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Breaking Up Is Hard to Do

New York Family Law Blog

Filling out your Statement of Net Worth for divorce

If you are approaching a divorce and you have a high net worth, there are various facets of ending your marriage you need to consider. From custody to financial matters, the way in which you approach this process will have a significant impact on your future. Moreover, you need to make sure you familiarize yourself with various financial topics that arise due to divorce, such as filling out a Statement of Net Worth form.

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Protecting inherited property from division in divorce

In divorce, it isn’t always easy to determine beforehand how property will be divided up. One of the reasons for this is that states have different rules regarding division. In addition, general rules pertaining to property division often have exceptions that can apply depending on the circumstances. Take property received by inheritance, for example.

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What makes property division harder for same-sex couples?

Due to the landmark Obergefell v. Hodges decision by the Supreme Court, same-sex couples have the right to marry. With the right of marriage also comes the right to end it. While you may expect your same-sex divorce to go off just like other divorces, you may find dividing your marital property will prove more challenging than you thought.

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How are retirement plans split during a divorce?

Splitting assets is hard enough during divorce. When it comes to retirement accounts like IRAs and 401(k)s, the problem becomes even more complex. Unlike other assets, special considerations must be made. There are a few methods to divide retirement accounts during a divorce. The following strategies are effective for many couples, and they might also be right for you.

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What are some signs of financial infidelity?

If you have a spouse who hides assets, spends money in secret and lies about it then he or she committed financial infidelity. This is especially problematic for couples with combined finances as one spouse can unknowingly be suffering from their partner’s financial mistakes for potentially months or years and may not figure it out until it is too late.

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Dividing business interests in a divorce can be a complex process

As a business owner on the cusp of divorce, determining how the entity figures into the settlement could cause more contention than all other assets combined. New York is an equitable division state, which typically means the property split, while fair, is rarely equal.

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How your second marriage can benefit from a prenuptial agreement

The financial stakes in a second or subsequent marriage are often high because you have accumulated significant assets and possibly have children from a previous relationship. While getting remarried offers a fresh start in many ways, it may also have additional challenges.

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4 questions business owners should ask while planning their estate

After building a company and making it a success, business owners may want to use their estate plan to protect the business they have built and provide for their family. This is especially important for those who run a sole proprietorship, partnership, practice or other business that is largely dependent on its owner.

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Going over the advantages of special needs trusts

Those creating an estate plan have many issues to think about, whether they do not know how to distribute property among their loved ones or they are unsure if a certain type of estate plan is the smartest strategy. If you have a loved one with special needs, you have additional issues to take into consideration.

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Planning for an international estate

Legal processes such as estate planning can have nuances, with details changing for each case depending on what prospective planners want to achieve with their plan. Add international law to the mix and the complexity spikes. When people want to establish that their legacy persists and their property remains in the control of close relatives or chosen heirs, international estate planning lowers the hassle and confusion.

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