It is undeniable that financial concerns are near the top of the list for almost every couple going through or considering a divorce.
In New York, it is not unusual for marriages to end in divorce. There are many reasons for this from incompatibility to infidelity to simply growing apart. Regardless of the reason, there can be many areas of difficulty when a couple is at the end of a marriage and plans to divorce.
Regardless of the financial circumstances of a New York couple in the middle of a divorce, property division will be a constant concern.
Financial factors are a frequent issue when a New York couple decides to divorce. However, that does not always mean that financial problems are the source of the dispute. In fact, some statistics show that a strong economy can spur couples to get a divorce.
For New York couples who are getting or have gotten a divorce and are dealing with child and spousal support issues, the concept of a cost of living adjustment is relatively straightforward. The amount that the paying former spouse and parent is ordered to pay can be changed based on how much it costs to live. However, people might make the mistake of thinking that there is no recourse when there is a request for a COLA. The law does allow for an objection to a COLA. For parents who are objecting and the parent who is seeking to receive COLA, it is imperative to understand the law in these circumstances.
When there is a divorce in New York and there are children that need to be supported, the state will take steps to ensure that the child support is paid on time and in full. In some cases, there will be income withholding by the employer so it can be sent directly to the custodial parent. However, some noncustodial parents are concerned about how much of their income will be withheld. They might have other obligations or the amount could be problematic for them to make ends meet. Understanding how much maximum withholding can be is important. If there are divorce legal issues, it is crucial to have legal help in addressing them.
When a New York couple divorces, one of the key issues is often child support. Once the decision is made as to how much the supporting parent will pay and the custodial parent will receive, there might be certain preconceived notions about the entire process. There could be misunderstandings as to whether there can be post-divorce modifications, how spousal support and child support are connected, and how the new tax laws impact the paying and receiving party. For answers to these questions and to address them as needed, having legal advice is helpful.
As tax time rapidly approaches, many will anxiously await an expected tax refund. If, however, they owe past-due child support, there is the possibility that there will be a tax refund offset that will collect what is owed from their refund. For noncustodial parents who are facing this reality, it is important to understand what the tax refund offset program is. If there is a dispute over child support or any other issue related to a divorce, having legal advice is key.
In New York, when there is a divorce and a couple has ended its marriage, children from the marriage will still need to be supported. In general, there will be one parent who has custody and the other parent will receive visitation rights. Also, the noncustodial parent will frequently be ordered to pay child support to the custodial parent. The amount, however, is not set in stone and it can be changed for various reasons.
Property division is a basic part of most New York divorces. Whether the couple has significant assets or is of lesser means, there will be items that have value. That value could be financial, emotional or both. A dispute is often unavoidable and emotions can be frayed. As soon as the decision to end a marriage is made, it is imperative to take various factors into account with property division and assets. Doing so beforehand can help to alleviate stress and perhaps find common ground with the other party to negotiate. As always, getting legal help is essential from the start.