Monday, April 14, 2014

NEW YORK Part 10

Still, the formula applies to individuals earning up to $524,000 a year and looks primarily at salary. The law is silent on how judges should address factors more common with wealthier couples, such as fluctuating annual bonuses, savings accounts and mortgage payments.


It is "just pure redistribution of wealth brought down to the family level," said Timothy Tippins, a former president of the New York state chapter of the American Academy of Matrimonial Lawyers and now an adjunct professor at Albany Law School. "They've dropped any pretense of predicating the award on the actual needs or circumstances of the parties."

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