Is Financial Stability Important in Custody Decisions in New York?

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Divorces or separations in general can be a harrowing, stressful experience. When you add a child to the mix it can become messier and sometimes even hostile. In New York courts, the goal is to keep in mind the best interest of the child. If one parent makes significantly more money than the other, it may be assumed that the higher-earning parent will be granted custody. Financial stability is of course an important factor in determining custody. A stable environment is paramount in the development of a child. However, there are a multitude of factors at play when a court makes such an important decision.

It is crucial that you are aware of your parental rights and fully understand the decision being made. To ensure the best possible outcome for you and your child, contact a Suffolk County child custody lawyer to find out how they can help with your custody case.

How Important is Financial Stability in Custody Decisions in New York?

There is a big misconception that whichever parent makes the most money will automatically be awarded custody of the child. Yes, the finances of both parents are considered by the court when deciding which custody arrangement will work best. Studies show that stability in childhood is essential to enable the child to thrive developmentally, academically, socially, and emotionally. Having a primary parent that can provide adequate monetary support is part of that. However, that is just one of many factors. Financial stability does not always mean stability in other areas of life.

A parent may be financially stable but lack the capability to provide the child with a safe home or the emotional stability they need. If one parent is not financially stable or not as financially stable as the other, they may still be awarded custody after examining other factors such as the relationship with their child, living situation, or their mental and physical well-being.

What Other Factors Are Considered?

Each family is different, so no custody case will look the same. With that being said, some factors are generally used to determine the best arrangement for the child. Some of these factors include:

  • The child’s age
  • The relationship the child has with each parent
  • If the child has special needs
  • Whether or not one parent poses some sort of risk to the child
  • Each parent’s mental and physical health
  • Whether or not one or both of the parents live in an area better suited for the child’s education, extracurriculars, friends, and family
  • The ability of each parent to meet the child’s needs in all capacities including financial and emotional needs
  • Depending on their age, the child’s preference

Clearly, a lot of information is taken into consideration when deciding on custody, not just each parent’s financial stability or lack thereof. When facing a matter of child custody, you need an experienced child custody attorney in your corner.

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