New York Divorce Frequently Asked Financial Questions
There are many factors that revolve around finances when getting a divorce. A divorce is a business negotiation; there are family and support issues that must be agreed upon to finalize a divorce.
Many of these issues center on the martial assets and liabilities and post-marital financial obligations. If you are considering a divorce, here are some questions you may be wondering about.
Although this FAQ page is intended to provide general answers to general financial questions, you should consult with a highly skilled and experienced attorney to discuss the details of your case.
What is equitable distribution defined as in New York?
Equitable distribution is a way for the court to decide how to divide marital assets and liabilities. Equitable distribution does not mean equal division of assets but a fair division of assets.
Does the judge or the court decide which property is included in the marital estate?
Yes- in short, the law determines which assets and liabilities are included in the marital estate.
What assets are considered part of the marital estate in New York?
Generally speaking, the assets obtained during the marriage are considered marital property, as well as the growth of certain assets, like increases in retirement plans and investment accounts. Also, assets that are commingled could be considered marital property. Commingling is when one spouse’s separate property is mixed with the marital property.
How is the amount of child support and spousal maintenance determined?
The court will assign a pro rata share of child support that each parent is to pay depending on each parent’s contribution to the total income. In New York child support generally is paid until the child is 21 years old.
Are child support payments tax free?
Yes- child support payments are both New York State and Federal tax free.
How is Spousal maintenance amount determined in New York?
The amount and frequency of spousal maintenance payments is determined by a variety of factors such as, length of the marriage, income and property of both spouses, age and health of each spouse.
Get Legal Advice Today To Make The Right Decision For You and Your Family
Whatever situation you find yourself in, getting solid legal advice can make all the difference in having your rights protected as you go through a divorce. Help is only a phone call away. To arrange your free phone case evaluation, call Maryam Jahedi today at } or contact us online.