New York courts use a specific formula in calculating alimony. They use a variety of factors to determine a fair amount of financial support.New York spousal maintenance (alimony) law affords the court a great deal of discretion when awarding alimony. A major consideration examined by the court is your family’s lifestyle during the marriage.
Other factors courts examine include:
- The respective needs of your spouse and yourself
- The ability to pay alimony
- The duration of your marriage
- Respective income, education, and health of your spouse and yourself
- Respective ability to earn income of your spouse and yourself
- Child custody and visitation agreement
- Child support expenses
- Property distribution and amount
- Any prenuptial or postnuptial agreement
Similar considerations are evaluated to calculate temporary spousal support, which may be awarded to the spouse who earns less income during the process of divorce proceedings.
Spousal maintenance is the financial assistance given to a spouse in need of financial support following divorce. It is no longer a lifetime stipend, but it is intended to give assistance to a dependent spouse seeking financial independence. It is calculated with a specific formula using up to $175,000 of the payor’s income.
Discovering Assets And Incomes For Alimony And Support Purposes
This is a complicated process, and working with an experienced attorney is a must for the sake of your future financial stability. At the Law Offices of Joy Y. Frank, located in White Plains, New York, we can assist you in reaching an agreement with your spouse that reflects an appropriate award. With 19 years of legal experience and strong asset valuation skills, our firm will discover your applicable incomes and financial assets.
We strive to ensure spouses have enough financial support to maintain a comfortable lifestyle. For spouses who own businesses, real estate investments and other significant assets, this can be difficult.
In a statement of net worth, your spouse must list their expenses, incomes and assets. We closely examine financial transactions to make sure your spouse discloses all relevant financial information to you and the court.
Please call us to discuss these matters further with experienced Divorce Attorney in New York, Joy Y. Frank. We are available at 914-358-0012, and we serve clients throughout Westchester County.