Many alimony awards take on the common form of one person paying to their former spouse monthly payments of money. These payments can go on indefinitely or they may end after a certain amount of time or the achievement of self-sufficiency for the recipient party. However, in some cases, New York couples may resolve their spousal support matters with a different form of alimony payment. Rather than paying support over time, they may agree to a lump sum award.
The laws of New York require that parents subject to child support agreements and orders financially provide for their kids until they reach the age of 21. While marriage, enlistment in the military and other actions may emancipate children from the financial support of their parents, in many cases, children reach the age of 21 with the help of child support payments from their divorced parents. As most kids are out of high school when they reach this age, some may wonder if and how their parents will provide for them as they enter into college.
Not every couple that chooses to get married will elect to draft and execute a prenuptial agreement before formalizing the relationship between the partners in marriage. Those that do, though, create contracts that can dictate how certain financial and property-based decisions will be handled in the event that the marriages end in divorce. Because of this, individuals who entered into prenuptial agreements with their spouses may not be able to change the decisions that they made in the past regarding certain divorce-related topics.
The courts of New York follow equitable distribution laws when it comes to dividing up marital property. Past posts on this blog have discussed how these laws seek to preserve fairness in the division and assignment of marital assets. However, marital property is only one kind of property that must be addressed when a marriage ends. Non-marital property must also be identified and, in some cases, may be disputed when couples elect to pursue a divorce.