When one spouse owns a business in his or her name only, the other spouse is still entitled to a share in the value of the business in divorce. The rules governing how that share is calculated is set forth in New York statutes. The law considers various factors including when the business was … [Read more...] about How Do Indirect Contributions to a Business Affect How the Business is Divided in Divorce?
What Happens to Health Insurance Coverage During and After Divorce?
When one spouse gets health insurance coverage from the other spouse, losing that coverage can have serious implications. Health insurance is expensive, especially for an individual policy as opposed to one from an employer. Because of the high cost, it is important to understand the rules governing … [Read more...] about What Happens to Health Insurance Coverage During and After Divorce?
Dividing a Business in Divorce When Both Spouses Work in the Business
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?