It's a fact that divorce is stressful. You can remove some of that stress by educating yourself on the financial aspects, so you know what to expect. Children, the house, mutual assets and debts, and spousal support are all issues that will be dealt with during the divorce. Working through your financial issues with a divorce mediator allows you the opportunity to communicate and negotiate in an effective and civil way.
Here are a few answers to frequently asked financial questions.
Are You Entitled to Spousal Support?
The New York State Courts have developed a complex formula for determining spousal support. They include the salaries of each spouse, length of marriage and other factors. A rule of thumb - if the spousal incomes are close to equal when child support is added in, usually there is no spousal support.
What are the Guidelines for Child Support In NY?
Child support amounts have been mandated by the Courts in New York State. They are: The residential spouse gets 17% of the non-residential Spouse's gross yearly income minus social security for one child. For two children, the number is 25%. For three children, 29%. For four or more children, the amount is 35%.
In divorce mediation, spouses can modify the amounts mandated by the Courts according to circumstances.
How Are Financial Assets and Debts Divided Up in Divorce Mediation on Long Island?
In mediation, the mediator gathers all financial information from the couple. Then the mediator guides the spouses through division of all assets and liabilities. In New York, all property acquired after the marriage is divided through equitable distribution. Most often the couple decides on a 50/50 split, but that can be varied in individual cases.
How Is My Pension Divided in Divorce Mediation?
In most circumstances, any part of a pension, IRA or 401k, earned during the marriage is distributable between the spouses. Often that results in a 50/50 split. This can be varied during divorce mediation.
In a Divorce, Who Gets the House?
In New York State, neither spouse automatically gets the house. Whether the house is to be sold or not depends on the overall picture of the finances of the couple. It also depends on who is the owner. Some houses are bought before the marriage and that spouse then retains ownership after divorce.
The mediation process can help you explore options and resolve issues personalized to the specific needs of your family.