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Remember: ● This information is intended for general awareness and should not be construed as legal or financial advice. ● Seek personalized guidance from professionals based on your specific circumstances and state laws. ● Being proactive in reviewing and adjusting your insurance coverage can help ensure your financial security and well-being after divorce.
Maintenance and Proper Distribution
Understanding Spousal Maintenance (Alimony) in New York Divorces. Determining whether spousal maintenance (also known as alimony) is awarded in a New York divorce involves careful consideration by the court. Here are some key points to remember: Existing Maintenance Ends: ● Any existing family court spousal support award automatically terminates when the divorce is finalized. Awarding New Maintenance: ● The court considers various factors before awarding spousal maintenance, including: ○ Financial needs of the recipient spouse: This considers their income, earning capacity, and ability to become self-supporting. ○ Income and assets of the payor spouse: Their financial resources are assessed to determine their ability to contribute to the recipient's needs. ○ Length of the marriage: Longer marriages generally weigh more heavily towards awarding maintenance. ○ Standard of living during the marriage: The court attempts to maintain a reasonable standard of living for the recipient, considering what they were accustomed to during the marriage. ○ Contributions of each spouse: Factors like childcare, career sacrifices, and contributions to the marital estate are considered. ○ Dissipation of assets: If the payor spouse intentionally reduced assets before the divorce to avoid sharing them, the court may award maintenance to compensate the recipient. ○ Other relevant factors: The court may consider additional factors deemed "just and appropriate" in each specific case.
DISCLAIMER This plan does not provide legal, tax, accounting, or therapy advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, legal, tax, accounting, or therapy advice. You should consult your own professional before engaging in any transaction.
Ray Pearson Broker/Owner, Cobbleridge Realty Corp (631) 320.5849 www.Cobbleridgerealty.com
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