When a couple is divorcing, disposition of the marital home can be one of the biggest issues of contention. The house is often the parties’ most valuable asset, but the home mortgage may be the couple’s largest liability. Issues arise when one of the parties wants to keep the house. In the best case scenario...
People contemplating divorce are often worried about how their property will be divided. This concern may be heightened in certain circumstances, such as when children are involved or when one of the parties does not work outside the home. In New York, property is first identified, then classified as either marital or separate property. Then,...
If you’ve never been through a divorce before, the realities of the process will understandably be unfamiliar to you. If you are considering divorce and trying to learn about how a New York divorce works, you may get advice or supposed facts from friends, family members, your hairstylist, or someone at the gym. There’s a...
Supporting your family is an honorable thing, encouraged by society and, for those going through a divorce, mandated by law. But, supporting a secret second family at the expense of an existing marriage will be treated as less than honorable. In fact, a recent New York case held that diverting resources to support a second...
You plan for your future and invest in your pension for your retirement. But, when your future no longer involves your spouse, what happens to those retirement benefits that were to be used for your mutual golden years? Quite simply, all retirement benefits earned during the marriage are divided pursuant to New York’s equitable...
As part of a divorce, the marital home is generally sold. But, in view of the slow down in the home sales market, it is possible that the proceeds from the sale of a home may be insufficient to fully pay off the mortgages on the property. In a prior post, I explored the option...
The martial home is often the most valuable asset to be dealt with in a divorce. Generally, one of three things can happen to the martial home as part of the divorce: it is sold on the open market, one of the spouses buys out the other spouse’s interest, or one spouse is allowed to...
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