Spousal Maintenance: Revised Law in New York State

October 2, 2015 in Uncategorized

divorce-cash-25545550Significant revisions have been made to the guiding laws used to decide both pre- and post-judgement maintenance payments (support) in New York. The new law (Bill A7645/S5678) was officially signed into law by Gov. Andrew Cuomo on September 25, 2015.

 

“Establishing revised formulas to calculate both the duration and amount of maintenance and spousal support, the new law will hopefully bring more uniformity to judicial decisions,” said Russell I. Marnell, divorce attorney and founder of the Law Offices of Russell I. Marnell, P.C. “It will also make it easier to advise clients with greater confidence as to the amount and duration of the probable final maintenance award.”

 

Mr. Marnell continued, “The revisions will also simplify equitable distribution since licenses, degrees and enhanced earning capacity are no longer marital assets subject to valuation and distribution.”

 

To review the bill in full, visit: Bill A7645, or read Joel Stashenko’s comprehensive article in the New York Law Journal.

New York State Alimony Laws in Flux

July 5, 2015 in Uncategorized

Governor Cuomo’s administration is currently reviewing a bill recently passed in the state Senate that would create major changes to New York’s current alimony laws.  The current legislation created a formula for calculating temporary maintenance awards, but it applied the same formula to all income levels below $543,000 without considering complicated financial situations and didn’t extend application of the formula to post-divorce maintenance.  It also included an enhanced earning capacity calculation based on degree/license earned, even if the spouse was no longer working in that career.

 

The new bill reserves the formula for application to income up to $175,000 and extends its application to post-divorce awards, while offering suggested guidelines for judges deciding the lengths and amounts of awards.  Additionally, it removes the award of a percentage of the enhanced earning capacity calculation based on degree.  The bill first passed in the Assembly 146-1, and many matrimonial associations have voiced support for the changes.

 

*The information contained in this blog is presented as general information and is not to be construed as legal advice to apply to any person or particular situation. Please keep in mind that the law is constantly changing and therefore you should always consult an attorney for legal advice based on the individual circumstances of your situation.