New York Divorce Attorney Works with Clients to Deal with Maintenance (Alimony) and the Equitable Distribution of Assets and Liabilities.
The process of divorce can be a difficult one, and must take into consideration a number of details about each spouse before the final decision to dissolve the marriage. Two of the major aspects that make divorce so complicated are maintenance (alimony) and the distribution of assets and liabilities. Dealing with these issues in a fair manner requires experienced legal counsel to ensure that everyone gets their due. Serving Westchester, the Bronx and Metropolitan Manhattan, the family law attorney Mark F. Bernstein at Siriano and Bernstein has extensive experience helping individuals and families deal with all aspects of divorce: let him help you, too.
Maintenance, formally referred to as Alimony, also called spousal support, is a court determined financial allotment, assisting the economically weaker spouse in making the transition from marriage to singlehood by providing income from the economically stronger spouse in the form of payments.
In determining whether there should be maintenace, and how much it should be, the Court has to decide if one party is in need of support and if the other party has the ability to pay that support. Calculating maintenance includes calculating the actual income of the parties, what sort of income the parties will have in future, and what impact other financial assets or liabilities will have on the parties, and their children, after the marriage legally ends.
To determine the award amount, the court will consider the length of the marriage, the couple’s standard of living, the financial status of the parties, the contribution made to the marriage by each party, and other personal financial details. For Divorces commenced after October 25, 2015, New York State has a temporary maintenance guideline worksheet as follows:
Because New York is an “equitable distribution” state, all marital assets are to be divided “fairly” between spouses during the divorce. Spouses may agree on a property split before the dissolution proceedings, called a settlement agreement, to save time and money. If a settlement agreement cannot be reached through negotiation, the court divides the marital assets up by evaluating the key factors they also examine in determining maintenance, namely:
- The length of the marriage
- The financial circumstances of the spouses
- The contribution to the marriage by each spouse, including contributions to the care and education of the children and services as homemaker
- Any interruption of personal careers or educational opportunities of either party during the marriage
- The contribution of a spouse to the personal career or educational opportunity of the other spouse
- The contribution of each spouse to income
Contact Attorney Bernstein Today
For the best in New York and Westchester family legal counsel, contact family law attorney Mark F. Bernstein of Siriano and Bernstein at 718-823-2600 today to begin discussing your alimony or distribution of assets case.