimony In New York
Durational Alimony is the kind of alimony that is mostly given to parties in the state of New York. The giver of the alimony is usually the person in the relationship who has the higher income, and never the other way around. This alimony is meant to resituate the other party, and to help them get back on their feet, either to attain a better job, better skills or sometimes, to merely maintain themselves. Alimony has always been a form of rehabilitation, and a way to help the person who the party used to be married to. The state of New York rarely ever grants nondurational alimony, where the period during which the party has to pay the amount is not fixed. This is only the case when the party receiving the alimony is in dire need, has a form of disability of disease, or is in no way going to be able to maintain themselves or fund their basic needs. In cases where the two parties have been married for an extended period, the courts grant durational alimony. However, in shorter marriages where the party on the receiving end is going to be able to support themselves in the future and is physically and mentally fit, then durational alimony is granted. This period rarely ever exceeds the time frame of the entire marriage.
Why Should You Opt For A Durational Alimony Lawyer
While it is a court proceeding, the process of divorce and granting alimony can be one that is hurdled with emotions. People in the midst of these situations often don’t reason well and end up with unfavorable alimony agreements, which may not work well for their interests. Alimony lawyers are specially trained to deal with this kind of cases and know exactly what needs to be done to ensure that their clients are satisfied with the agreement that they get. Alimony lawyers can look at the situation from a purely legal perspective and can provide solutions that clients don’t usually see because of lack of legal experience.