If you and your spouse will be divorcing this year after a long marriage where they were the primary or sole “breadwinner,” you may understandably be concerned about how your standard of living will change. That may be a particular concern if your age, health or other factors prevent you from ever obtaining the marital standard of living to which you’ve grown accustomed.
Spousal maintenance (more commonly known as alimony) can make a big difference if your soon-to-be ex earns far more than you could ever hope to. Under New York law, one of the factors that can be considered in determining spousal maintenance payments (along with the length of the marriage and income, earning potential, age and health of both spouses) is the “standard of living of the parties established during the marriage.”
This can be a concern for people who have been living what many consider a “lavish” lifestyle, thanks largely to one spouse’s income and/or individual assets, as well as those who are somewhere in the “middle class.” When judges are asked to determine the amount of spousal maintenance because divorcing spouses can’t agree on an amount, they’ll look at how much the paying spouse can afford without significantly affecting their own standard of living. If you need to make your case to a judge to get the amount of alimony you believe is warranted, it’s important to touch on the factors described above.
The property division agreement can also make a difference
Remember that you may also be able to use your property distribution agreement to get assets that will help you maintain your marital standard of living (such as investment accounts, rental properties and other valuable assets and sources of income).
Each divorce is as unique as the couple involved. When considerable assets are at stake, it’s crucial to have experienced legal guidance as well as the help of financial, tax, real estate and other professionals who can help you make the best decisions as you seek a fair divorce agreement that will put you on solid financial ground moving forward.