Bottom line- money disputes fuel divorces. While the parties fight for every penny in dividing the marital assets, the parties often fail to tax impact their settlements. The failure to consider taxes could “steal defeat from victory.” Here are five tax tips that should be considered before entering into a divorce settlement 1.While two…
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Court Rules There Is No Defense To New York’s No Fault Divorce
There is now some uncertainty as what required in order to obtain a divorce when New York’s “no fault” ground is contested. A no-fault divorce will be granted in New York when, “The relationship between husband and wife has broken down irretrievably for a period of at least six months, provided that one party has…
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New York’s Temporary Maintenance and Child Support Laws Cause a Redistribution of Income
Cases applying New York’s temporary maintenance and counsel fee award laws enacted last year are beginning to trickle in. The recently decided case of J.H. v. W.H. illustrates how an award of temporary maintenance and child support will lead to a re-distribution of income. In the case, the husband and the wife had incomes of…
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Five Lessons from the “Divorce Wars.”
CNBC aired a show the “Divorce Wars” about high net worth divorces. From the broadcast, as reported by Melissa Francis, five distinct lessons emerge about divorce. 1. Cheating Does Not Matter. All states, including New York, have some form of no fault divorce. As a result of no-fault divorce, adultery and other fault grounds are…
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