Financial Issues Of Divorce

Few things in life can change your financial outlook as much as a divorce proceeding. Being informed of the various issues that can affect your finances after a divorce can help you anticipate your future financial needs and resources. There are four major economic areas that are frequently made the subject of matrimonial litigation and negotiation.

Child Support:

Support is typically calculated pursuant to a mathematical formula, based upon the number of children and the income of each party.

Spousal Support:

Spousal support is left to the discretion of the court, and can be awarded based on numerous factors, such as lifestyle, earning capacity, need for education or training, age, health, etc. The duration of the spousal support payments is also discretionary. Generally, the Court seeks to determine how much support and how much time a non-monied spouse will need to become self-supporting.

Asset Classification:

Assets held by the parties can be marital (typically acquired during the marriage using marital income or assets), or separate (typically acquired prior to the marriage, during the marriage with separate assets or income, or by gift from third party).

Equitable Distribution:

Marital assets (and debts) are to be divided between the parties in an equitable (not necessarily equal) manner; Court considers numerous factors, including relative contribution by each party towards the acquisition or maintenance of the assets, which contribution can be direct or indirect, monetary or non monetary, Marital assets are not limited to bank accounts, real property, retirement savings and pensions, but can include such things as professional practices, licenses, educations, businesses, and even accumulated perks, such as frequent flyer miles, credit card membership points or rebate dollars.

Jerome founded Wisselman, Harounian & Associates, P.C. in 1976, concentrating on matrimonial and family law and real estate. Since then, the firm has grown in size and scope, providing legal counsel in all areas of litigation, including matrimonial and family law, real estate, wills, trusts, probate, estate and tax planning, business law, and civil litigation. Mr. Wissleman was named as a 2009 New York Super Lawyer (only 5% of New York Attorneys are honored as such) and has an AVVO rating of 9.5

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