If you or your spouse owns a business and decide to divorce, an important issue is how that business may be divided. When parties divorce, their marital property is subject to equitable distribution. New York has specific rules governing equitable distribution, although the parties also have the … [Read more...] about Dividing a Business in Divorce When Both Spouses Work in the Business
How Are Proceeds from the Sale of the Marital Home Divided After Divorce?
After a divorce, it is common for the marital home to be sold unless one party wants to buy out the other party’s interest in the home, or if the couple has young children and the couple can afford to maintain the home for them. To the extent the party’s agree or there is a court order directing … [Read more...] about How Are Proceeds from the Sale of the Marital Home Divided After Divorce?
When Does Spousal Support End?
Spousal support or alimony is not meant to last forever. New York sets forth statutory guidelines for calculating the duration of support. The rules exist with the view that even in long marriages, the recipient spouse should eventually become self-supporting. Notwithstanding how long a divorce … [Read more...] about When Does Spousal Support End?
Should You Accept Spousal Support as a Lump Sum Payment?
In New York, spousal support awards in divorce are determined according to a formula set by statute. However, the parties still have the flexibility to negotiate their own terms. One option is for spousal support to be paid upfront in a lump sum rather than over time as a monthly amount. There are … [Read more...] about Should You Accept Spousal Support as a Lump Sum Payment?
What Rights Does a Spouse Have to Support While the Divorce Action is Pending?
Many spouses worry about paying bills while a divorce is pending and before a court orders spousal support. This is particularly true where one spouse has significantly less income than the other. In some cases, there may also be fear that the monied spouse will spend or hide assets to avoid … [Read more...] about What Rights Does a Spouse Have to Support While the Divorce Action is Pending?
Will Your Spousal Support Increase Once Child Support Payments End?
In many divorces, one spouse gets spousal support or alimony from the other. In New York, spousal support is calculated using a formula established by statute, although there is still room for the parties to negotiate the amount paid. The formula varies depending on whether the payee spouse is also … [Read more...] about Will Your Spousal Support Increase Once Child Support Payments End?