When a couple divorces, one of the issues that often arise is how much money one spouse will have to pay the other. This is called spousal support or alimony.
When determining alimony, judges consider the standard of living that the two spouses shared during their marriage. They may also consider whether either spouse contributed to that standard of living through savings or retirement accounts.
Child Support
Child support is a form of financial compensation ordered by the court for the benefit of the children. These payments are designed to provide children with basic necessities, such as food, clothing and shelter. However, they also can be used to cover costs such as private school, extracurricular activities, summer camp and college tuition assistance, among other expenses.
In most states, child support is based on a formula that takes into account the combined incomes of both parents. Occasionally, the court will also consider fixed expenses such as mortgages, car payments and utilities.
The formula used is fairly simple, but it must be determined on a case-by-case basis. Additional factors that could weigh into the amount include extraordinary medical expenses, child care expenses and custody arrangements.
Typically, support is paid on a regular schedule and follows the payor’s wage cycle. This means that payments may be made twice a month or every other Friday, depending on the payor’s work schedule.
Alimony
After divorce, alimony, also known as spousal support, is money that a higher-earning spouse pays to a lower-earning spouse. It’s a way of leveling the playing field and creating fairness after divorce.
The amount of spousal support is determined by the judge, who will look at a number of factors. These include a party’s current income, their needs, and the future earning capacity of each spouse.
A spouse may be able to reduce or stop alimony if they become self-supporting. This is usually done through education and employment.
However, if the paying spouse takes a job that pays less than they could earn with their skills, a judge may order them to pay alimony on the basis of that reduced earnings.
Most states require alimony to be paid in after-tax dollars. That means that the receiving spouse will not have to pay taxes on the money they receive, but it does depend on state tax laws.
Property Division
Property division is one of the most important parts of a divorce. It involves identifying and dividing the assets that you own and debts you owe.
Depending on the state, this process may take place during the divorce or during a property settlement agreement. Either way, the division must be fair.
In New York, courts follow the doctrine of equitable distribution when determining what happens to property after a divorce. In this system, the court looks at a range of factors that show how much each spouse contributed to the marriage and which spouse will need what after the divorce is finalized.
During the property division process, it’s important to be honest about all your assets and debts. This will help you get a fair division of your property, whether it’s money, personal property or a family home.
Custody
Custody is an order from a court that determines where your children live and who makes major decisions for them. The type of custody arrangement you get depends on your family’s unique circumstances.
Often, parents will share joint legal custody of their children. This is usually the best choice if the parents are able to communicate well, and can work together to make big decisions for their kids.
However, if the court decides that joint legal custody is not an option, one parent may be awarded sole legal custody. In this case, the other parent can’t make important decisions for their child unless they agree to it with the noncustodial parent.
Custody arrangements also usually include a parenting plan that defines visitation. This can include alternating weekends, holidays, and school breaks.
