Financial advisors in an average divorce case will frequently recommend against keeping the family home after the divorce. In many cases, it will be too much of a burden financially for one spouse to continue keeping up with all the costs of home ownership on just one income. In recent years, however, holding on to the family home after a…
The overhauls to the tax system that went into effect last year have made matters a bit more complicated for divorcing spouses. Under the new system, alimony payments are no longer tax deductible for the person paying them, and are no longer considered taxable income for the person receiving them, which reverses a practice that had been in effect for…
For the small percentage of divorces that do go to trial, you can expect there to be some issues that will require at least a temporary solution before your trial date arrives. You and your spouse have the ability to make your own short-term agreements for certain hot-button issues related to your divorce, but a failure to agree on such…
One stipulation of your divorce might be that you will sell the family home and split the proceeds from the sale. But how much can you expect to reasonably make from the sale of your home? If you wish to get a realistic estimate of what your home might be worth, here are some strategies to employ. Hire an appraiser:…
Perhaps the most difficult part about beginning the divorce process is breaking the news to your children. At some point, however, it must be done, and it is important to do so tactfully and gently. Here are a few tips to help you properly break the news of your divorce to your children. Make sure you’re certain: You should not…
People spend their lives living together without marriage. Many believe that this is without significant entanglements. They are wrong. There are great dangers to living with someone and, there are dangers that you would never see coming. In 2010 there was the update to the matrimonial law which came into effect in 2016. It changed maintenance and alimony provisions to…
The holiday season is officially here. If this is your first holiday season after a recent divorce, it’s understandable to feel a little extra stress this year. After all, some of your traditions are likely to be upended. You may have to spend some of the season away from your kids. This might also be the first time you’ve seen…
The holiday season is upon us, and while it can bring plenty of excitement and joy, it can also come with a lot of stress and turmoil. You may have heard that the number of divorces peaks during the holiday season—but is this true? Here’s what the research says. Holiday stress and divorce statistics One study looked at divorce filings…
Supervised visitation occurs when a noncustodial parent visits with the child only when supervised by another adult. This type of arrangement is set to ensure the child’s safety while also supporting an ongoing, positive relationship between the parent and child. Situations in which a court might prescribe supervised visitation include: If there has been a history of emotional, physical or…
After you’ve spent years contributing to your pension, the possibility of losing half of it to your ex during a divorce may seem a bitter pill to swallow. But a pension is considered marital property in New York and thus subject to equitable distribution, so relinquishing part of your pension is nearly unavoidable. Equitable means “fair,” not “equal,” and there…