“Gray Divorce” and Its Financial Implications
While divorce rates in the U.S. have stabilized overall and in fact have declined in younger age groups, the divorce rate for individuals aged 50 and older has more than doubled since the 1990s. This phenomenon — called “gray divorce” — often presents unique financial challenges. There are varied reasons for gray divorce, such as… Read More »
Your Remedies in a Divorce if You Think Your Spouse is Hiding Assets
In New York divorce cases, the principle of equitable distribution applies, which means marital property is divided fairly though not necessarily equally. Marital property generally includes all assets and debts acquired during the marriage, regardless of whose name they are held in. Each spouse has a legal duty to fully disclose their full financial information…. Read More »
How to Keep Your Health Insurance From Lapsing After a Divorce
Divorce can significantly impact health insurance for a spouse covered under the other spouse’s plan. In New York, health insurance coverage cannot be terminated while a divorce is pending without the court’s permission or the written consent of the other party. However, most plans cease covering a spousal beneficiary immediately upon divorce. If you are… Read More »
Common Parenting Time Arrangements After Divorce
In a divorce, parenting time — also known as visitation — is an essential part of a child custody arrangement. A New York court deciding on allocation of parenting time will focus on what is in the child’s best interests, weighing such factors as the child’s age, their relationship with each parent and the ability… Read More »
How Retirement Accounts May Be Divided During a Divorce
The nest egg you’ve put away for retirement is the product of your hard work and careful savings over a lifetime, and you might think it is yours alone. But in a New York divorce, retirement accounts are considered marital property to the extent they were accrued during a marriage. As such, they are part… Read More »
Spousal Maintenance in New York
Spousal maintenance, sometimes called Alimony in other jurisidctions, is a court-ordered payment that one spouse makes to the other after a divorce. The purpose of maintenance payments is to help the receiving spouse maintain their standard of living during the transition to being single. Factors Affecting Maintenance Awards A number of factors can affect the… Read More »
Special Considerations for High Net Worth Divorce
High-net-worth divorces typically require special consideration, compared to the average divorce. While there is no strict definition of a high-net-worth divorce, today’s high-net-worth divorce typically involves several million dollars in assets. Factors affecting high net worth divorces Successfully navigating a high-net-worth divorce requires careful planning and professional guidance. Here are some factors your attorneys will… Read More »
Understanding Fault vs. No-Fault Divorce
In order to get divorced in New York, spouses must have a legally acceptable reason for ending the marriage. This is typically expressed in terms of fault. What’s the difference between “fault” and “no-fault” divorce? Fault vs. no-fault grounds for divorce The choice between fault or no-fault grounds for divorce can significantly impact the process…. Read More »
What’s Not Allowed in a Prenuptial Agreement?
Prenuptial agreements are valuable tools that can provide clarity and structure while potentially reducing conflicts. However, it’s important for couples considering a prenuptial agreement to understand the legal boundaries that govern them. Prenups are legally binding contracts between two individuals who intend to marry. This agreement outlines how various aspects of property division and support… Read More »
What Are Grandparents’ Rights?
Life-altering changes in the family, such as divorce, separation or the loss of a parent, can strain a relationship with grandparents. In other cases, the parents and grandparents may simply not appreciate a grandparent’s influence. In New York, grandparents have limited legal rights when it comes to seeking court-ordered visitation with their grandchildren—at least in… Read More »