New York is an equitable distribution state, which means that during divorce litigation, property acquired during the marriage is typically considered marital property and subject to equitable distribution between the spouses. However, separate property may be...
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Property And Asset Division
3 questions to answer about marital homes during New York divorces
Someone who is preparing for divorce in New York likely has a lot of issues to address. There are the immediate practical needs of establishing separate finances and obtaining the right support for divorce proceedings. People also need to learn about state rules so...
The rules about pets in New York divorces have changed
Certain issues that commonly come up during divorce are likely to cause conflict. Any matters that trigger people's emotions have the potential to cause intractable disputes. Many divorcing couples find that their pets become a hot-button issue during their divorces....
The problem with commingling your inheritance
When you first receive an inheritance, it likely belongs only to you. Even if you’re married, your parents can give the inheritance to you as a separate gift that is not intended for both you and your spouse. This makes it a separate asset, rather than one that is...
What are the limitations of a prenuptial agreement?
A prenuptial agreement, or prenup, is among the most effective tools that couples can use to outline their prospective division of assets and liabilities in the event of divorce or death. It comes in handy for protecting certain assets and financial interests that...
How can you convince your adult child to get a prenup?
Prenuptial agreements are on the rise for Gen Z. Over 40% of those who are engaged or married say they’ve gotten one. If your adult child isn’t among them and is engaged or in a serious relationship, you’re not alone if you’re worried that family assets could be at...
What is a transfer incident to divorce?
A transfer incident to divorce is an important aspect of the financial proceedings in a divorce. It refers to the process of transferring specific retirement assets between spouses as part of a divorce settlement without incurring tax penalties that typically...
Can a QDRO make child support payment or collection easier?
A Qualified Domestic Relations Order (QDRO) is a legal order issued by a court that provides for the division and distribution of retirement assets in a divorce or separation case. While QDROs are primarily used to deal with the division of retirement benefits, they...
Who drafts the QDRO during a New York divorce?
Professional couples in New York contemplating divorce have to address numerous different resources when negotiating with one another or presenting their case to a family law judge. Retirement savings are often a sticking point in divorce negotiations, as both spouses...
What happens to the marital home after the divorce?
When a marriage is broken beyond repair and the couple decides to divorce, one of the subjects they will need to address is the division of the marital property. Per New York’s marital property laws, this refers to the equitable distribution of any asset or debt...