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What the Red Hot Chili Peppers Can Teach Us About Support in High Asset Divorces

By The Law Offices of Paul A. Boronow, PC on October 28, 2015

Asset DivisionAccording to a recent report in the UK’s Daily Mail, the former wife of Red Hot Chili Peppers guitarist John Frusciante is seeking to have her alimony payments increased. To $75,000 per month.

Under the initial terms of their divorce, Nicole Frusciante received $20,000 per month in spousal support.  According to the Daily Mail, court documents recently filed in her divorce case asked to have another $55,000 per month added. This is so Nicole can continue to maintain the standard of living the couple enjoyed during their four-year marriage. This standard of living included time spent at the couple’s three homes, several employed personal assistants, and the use of a private music studio.

While the Daily Mail reports these numbers in a “tabloid” style, concerns about spousal and child support involving large sums is a real obstacle for many New York couples navigating a high-asset divorce.

New York law requires child support for couples with children under the age of 21. The amount is determined based on the combined parental income of the parties.  Although the child support statute has a cap of combined income (currently at $141,000.00), in high income cases, the cap can and will be exceeded to maintain a standard of living for the child.  Many high income child support orders are based on combined parental income of more than $200,000.00.

Maintenance historically doesn’t have a mathematical formula. Courts have used a list of factors to consider the need for maintenance (and the amount and term of maintenance), which includes the pre-separation standard of living. Governor Cuomo recently signed into law a new post-divorce maintenance statute, which takes away some of the judicial discretion, and sets ranges for the term and amount of maintenance. 

If you’re considering a divorce and share a large net worth, the help of an experienced attorney and the professionals needed. You’ll have to account for the value of your separate and shared property. The Law Offices of Paul A. Boronow, PC can help. Contact us today to learn more. We can be reached at (516) 227-5353.

 

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