January has been termed “divorce month.” It’s the month when Divorce Attorneys see a large uptick in the amount of new divorce filings. If you’ve made the decision to divorce or you’re trying to decide whether or not to get divorced, you should be gathering as much information as possible. Rather than spend hours in your attorney’s office, paying them to teach you, here are a few things to know (please note these are strictly informational and should be verified with an attorney):
1. New York is an equitable distribution state. That doesn’t mean equal. Depending on your situation, you may be entitled to an equal share but that’s never guaranteed.
2. Determining what assets get divided depends on what is considered ‘marital property.’
3. Spousal support post-divorce may be called Maintenance or Alimony interchangeably.
4. The amount of Spousal Maintenance is based on Guidelines, a formula that may or may not be used to determine the amount. There are 20 factors taken into consideration as well including the income of each spouse, age of each spouse, earning capacity, tax consequences and how the assets are divided to name a few.
5. The length of spousal maintenance depends on the length of the marriage. Guidelines allow for no more than 50% of the length of the marriage in marriages over 20 years, less for shorter marriages.
6. There is a formula for calculating spousal maintenance, however, if the income of the payee is greater than $184,000, awarded maintenance will be based on the guidelines
If you’d like more information about getting divorced in New York, please join me on January 29thfor The Divorce Process: How it works and What you need to know to get through it. More information available here.