Going through a divorce is a difficult and emotional process, and it can be especially challenging when it comes to dividing assets and determining spousal support. In New York, there are two important aspects of divorce proceedings that couples should be aware of: alimony and equitable distribution.
What is Alimony?
Alimony, also known as spousal support or maintenance, refers to the financial support provided by one spouse to the other following a divorce. The purpose of alimony is to ensure that both parties can maintain a similar standard of living after the divorce, especially if one spouse was the primary breadwinner during the marriage.
In New York, there are two types of alimony: temporary and permanent. Temporary alimony is awarded during the divorce proceedings to provide financial support to the lower-earning spouse until a final agreement is reached. Permanent alimony, on the other hand, is awarded after the divorce and can last for a set period of time or indefinitely.
When determining the amount and duration of alimony, courts will consider factors such as:
- The length of the marriage
- The income and earning potential of each spouse
- The age and health of each spouse
- The standard of living during the marriage
- The contributions of each spouse to the marriage
Any other factors that the court deems relevant
It is important to note that alimony is not automatic in New York and is not awarded in every divorce case. Instead, it is based on the specific circumstances of each case and the discretion of the court.
What is Equitable Distribution?
Equitable distribution refers to the division of assets and property during a divorce. In New York, marital property is subject to equitable distribution, which means that it is divided fairly but not necessarily equally. Separate property, which is a property that was acquired before the marriage or through inheritance or gift during the marriage, is not subject to equitable distribution.
When dividing marital property, courts will consider factors such as:
- The length of the marriage
- The income and earning potential of each spouse
- The age and health of each spouse
- The standard of living during the marriage
- The contributions of each spouse to the marriage
Any other factors that the court deems relevant
It is important to note that equitable distribution does not mean that each spouse will receive an equal share of the marital property. Instead, it is based on the specific circumstances of each case and the discretion of the court.
Additionally, it is important to keep in mind that couples may be able to negotiate their own agreements regarding alimony and equitable distribution outside of court. Alternative dispute resolution methods such as mediation and collaborative divorce can help couples come to a mutually beneficial agreement without the need for litigation.
It is also worth noting that New York recently made significant changes to its alimony laws. Prior to 2021, there was no set formula for determining the amount and duration of alimony, which led to inconsistent rulings and lengthy court battles. However, under the new law, the amount and duration of temporary and permanent alimony are now based on a set formula that takes into account the income of both spouses and the length of the marriage. This change aims to provide more certainty and consistency in alimony rulings.
Alimony and equitable distribution are important aspects of divorce proceedings in New York. Understanding the factors that are considered by the court when making decisions regarding these issues can help couples navigate the process more effectively. Seeking the guidance of an experienced family law attorney can also be beneficial in ensuring that your rights are protected and that you achieve a fair outcome.
As a law firm with experience in family law cases, at Michael D. Schmitt, ESQ., we can help clients going through a divorce in New York navigate the issues of alimony and equitable distribution. Our team, including attorney Michael D. Schmitt, can provide legal advice and guidance, negotiate settlements, represent clients in court, and explore alternative dispute resolution methods. We understand that divorce can be a difficult and emotional process, and we are committed to helping our clients achieve a fair and satisfactory outcome. If you are considering a divorce in New York, we can provide the support and guidance you need to move forward.
Our firm understands that every divorce case is unique, and we take the time to understand the specific circumstances and goals of each client. When it comes to alimony and equitable distribution, we work closely with our clients to gather all relevant financial information and develop a strategy that best meets their needs.
We can provide legal advice on the factors that courts consider when making decisions about alimony and equitable distribution, including the length of the marriage, the income and earning potential of both parties and the contributions each spouse made to the marriage. With this knowledge, we can help our clients make informed decisions about the division of property and assets, as well as the amount and duration of alimony.
In cases where negotiations fail, we are prepared to represent our clients in court proceedings. We provide strong advocacy for our client’s interests and work tirelessly to achieve the best possible outcome. Our experience and knowledge of New York’s family law system allow us to navigate the court process efficiently and effectively.
At our law firm, we also understand the importance of alternative dispute resolution methods, such as mediation and collaborative divorce, for resolving divorce cases involving alimony and equitable distribution. These methods can provide a more amicable and less adversarial approach to resolving disputes, while also helping to save time and money.
We understand that alimony and equitable distribution are complex issues that can be emotionally charged for clients going through a divorce in New York. At our law firm, we have the experience, knowledge, and compassion needed to help our clients navigate these issues and achieve a fair and satisfactory outcome.