In about a month and a half, there will be big changes here in New York state when it comes to alimony. This is because of a new state law which will take effect on Jan. 25.
The new law makes changes to the process for calculating alimony in New York divorce cases. For one, the calculation process will be simplified. The cap for maximum amount of income that can generally be considered in alimony calculations being dropped from $524,000 to $175,000 and new limits being put in place when it comes to the length of time of alimony payments are among the other changes the law is making.
What impacts might these changes have? In some situations, the new rules might result in a lower alimony award than would have been the case under the previous rules. Some think that another ramification of the changes could be an increase in the number of individuals who seek alimony payments, due to the simplified formula perhaps being less intimidating.
What the rules are regarding alimony can affect what approaches individuals may want to take when it comes to alimony issues in their divorce. Such rules can also have impacts on what strategies would be a good fit for a divorcing individual when it comes to other divorce financial issues, like division of marital property. Divorce financial issues can be very interconnected; what happens in relation to one such issue (like alimony) could have impacts on what sorts of strategies when it comes to other financial issues would be most consistent with a divorcing individual’s overall goals.
Individuals here in New York who are considering getting a divorce and are wondering what impacts the alimony rule changes could have for them should consider talking with an experienced divorce lawyer.
Source: CNBC, “It’s a great time to get divorced,” Jessica Dickler, Dec. 4, 2015