Family businesses make important contributions to New York’s economy. And as you can imagine, it takes years of hard work to build a successful family business. When a marriage comes to an end through divorce, however, the thought of losing a family business can...
Divorce
Does wealth reduce or increase divorce odds?
It’s very true that divorce and finances are tied closely together. One of the top reasons for divorce is when couples are facing financial stress. For example, 54% of Americans would consider divorce if their partner had debt. This makes it seem like the main reason...
Unique challenges inspired by grey divorces
Grey divorce, a term for couples divorcing after the age of 50 following a significant period of marriage, has become increasingly common. Those going through a grey divorce face unique challenges that are often more complex than those that younger couples typically...
How people sometimes hide assets in divorce
The unfortunate reality is that people are not always honest in divorce. Technically, everyone is supposed to be completely transparent about the assets that the family owns. They disclose these assets to the court, which then assists with property division. But...
Which assets should you prioritize during divorce?
If you’re going through a divorce, the division of your marital assets is going to be one of the most consequential steps in the process. Prioritizing which assets to focus on during negotiations or litigation can significantly impact your financial stability and...
How much of a retirement account is at risk during divorce?
Adults contemplating divorce in New York often worry about the financial risks. The equitable distribution property laws in New York require people to divide income and assets obtained throughout the marriage with their spouse in a fair manner. People have to divide...
3 ways to protect separate property when divorcing in New York
Getting divorced in an equitable distribution state like New York gives a court the authority to divide marital property in a manner it deems fair (not necessarily equal). Courts strive to create a balanced arrangement, but they do not always get it right, meaning you...
Financial difficulties can result in divorce
One frequent issue that many people have in their marriages is financial difficulties. Nearly every married couple has a few conversations about finances, however, these are often worked out. If a financial issue isn’t resolved and causes constant fights, then couples...
Do you have to sell your business in a divorce?
You and your spouse are getting divorced, so you know that that means it’s time to divide your assets. Marital property has to be split up between the two of you. Separate property is often just retained by the owner. The problem is that some of that marital property...
Parallel parenting: Considerations for this parenting style
Separation or divorce often challenges parents to determine the most effective child custody arrangement. Traditional co-parenting strategies may not always be feasible, particularly in high-conflict situations. In such cases, a form of co-parenting known as parallel...