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The general rule in New York is that all property acquired during a marriage and before the commencement of a matrimonial action or signing of a Separation Agreement is subject to “equitable distribution.” In other words, marital property. How property is titled is immaterial.
One of the most practical details to consider during divorce is insurance. You likely have auto, health, homeowner’s, and life insurance with your spouse, but divorce will change all that. Get an idea of what to do about your insurance coverage when you get divorced.
If you are nearing the end of your divorce case, you should consider a few ways to improve your financial standing. You need to make sure you and your children are in good shape financially, and that tax time will not be impossible after the divorce. Consider a few tips to follow.
Divorces are very complicated and can take a huge emotional toll on you. The last thing you need is for your divorce to be a financial disaster as well. One of the biggest questions on everyone’s mind during a divorce is ’How are we going to split our assets?’ Unfortunately this is a complex question because it varies from case to case due to state laws, judges and each individual situation.
Volumes have been written on how to handle your finances. We are going to try and cover it all, so fasten your seatbelts. Set priorities. Sit down with a cup of tea and think about what it is that you want in life.
There are many questions about a marital residence that you may ask at the time of divorce. Here are the typical questions that arise and how they may be best addressed.
It is well settled that one spouse may be required to support another spouse, during and after the divorce, to meet the reasonable needs of the recipient spouse under New York law. In divorces cases in which one spouse is an immigrant, New York courts often consider the U.S citizen or permanent resident spouse’s financial responsibility imposed by both New York state law and federal immigration law when deciding maintenance and equitable distribution of marital property.
If you suspect that your spouse is planning a divorce, make copies of all important financial records such as account statements (savings, stockbroker, real estate partnership) and data that relates to your marital life style (checking accounts, charge card statements, tax returns).
Comprehensive Knowledge of Individual Finance - The financial planning process begins with gathering of data and coordination of financial information with other professionals such as stockbrokers and business accountants to produce a complete analysis of the current financial position.
Prior to Divorce Proceedings Before the spouse is served the request for divorce, the initiator of the action should follow specific steps in order to gather asset documentation and expense figures. Once the action has commenced, the opposing party generally changes the mailing addresses of statements, and makes provisions so that fewer assets will be known by the non-financial oriented/non owner spouse or withholds any/all information.
Divorce is wrought with extreme emotional and financial turbulence. Histories that bound families, friends and home life are disrupted. Standards of living are often changed, not just for spouses but for the children as well.
Married couples typically file joint tax returns. The husband and wife are responsible jointly and individually for payment of correct taxes on their taxable income. One spouse may contribute little or no income but will still be liable if the other spouse understates or makes an underpayment of the amount of income tax due.
It is strongly recommended that before any settlement agreement is finalized, that the parties consult with a tax attorney or tax accountant to review the tax consequences of the agreement.
New York is an equitable distribution state which means that in a New York divorce the court divides marital property equitably between the parties, unless a written settlement agreement is achieved. All property in the divorce case is either separate property owned by the individual, or marital property owned by the married couple.
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