Alimony, Child Support, and Your Finances: What You Need To Know

Julianne Lepo-Incardona |

Alimony in New York State

Alimony, often referred to as spousal support in New York, is designed to help the lower-earning spouse maintain a lifestyle reasonably close to what was experienced during the marriage. In Buffalo, just like the rest of New York, several factors are considered when determining alimony, including the length of the marriage, each spouse's age and health, current and future earning capacities, and the need to care for children.

It's vital to work with a knowledgeable divorce financial planner who understands Buffalo's local legal landscape. They can provide insights into how alimony might impact your financial planning, ensuring that you're both prepared and protected.

Navigating Child Support

Child support is a financial obligation towards your children's upbringing. In New York, the law provides clear guidance on calculating child support payments, taking into account the parents' combined income and the number of children. However, unique situations and complexities can arise, necessitating the expertise of a financial planner specializing in divorce.

A proficient planner can help you understand your obligations, plan for future expenses (such as education and healthcare), and ensure that your financial planning accommodates these needs without compromising your financial security.

Financial Planning Post Divorce 

The role of a divorce financial planner becomes even more significant when you start planning your life post-divorce. From reevaluating your budget and savings plans to adjusting your retirement goals, a financial planner can guide you through reshaping your finances to fit your new life phase.

In Buffalo, where economic conditions and opportunities may differ from other regions, having a local financial planner who understands the nuances of the area can be invaluable. They can provide personalized advice, helping you to rebuild and thrive financially after your divorce.

You Are Not Alone

Remember, you're not alone in this. With the right support and guidance, you can transition into your post-divorce life with confidence and security. Divorce brings many changes, and navigating them requires careful planning and support. Understanding the broader financial implications of a divorce is essential. Working with a divorce financial planner can provide clarity, ensuring that you make decisions that safeguard your financial future.