NEW YORK STATE OVERHAULS SPOUSAL MAINTENANCE FORMULA
NEW YORK STATE OVERHAULS SPOUSAL MAINTENANCE FORMULA
By: Amy B. Egitton
Gov. Andrew Cuomo has signed into law a bill that has revised the current maintenance law in New York State. A summary of key provisions of the new legislation, as it relates to maintenance, is as follows:
- The statute establishes an income cap to be used for the calculation of temporary maintenance and permanent maintenance at $175,000 of the payor’s income. The previous cap, which applied only to temporary maintenance, was $543,000 of the payor’s income. This is a significant change and will greatly impact future maintenance awards. The new cap is more in line with the cap that is used for the calculation of child support.
- The statute provides for two sets of formulas in the calculation of maintenance. The first set of formulas is used when the payor’s income is at or below the cap. Within that scenario is a formula for when the payor is also paying child support and the other for when the payor is not paying child support. The other set of formulas is used when the payor’s income is above the cap. This second scenario uses the calculation for maintenance with income at or below the cap and then applies a series of deviation factors that the court can apply to income above the cap in its calculation.
- In determining temporary maintenance, the court shall consider the parties’ responsibility for payment of family expenses during the pendency of the proceeding.
- Temporary maintenance shall be calculated prior to child support because the amount of temporary maintenance shall be subtracted from the payor’s income as part of the child support calculation.
- Temporary maintenance shall terminate no later than the issuance of a judgment of divorce or the death of either party.
- In determining permanent maintenance, the statute provides that income from property distributed to each party be considered.
- The statute provides for an advisory schedule for the court for determination of the duration of the maintenance obligation which is based on the term of the marriage. Term of the marriage is defined as date of marriage until date of commencement of the divorce action. The court shall take into account retirement assets and retirement age, if ascertainable. If not ascertainable, the full or partial retirement of the payor with a significant reduction in income shall be a basis for modification. The statute does not prevent the court from awarding non-duration maintenance. Whether or not the court uses the advisory schedule, the court must state what deviation factors it considered.
The portion of the statute that pertains to temporary maintenance will be effective October 26, 2015 and the portion of the statute referencing permanent maintenance will take effect on January 25, 2016. If you have any additional questions, please feel free to contact me.
Stewart M. McGough, Esq. Deed fraud is increasing rapidly in Florida. Criminals have been forging property deeds to unlawfully transfer ownership and sell properties without the real owner's knowledge. Any property owner may be affected, including homeowners, and the legal costs to reverse this type of fraud can be substantial. To help combat this risk, Florida law now requires each county Clerk of Court to provide a Property Alert Service . This free service notifies you when a document such as a deed is filed under your name or your property's legal description. Steps You Should Take Register for Property Alerts Visit the official Florida Court Clerks website: https://www.flclerks.com/page/PropertyAlertServices Choose Your County (or Counties) Click the link for each county where you own property. Complete the online registration with your name and property information. Watch for Notifications If someone files a deed involving your property, you will receive an alert by email, text, or phone depending on the county. If the filing is legitimate, no action is needed. If it appears fraudulent, contact the Clerk immediately and consult an attorney to prevent the deed from being recorded. Why This Matters Deed fraud can occur silently and without warning. Registering for alerts gives you immediate notice so you can respond before the fraud is finalized and your property is illegally transferred. Please take a few minutes to register today. This simple step can protect your property and avoid major legal complications.
By: Nicholas J. Graham, Esq. Limited Liability Companies ("LLC") have been authorized in New York since 1994. When the law was first enacted, an LLC could not have perpetual existence like corporations. This limitation was removed in 1997. If your LLC was established under the old New York State law that imposed a 30-year lifespan, it's crucial to be aware of the approaching expiration of your company's duration. Originally, LLCs in New York were required to specify a limited duration, commonly set at 30 years. Many of these companies are now reaching the end of this period and must take action to continue operating. Special attention should be given to LLC's formed between 1994 and 1997, as they were likely established with a 30-year lifespan. What Has Changed? The law in New York has evolved, and LLCs are no longer bound by the 30-year limit. Pursuant to NY LLC law §701(1), businesses now have the option to exist perpetually, providing greater flexibility and stability for long-term planning. However, this change is not automatic for existing LLCs that were originally set up with a 30-year term. What You Need to Do To ensure your LLC can continue its operations beyond the original 30-year term, you need to file an amended Articles of Organization with the New York Department of State. This amendment should update the duration of your LLC to perpetual, or to another term if desired. Steps to Amend Your Articles of Organization: Prepare the Amendment: Draft an amendment to your LLC's Articles of Organization. This document should clearly state the new duration of the LLC, typically set to "perpetual." File the Amendment: Submit the amended Articles of Organization to the New York Department of State. This can usually be done online or by mail. Ensure that you include the necessary filing fee. Update Internal Documents: Reflect the change in your LLC's operating agreement and any other internal documents to ensure consistency and compliance. Notify Members and Stakeholders: Inform all members and relevant stakeholders of the change to ensure everyone is aware of the updated status of the LLC. Why It Matters Failing to update your LLC’s duration could result in the automatic dissolution of the company once the original 30-year term expires. This could lead to significant disruptions in business operations and potential legal complications. By taking proactive steps to amend your Articles of Organization, you can ensure the continuity of your LLC and take advantage of the flexibility offered by the current laws. Need Assistance? The Scolaro Law Firm specializes in helping businesses navigate changes in regulatory requirements. If you need assistance with amending your Articles of Organization or have any questions regarding your LLC's status, please contact us. Our experienced team is here to provide the guidance and support you need to keep your business running smoothly. This article is intended to be for informational and discussion purposes only and is not to be construed as legal advice or as a legal opinion on which certain actions should or should not be taken.
