How Is a Divorce Settlement Agreement Finalized?
In your contested divorce proceedings, the New York court will consider any and all relevant circumstances of your marriage to finalize your divorce settlement agreement. This legal document lays out the terms of your divorce, which include asset division, child custody, child support, and alimony. Read on to discover how a seasoned Nassau County contested divorce attorney at The Pollack Law Firm, P.C. can work on your behalf for the best possible settlement.
How can asset division be finalized in a divorce settlement agreement?
With New York being an equitable distribution state, the court will divide your assets equitably, or what is considered fair. Notably, “fair” does not necessarily mean “equal.” And with this, marital fault is not factored in when dividing assets. Instead, the following are some common aspects of the marriage that are considered:
- The duration of the marriage.
- The age and health of each spouse.
- The standard of living established during the marriage.
- The income and earning capacity of each spouse.
- The calculated value of each property.
How can child custody and child support be finalized in a divorce settlement agreement?
In New York, the history of support by each spouse is a major factor in deciding child custody. Specifically, the physical, emotional, and financial care of the child and the emotional and physical health of each spouse are major considerations. With that being said, the court will look at the following factors when finalizing this agreement:
- The age and health of the child.
- The needs of the child.
- The history that each spouse has as being the primary caregiver.
- The suitability of the child to remain with the primary caregiver and maintain the life they have grown accustomed to.
- The suitability of each spouse’s home to raise the child.
- The child’s preferences and desires, if of sufficient age.
Additionally, the New York Child Support Standards Act fairly distributes the financial cost of raising a child between spouses. That is, the basic child support will be determined by taking a percentage of the combined income of each spouse, up to $148,000, and allocating the support between spouses in proportion to each income. Some other parental factors the court will examine include educational background, earning capability, income, debt, assets, work history, etc.
How can alimony be finalized?
The New York court is required to follow a formula to determine adequate temporary spousal support, otherwise known as alimony. The court will make decisions based on the following factors:
- The duration of the marriage.
- Both spouses’ yearly salaries.
- Both spouses’ properties.
- Both spouses’ tax consequences.
- Both spouses’ custody rights.
- Both spouses’ present and future earning capabilities.
For more information, talk to a competent Nassau County alimony attorney today.
Contact our experienced Nassau County firm
The Pollack Law Firm, P.C., is always available to assist and represent parties in divorce, separation, and all other matrimonial and family law matters. Contact us online or call today to schedule your complimentary case analysis: (516) 938-3330.