Individuals in New York who are going through a divorce will need to prepare for a new financial reality after the marriage officially ends. Ideally, a divorced person will create a budget that reflects his or her current circumstances. It is a good idea to consider...
High Asset Divorce
How taxes can affect assets in a divorce
New York residents who are ending their marriage may want to familiarize themselves with some of the laws regarding divorce, particularly before taking action to sell off a marital property home or other joint assets. Though a good family law attorney or financial...
Prenups are rarely ironclad
Robert De Niro is famous for his long and celebrated acting career thanks to such films as “Raging Bull,” “The Deer Hunter” and “Meet the Fockers.” Despite his fame, De Niro closely guards his privacy, so he is likely not happy that...
The do’s and don’ts of marital property
Property division can be a serious point of contention when couples get divorced. Here in New York, marital property is divided in a fair and equitable manner while an individual's separate property remains theirs wholly. The wrinkle is that couples who bring their...
Using cryptocurrency to hide cash
Digital currencies or cryptocurrency have been around since 2009, with Bitcoin being the most popular of a pool that includes thousands of others. While they have surged in popularity, critics worry about the unregulated nature of these markets. Essentially cash...
Jeff and MacKenzie Bezos file for divorce
News of Jeff and MacKenzie’s split ricocheted around the internet last January. Worth an estimated $137 billion, the world’s richest couple split up after 25 years of marriage. To the surprise of many, there was no prenuptial or postnuptial agreement. The...
How are pensions divided in a divorce?
Divorce is an emotional event, and the couple tends to get emotional about how money and property is divided during a divorce. That’s why it’s beneficial if, whenever possible, a formula can be used to determine exactly who gets what. Such is the case with...
World’s richest couple did not have a prenup
News of Jeff and MacKenzie Bezos's amicable divorce took the internet by storm when they made the announcement early in 2019. Media outlets picked up on the story of the Amazon CEO's impending divorce with even President Trump weighed in. The reason was the...
Automatic Temporary Restraining Orders freeze the estate
Restraining orders have an ominous sound to them because of the association with assault and physical or psychological abuse. However, New York State and others utilize s (ATROS) when a couple files for divorce. The general premise is to have the couple put their...
What happens to a business in a divorce
Upon the dissolution of marriage, marital assets are divided in a fair and equitable manner. Like it or not, a business qualifies as a marital asset unless it fits into one of the following categories: It was acquired or started before the marriage It was inherited or...