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.
New York courts have the power to grant individuals alimony pursuant to their divorces. If, for example, one party would be unable to support themselves due to a lack of income following the finalization of their divorce, then the court may require their ex to provide them with financial support. Generally, individuals should not suffer significant financial hardships just because they want to end their marriages.
Not all alimony awards are intended to last forever. Although some individuals may be legally entitled to lifelong alimony due to illness or the inability to work, others may only be awarded alimony long enough to get them back on their feet following their divorces. This is particularly true when the ex-spouse is able to work for their own income. To this end, some New Yorkers may see their alimony awards stop because that is how the awards were established in their agreements or orders.
There has been a major shift in the make-up of household earnings over the last few generations. While men primarily used to dominate the role of earning the income on which their families lived, today in most families women actively share in the important task of providing financial stability to those that they love. Due to this and other changes, the face of alimony has also gone through a shift.
The division of one house into two in a divorce means that income, assets and debts will be divided in a certain manner between the divorcing couple. Usually, one spouse, the one who was earning more money during the marriage, financially supports the other spouse for some time after the divorce is finalized. One of the purposes of this is to ensure that the receiving spouse can continue to enjoy the same standard of living to which they have become accustomed. But, what does this phrase mean and is this even possible?
When a divorcing couple in New York is ending their marriage on good terms, they are often under the misconception that they can finalize all the legal aspects of their divorce on their own. However, since most people are not familiar with the law surrounding marriage dissolution, they often end up neglecting critical details that could leave an amicable couple disputing after a divorce. The most common mistakes are made with regards to alimony and child support, which could leave parties at a financial disadvantage for a long time post-divorce.
When a couple is married in New York, that usually means that they are living in the same residence, making mortgage or rent payments on that place, and splitting income and expenditures in some fashion or the other. Yet, the funds that are used to pay these expenses usually come out of the same pool. When a couple divorces though, they are suddenly in a situation where the expenses are doubled, with two houses to run and maintain, but the incomes and assets are either the same or halved. For example, if one partner was working and the house was running on his or her income and then he or she divorces, that partner may then have to pay alimony to support two houses.
New York residents making alimony payments right now may not be aware that the government is effectively subsidizing their payments. For example, if they are paying $10,000 a month and in the 50 percent tax bracket with the receiving spouse in the 30 percent tax bracket it would play out like this-the paying couple is paying a net amount of $5,000 and the receiving spouse owes $3,000 in tax.
New York is perhaps one of the more progressive states in the nation, which is why it probably won't surprise them to hear that female breadwinners manned 40 percent of households in2014. However, it may come as that in the same year, of the 4,00,000 people receiving spousal maintenance post divorce, only 3 percent were men. This demonstrates that thousands of men are probably eligible to receive support, but don't.
When a couple divorces in New York, regardless of whether they have children or not, one of the most contentious issues in the divorce revolves around finances and support. If a couple has a prenuptial agreement or has come to an agreement about it post divorce, that is helpful; however, parties often end up dragging one another through courts to get what they deserve to maintain their standard of living and for what they gave up for the other party to succeed.