In this episode I interview New York City divorce attorney Morghan Richardson, who comments on the recent state senate ruling which DRAMATICALLY slashes the income cap used for calculating alimony payments from $543,000 to $175,000 — plus factors in child support into the calculations.
Bottom line: Rich, lesser-earning spouses — nearly always wives — of rich men in New York can no longer expect big, fat alimony checks. Judges — especially female judges, Richardson observes — are telling stay-at-home moms to get jobs. “They have very little sympathy for people who are not learning in,” says Richardson. “Women on the bench worked extremely hard to get there, and they have less sympathy for somebody focused only on family life.”
I also interview Dana Lin, a California mom of two who turned down significant alimony and child support when she divorced — even though she;d been a stay-at-home mom and had little earning potential at first. Things were so dire she couldn’t afford to eat some days. But today Lin is grateful for her decision, which she says pushed her to take professional risks that paid off – check out this amazing business she created, ZenLive Services. Lin also credits her positive co-parenting relationship with her ex, who she says has dramatically improved his involvement with their kids, in part because there is no money complicating their arrangement.
Emma Johnson is a veteran money writer, noted blogger, bestselling author and an host of the award-winning podcast, Like a Mother with Emma Johnson. A former Associated Press Financial Wire reporter and MSN Money columnist, Emma has written for the New York Times, Wall Street Journal, Forbes, Glamour, Oprah.com, REAL SIMPLE, Parenting, USA Today and others.
The Kickass Single Mom: Be Financially Independent, Discover Your Sexiest Self, and Raise Fabulous, Happy Children (Penguin, 2017), was a #1 bestseller and was featured in hundreds of media, including The New York Times, Wall Street Journal, Fox & Friends, Oprah.com and the New York Post, which named it to its ‘Must Read” list.
Her popular blog Wealthysinglemommy.com, and podcast Like a Mother, explore issues facing professional single moms: business and career, money, sex, relationships and parenting. Emma regularly comments on these topics for outlets such as CNN, Headline News, New York Times, Wall Street Journal, Fox & Friends, CNBC, NPR, TIME, MONEY, O, The Oprah Magazine, Woman’s Day, The Doctors, and many more. She was named Parents magazine’s “Best of the Web,” one of “20 Personal Finance Influencers to Follow on Twitter” by AOL DailyFinance, “Top 15 Personal Finance Podcasts” by U.S. News, and “Most Eligible New Yorkers” by New York Observer.
A popular speaker on gender equality, Emma presented at the United Nations Summit for Gender Equality.
Emma grew up in Sycamore, Ill., and lives in New York City with her children.