For many couples, Pension plans, IRAs, 401(k)s and other retirement plans represent a significant portion of their net worth. These assets are addressed as marital property in divorce settlement agreements, to be divided fairly, but not necessarily equally, according to New York’s Equitable Distribution Law. Even if the retirement account was initiated prior to the marriage, the portion earned by…
The luckiest man in the country may not be as fortunate as we thought! I was recently asked by the New York Daily News to discuss the legal obligations facing recent Powerball Jackpot Winner Pedro Quezada, including what this windfall means for his child support payments. Click here to read Newspaper article.
It may be difficult to emerge from divorce with your credit unscathed, but here are some “Dos and Don’ts” to help: Don’t: Think you can divorce your debts. While obligations acquired during marriage are marital property to be divided equitably, creditors are not bound by marital agreements. They can still hold you responsible for debts your spouse agreed to pay.…
One of the most contentious aspects of a divorce is dividing property. In one famous case, an enraged spouse cut the couple’s home in half with a chain saw. Fortunately, not all divorces get that out of hand. New York’s Equitable Distribution Law provides for the fair, though not necessarily equal, division of property in a divorce. This statute categorizes…
After divorce, finding someone new is a common goal – but actually tying the knot again is not. According to SmartMoney.com, fewer than half of divorced women and slightly more than half of divorced men are remarried – and those numbers are dropping. Marriage does offer legal and financial benefits over cohabitation, including the tax advantages of joint filing and…
When you’re making up your wish list for assets in your divorce settlement, chances are a vehicle will be somewhere near the top. Regardless of whose name is on the title, if the car was purchased during your marriage, it falls within the definition of marital property, and is subject to the Equitable Distribution Laws of New York. If you…
Selling a home in even the best circumstances can be stressful – and selling as part of a divorce settlement can be especially complicated. One spouse may focus on maximizing profits, for instance, while the other just wants the sale over with. And combative spouses sometimes want to get their last digs in by impeding the sale. Your settlement should…
Regardless of which spouse does the actual filing, initiating a divorce action in New York subjects both spouses to an automatic order – sometimes referred to as an ATRO, or Automatic Temporary Restraining Order. These orders effectively put a freeze on certain financial transactions in order to maintain the financial status quo of the marriage until the divorce is finalized.…
Sometimes a divorce is the only option. But don’t rush into it without doing a few things to protect yourself. If you are still communicating with your spouse, it may be smart to discuss a mediated divorce. If not, keeping the following in mind can help: Speak with an attorney. Many divorce attorneys offer free consultations. This is your time…
When you and your spouse decide you no longer wish to live together as husband and wife, you may file for a divorce or a legal separation. The main difference between the two options is that a legal separation does not dissolve the marriage legally and you cannot remarry until after you are divorced. There are benefits of a legal…