Keeping pace with the changes, New York State has made some crucial amendments to the income caps for both child and spousal support calculations. The new changes are set to be effective as of March 1, 2024.
For child support, the income cap has experienced a substantial increase from the previous $163,000, going up to $183,000. This implies that when determining child support, the standard formula will be applied on combined parental income up to this new cap, with the percentage varying according to the number of children.
In addition, for spousal support, the income cap has risen from $203,000 to a sum of $228,000. Should the paying spouse’s income exceed this cap, the court will adopt the standard formula for the income up and including the income cap. The calculation for any income surpassing this cap will be at the court’s discretion, considering factors such as the parties’ age, present and future earning capacity, standard of living, and the need for training or education, among other factors.
This increase in income caps is a significant development since the standardized support amounts are recalibrated every two years, and this year’s adjustment denotes a considerable rate of increase, likely due to the recent inflation rates we’ve been contending with.
The calculation of support amounts varies depending on a number of factors, including whether the recipient is also receiving child support, and the income of the paying spouse.
The recent alterations are a major consideration and point of deliberation for couples contemplating divorce. Family law attorneys can provide the necessary assistance and guidance during such challenging times, helping you comprehend how the court will calculate support and negotiate the optimal solution for you and/or your children.
For more details on these changes and how they might impact your situation, contact us and check out our previous blogs: 6 Things You Should Know About How Child Support is Calculated in New York and Top Questions About Spousal Support NY.
