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Full transcript by Alexandra M. Maxwell below.
New York is an equitable distribution state. Generally speaking, the longer the marriage, the more likely that the courts will divide the marital estate equally.
That being said, if the non-custodial parent owns a business and the custodial parent wants to stay in the marital residence with the children, marital assets do not need to be divided 50/50 in kind. Meaning, that one spouse can keep the business and the other spouse can keep the residence assuming they're of approximately equal value.
Marital lifestyle absolutely plays a role in the determination of spousal and child support. The New York matrimonial statute uses income caps for calculating support. However, courts have leeway to deviate from those caps in high-net-worth scenarios in order to provide spousal support and child support which will allow the non-moneyed custodial parent to afford themselves and the children a lifestyle commensurate with the marital lifestyle if possible.
