What Can Turn Separate Property Into Marital Property in a Divorce?
In a New York divorce, marital property is subject to division through the process known as equitable distribution. Separate property generally remains with the spouse who owns it. However, the classification of an asset as separate is not always permanent. Over the course of a marriage, actions taken by one or both spouses can convert… Read More »
What to Consider Before Keeping the Marital Home in a Divorce
When couples divorce in New York, their home is usually among the assets that must be divided between them. However, either spouse or both may wish to keep the home. This may be driven not only by economic concerns but also by emotional attachment. Whatever the reasons, deciding to keep the home requires consideration of… Read More »
How N.Y. Courts Decide if Property Is Marital or Separate
In a New York divorce, determining whether property is marital or separate directly impacts the equitable distribution of assets. Under New York law, marital property is generally defined as any property acquired by either spouse during the marriage, regardless of whose name is on the title. On the other hand, separate property includes assets that… Read More »
What Information Must You Disclose in a Divorce?
Early on in your divorce, you will go through the process of “discovery,” in which you, your spouse and your attorneys gather as much information as you can. During this process, you will need to make some mandatory disclosures. This is information you are required to provide by law. Before mandatory disclosure rules existed, divorcing… Read More »
Wife Seeks New York Divorce to Retain Expensive Gifts from Husband
The difference between a divorce in New York and one tried in Monaco could be $70 million for Tracey Hejailan-Amon, according to a recent story in the New York Post. That is roughly the value of gifts her husband, Swiss businessman Maurice Alain Amon, gave her during their eight-year marriage, when the couple had homes… Read More »
Can I Keep My Small Business During a Divorce?
Even for families in relatively simple financial situations, divorce brings up questions about money. When one spouse owns a business or part of a business, financial considerations often become even more complicated. Under the laws of the state of New York, courts divide marital property using a method known as equitable distribution. This means that… Read More »
Debt Questions During Divorce
If you are anticipating divorce, you are no doubt apprehensive about the division of your marital estate. After all, your future financial security depends greatly on the equitable distribution of your property. However, if you are like many of our clients who were hurt by the housing crisis or the stock market collapse circa 2008,… Read More »
New York Family Law Reform Says Professional Degrees Are Not an Asset Subject to Equitable Distribution
In a 1985 divorce case, O’Brien v. O’Brien, New York broke new legal ground when the state’s highest court decided that a professional degree or license earned during a marriage was a marital asset subject to equitable distribution. However, in the three decades since, few jurisdictions chose to follow New York’s lead, and the decision… Read More »
How Professional Degrees Impact Divorce
A professional degree, certification or license is more than a piece of paper. It is a gateway to an enhanced income and better life. Moreover, while only one person’s name can be on a degree, others — especially a spouse — may have contributed greatly to making it possible. That is why professional degrees can… Read More »
Splitting Assets and Dividing Debts in Divorce
Many divorcing spouses wonder why they are not entitled to an exact 50 percent split of the household assets, but what they do not realize is that courts divide assets equitably in a divorce — not necessarily equally. Courts consider a variety of factors when deciding how to divide family belongings. A good lawyer can… Read More »