In divorce wars, there is a potential new battle over pets. The New York State legislature has passed a bill addressing who gets custody of pets in divorce. The bill has not been forwarded to the Governor as yet and it remains to be seen whether the new Governor will sign it. However, if it is … [Read more...] about Who Gets Custody of Pets in Divorce?
What Are Your Obligations to Maintain Property During the Divorce Process?
Once a divorce action is filed, the couple’s financial relationship changes even though the marriage is still intact legally. This has important ramifications for both parties as it affects what is considered their income, expenses and assets. Generally, filing for divorce begins the process of … [Read more...] about What Are Your Obligations to Maintain Property During the Divorce Process?
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?
What Are Your Rights to Your Spouse’s Stock Options in Divorce?
When spouses file for divorce, their marital property will be equitably distributed between them with equitable not meaning equal but fair under the circumstances. Generally, it is simple to determine whether an asset constitutes marital property. However, in the case of stock options, it may be … [Read more...] about What Are Your Rights to Your Spouse’s Stock Options in Divorce?
What Should You Do If Your Spouse Puts Marital Assets into a Trust Without Your Consent?
Generally, trusts are considered the separate property of the spouse named as beneficiary. However, that is not true if the assets in the trust contain marital property. The distinction between marital and separate property is important because only marital property is subject to equitable … [Read more...] about What Should You Do If Your Spouse Puts Marital Assets into a Trust Without Your Consent?
Are Trust Assets Marital or Separate Property in Divorce?
In a divorce, the laws of equitable distribution distinguish marital property from separate property. Technically, only marital property, that is, property acquired after the parties’ wedding date, will be divided between the parties in a divorce. Separate property, that is, property that is … [Read more...] about Are Trust Assets Marital or Separate Property in Divorce?