For many, divorce is not just the end of a marital relationship, but also a departure from the home where they lived for many years. Some divorcing spouses who do not receive possession of the marital home choose to rent an apartment or house while they go through this major transition. However, it often makes… Read More »
Some people seek a completely new start when they divorce their spouse. There are many different ways to do this. One billionaire moved halfway around the world when his marriage ended, but his wife suspects that he didn’t make that major life change for emotional reasons. As the founder of Zoho, a business software company,… Read More »
In most divorces, marital property is held in the name of one or both spouses. This often makes property division a relatively straightforward albeit sometimes contentious process. In recent years, however, a growing number of New York divorces involve property — specifically marital homes — that are held in the name of third parties. How… Read More »
The term “equitable distribution” refers to a system of property division in which the court divides marital property in a fair, equitable manner—not necessarily one that is equal. Some of the considerations the court will take into account include: The length of the marriage The age and health of each spouse The amount of money… Read More »
Marital property is a legal term used in divorce law in the United States that refers to any property acquired during the course of the marriage. Any property a person owned before entering the marriage is classified as separate property, and property such as inheritance or gifts are also considered separate property, even if acquired… Read More »
More married couples today are opting to forego getting joint bank accounts to keep their finances separate after marriage. There are plenty of pros and cons to either approach, however it is important to note that if your marriage ends in divorce, having separate bank accounts will not protect the assets you place in them,… Read More »
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… Read More »
Anyone who goes through a divorce will be subject to all of the standard processes associated with getting divorced, including the division of marital assets. This division is to be “equitable,” but not necessarily equal. The general idea is that it will be a fair division that distributes assets in such a way that both… Read More »
In 1985 the New York Court of Appeals started a case called “O’Brien v. O’Brien” this case has a “progeny” of cases that further define it and solidify it. The case stands for the proposition that “an interest in an professional career is marital property which can be represented by direct or indirect contribution (even… Read More »
After you get married, all of your property gets classified either as marital property (also known as community property) and non-marital property (also known as separate property). Marital property is any property gained after the marriage, while separate property is property that you owned before the start of the marriage. There are certain types of… Read More »