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Breaking Up Is Hard to Do

New York Family Law Blog

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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Postnuptial agreements and spousal debt

A New York resident seeking to get married probably does not want to marry the debt carried by a new partner. Some people worry that if they divorce a spouse with debt, they will be on the hook for some of that debt as well. Still, in the event a person does marry a spouse who is carrying debt, the couple can still address the issue with a postnuptial agreement.

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A postnuptial agreement can save your business

If you are a New York resident in a second or third marriage, revisiting your estate strategy may be beneficial. Unlike most first marriages, subsequent unions may include significant asset accumulation. At Adria S. Hillman, Attorney at Law, P.C., we often help clients protect their assets in the even their union ends.

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Should I worry about estate plan taxes after 2025?

If you have a large estate in New York, one of your main concerns is likely about taxes. You want to minimize the taxes your heirs will pay when they receive their inheritance. When dealing with large amounts of money, taxes could take a good portion of that money. To maximize the benefits for your heirs, you always have to think about the tax impact.

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Is your spouse hiding assets?

As half of a New York couple with very high assets, you will likely run into problems that other individuals without as many assets simply won’t have to face. For example, the higher the assets are in a divorce, the more likely it is that a spouse may try to hide assets from you during the dividing process.

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