With divorce comes the division of assets, if there are any, and the determination of alimony payments which vary from state to state. Currently in New York, according to Oâ€™Brien, a professional degree that is obtained during the marriage is considered marital property. Thus it is subject to equitable distribution, meaning that the spouse who did not obtain the degree is entitled to a share of the future earnings of the spouse that obtained the degree. However, the Law Revision Commission, which is currently examining New Yorkâ€™s divorce laws, wants to modify New Yorkâ€™s current matrimonial laws which includes changing the formulas used and limiting what is considered marital property, as reported by the Wall Street Journal in a May 17, 2013 news article.
In 2010, New Yorkâ€™s alimony laws were revised and edited which allowed for quicker and more efficient judgments.Â These laws are mostly aimed at people who make up to about five hundred and twenty four thousand dollars. These laws do not address couples who make more than this and the issues that they face with their mortgage expenses, bonus, and saving accounts. As a result, some judges have looked at the couplesâ€™ living and expenses. This allows for greater awards; however, the proposed changes if they become effective would eliminate this. Moreover, the judges in very rare situations have allowed the payer to pay more in alimony payments each month than what he was making each month.
The new proposals would address fewer people as it would affect people earning up to about one hundred and thirty six thousand dollars rather than the current five hundred and twenty four thousand dollars maximum. This amount was chosen because it covers a majority of the population in New York, more specifically it entails about eighty-five percent of the population. Also high income couples would be awarded alimony based on the judgeâ€™s decision when looking at a few elements. The commission also wants to get rid of the current precedent which allows professional licenses or degrees earned during the marriage to be considered marital property. These degrees or licenses are subject to equitable distribution and couples hire experts who estimate how much their spouse would earn as a result of the degree or license. The non-licensed or degree holding spouse would then be entitled to about half of the earnings.
If you are considering divorce, then you should consult with an attorney. Mr. Lutzky, a Bronx, New York lawyer, offers free in office consultations. He is a strong litigator and a helpful attorney. Over the past 30 years he has represented thousands of satisfied clients. If you would like to schedule a consultation, then call 718-514-6619. Visit us on the web: www.MyNewYorkCityLawyer.com.