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Breaking Up Is Hard to Do

New York Family Law Blog

Optimizing an inheritance through careful planning

When people in New York receive a large inheritance whether they were expecting it or not, the way they utilize their gift is instrumental in determining how meaningful and beneficial it is. Careful, strategic planning and proper utilization of funds may provide heirs with an added appreciation for a generous gift.

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What is collaborative divorce?

The word divorce often conjures up images of courtroom battles. There is no doubt that divorce can end up being a very bitter legal process in some cases. However, there are multiple ways to go through divorce. Particularly for those looking at a high asset divorce, cost can be a big concern. Some divorces can cost thousands of dollars in both time and treasure to complete.

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Do investments matter when choosing a power of attorney?

While planning your estate and deciding on a power of attorney, did you account for your investments? Having a financial POA is undoubtedly essential, but careful planning is especially vital when you have investments to think about. To help you make a favorable decision for your financial future, and your heirs’ financial future, see what FINRA has to say on the matter.

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Divorce and your estate plan

If you are approaching or in the midst of a divorce, you know how hard it can be to figure out how to split assets with your spouse. At this time, it is essential that you seek a divorce agreement that protects your financial future and the financial future of your children as well.

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What challenges might we face dividing assets in a gray divorce?

Gray divorce is something that used to be quite rare. Couples usually avoided getting a divorce once they reached their senior years, but in today’s world, divorce for the older generation is not something to avoid anymore. As couples end marriages lasting 30 or more years, it brings up a new set of challenges that do not happen when younger couples divorce.

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Can spouses revoke a prenuptial agreement after marriage?

Prenuptial agreements help couples determine what will happen to the parties’ assets in the event of a divorce or a spouse’s death. According to an article in Business Insider, there is an increase in the number of prenup agreement requests among Millennials. Unfortunately, some couples are so excited about the marriage that they make decisions such as signing prenups without giving it much thought. 

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Custody and visitation rights for same-sex couples during divorce

If you are a same-sex couple going through a divorce with children, you may have questions about who has custody or visitation rights. The fear that you may not be able to see your children as a nonbiological parent is a real concern that many same-sex couples deal with during separation or divorce.

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Limiting estate tax liability

Estate planning experts in New York will confirm that one of the main goals of the estate planning process is to ensure that people are able to leave as much to their beneficiaries as is possible. That includes taking advantage of those opportunities to limit liabilities being assessed against one’s estate. One of the most prominent facing estates is estate taxes, yet with careful planning, that impact can be limited.

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Untangling tax issues after divorce

Untangling tax issues after divorce If you separated from your marital partner or divorced your spouse in 2019, you probably have questions about how this could affect your tax filing. As the first quarter of 2020 arrives, careful planning can help you avoid costly mistakes.

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Do you need a postnuptial agreement?

In New York, prenuptial agreements between spouses are common. This is a great way to protect your assets and wealth. However, postnuptial agreements may also be an option for you. 

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