When people are going through divorce, one of the most common concerns they have is how much money they can expect to gain or lose once everything is said and done. As with everything relating to law, the answer to this question depends on a number of factors. While you won't know exactly where you will stand financially without the help of a lawyer, the following information may be help you get a clearer idea of your property and financial rights and obligations during divorce.
During a divorce case, a judge may deem it necessary for one party to pay alimony to the other party for a certain period of time. The amount of alimony will depend on a number of factors, including the following:
- The amount each party will likely make per month
- The amount each party will reasonably spend in a month
- The amount of money that will be required to enable each party to maintain the marital standard of living
Oftentimes there isn't enough money to make the marital standard of living possible for both parties. In these cases the judge will attempt to make it so both parties share financial costs and pains as equally as possible.
During divorce, all of your marital property will be divided. In the state of New York, property is not always equally divided between the divorcing parties. Property is divided equitably, which means factors such as how much property each party contributed to the marriage and how much property each party will need to move forward are taken into account. Other factors considered include:
- The marriage's duration
- The income of each spouse before marriage and after the divorce
- Whether one party needs to live in the home to care for children
- Whether alimony was awarded
- The tax consequences for each divorcing party.
No matter what the outcome, you can expect your financial situation to change drastically after a divorce. Depending on a number of factors, it may change for the better or the worse. For more information about financial issues relating to divorce and the divorce process in general, consult with an experienced family law attorney.