2016 saw new changes in New York, especially in the way spousal support is to be calculated. After several years of debates, the NY legislature passed the new statute. The laws will mainly affect spousal support, which was already a contentious issue, even with the previous legislation. With the new laws, there is need for people pursuing divorce to do so through an experienced lawyer. One such lawyer is Ross Abelow, his extensive experience in divorce proceedings is a major asset to any divorce case. Some of the main highlights of the new statute include:
Degrees can no longer be considered marital property
New York was the only state where degrees and licenses acquired in the course of marriage was considered an asset. In the previous legislation, degrees and licenses were valued and then distributed. However, the new law put an end to this practice. Licenses and degrees are no longer an asset, however, the court is permitted to take them into consideration when computing equitable distribution awards.
Formula for calculating spousal support to change significantly
Prior to the passing of the new law, New York only had a temporary spousal formula. However, there was no set formula for post-divorce support. The new law now establishes a new way of computing temporary and long term spousal support. This new legislation has a maintenance cap. This cap establishes that in an instance where one of the party has a significantly higher income, then maintenance is to be awarded up to $175, 000 based on the income. This is a very significant change considering the previous cap was set at $500, 000. Again, there was no set formula to be used after a divorce was granted, what was there were just considerations that the court was supposed to factor in when coming up with spousal support. As evidenced, there is great need to hire the services of a qualified attorney, and this is where Ross Abelow comes in. Having experience in matrimonial and family law, he can advise you on these spousal computations.
Child custody computations
Under the previous law, proportionate shares to cover health insurance, childcare, health expenses were fixed based on each of the spouse’s income prior to the maintenance and child support proceedings. However, under the new law, these proportions are set after the transfer.