New York Durational Alimony Lawyer
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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.