New York Family Law: What is the Cost of Living Adjustment?

Rincker Law Family/Matrimonial Law, Uncategorized Leave a Comment

Cost of Living Adjustment (“COLA”) refers to when child support is increased based on the annual cost of living. If the cost of living, pursuant to the Consumers Price Index for all urban consumers (CPI-U), as published annually by the United States Department of Labor Statistics, increases by at least 10% then an adjustment may be made. It is important …

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Depreciation of Farm Assets and Child Support in Illinois

Rincker Law Family/Matrimonial Law Leave a Comment

Many times clients contact me on a child support matter who own farms and, accordingly, have expensive farm equipment.  Farmers usually take deductions on the depreciation of expensive equipment on their tax returns.  This MAY affect child support, as a trial court has discretion to include nonrecurring income in calculating net income for child support purposes. See In Re Marriage of …

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NY Family Law: Imputing Income

Rincker Law Family/Matrimonial Law 2 Comments

The most common issues that arise in a divorce proceeding are financial ones and how to determine awards of child support and spousal maintenance.  Income is relevant to determining both of these awards. “In determining a party’s maintenance or child support obligation, a court need not rely upon the party’s own account of his or her finances, but may impute …

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