Law Offices of Kristine M. Demo-Vazquez, P.C.
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Plan at the start of school year to avoid family disputes later

Back to the routines, the packed lunches, the pickup and drop-off coordination and the signup sheets-its back to school time across the country and New York residents are probably trying to ease their children as well as themselves back into the routine. One way to ease the transition is to get together with a former spouse and try to plan the next year in advance as much as possible to avoid child custody or support disputes that could soil the amicable relationship divorced parents are trying to maintain.

The school calendar is pretty much laid out for parents at the beginning of the year-breaks, early dismissals and days off are pointed out and should be planned for. Who will have the kids on which day off and who is going to manage those childcare expenses? Additionally, who will be with the children if they get sick and need to be picked off and who is going to cover those expenses? What activities is the child signing up for and who is going to transport the child to and fro these activities? These need to be sorted out as much as possible in the beginning of the school year and shared between parents.

Can I receive spousal support during my divorce proceedings?

One common worry a person going through a divorce may have is that they are not earning enough to be able to support themselves, and therefore are not financially independent. Spousal support, also known as alimony or maintenance, is one way a spouse can continue to receive financial support after their marriage ends from the spouse who earns more money, so the receiving spouse has the ability to gain the skills necessary to become self-sufficient.

Though the common belief is that maintenance begins after the divorce is finalized, in New York courts can also grant temporary maintenance while the divorce case is pending. The aim of this is to provide the receiving spouse with immediate financial assistance by taking into account the standard of living the couple was accustomed to before the marriage ended. This form of support lasts until the judge makes a final maintenance order.

Are you ready for big changes in alimony law?

Working through the complex process of divorce is rarely easy, but for those who deal with alimony, now is definitely time to pay attention to the details. On January 1, 2019, major changes in the federal tax code take effect, and the impact on future alimony payers is significant.

For many years, paying alimony has weighed heavily on the pockets of the spouses who pay it, but they could take some financial comfort in knowing that those payments were tax-deductible, giving them a bit of a break come tax season. However, under the new law, alimony payments are no longer deductible for those whose divorces finalize on or after January 1st.

The benefits of prenuptial agreements

Prenuptial agreements are often accompanied by a negative stigma and can fall victim to misconceptions. However, they really should be understood as a useful tool for couples considering marriage. A prenuptial agreement can be helpful for any couple, not just wealthy couples. Prenuptial agreements have many advantages for any couple entering marriage, so it is useful to understand them.

Prenuptial agreements serve as a tool to help couples in New York prepare for marriage and address concerns down the road if the marriage does not work out. Unfortunately, the statistics do not favor all marriages working out, which is why prenuptial agreements can be useful to help couples contemplating marriage protect their interests.

Points to keep in mind when negotiating a high asset divorce

Getting a divorce, especially a high asset divorce, can be emotionally challenging. However, it is important not to allow emotions to interfere with the high asset divorce process. High asset divorces can present challenges on top of the usual divorce process. Therefore, couples in New York with significant holdings may find it useful to know how to approach their high asset divorce.

During the high asset divorce process, divorcing spouses should understand what property they have and prioritize what they need in the divorce. One way to do that is to have a valuation expert help them with the divorce process to ensure their assets are valued accurately. Most valuation experts are financial experts, and additional experts may be needed for investment-related concerns.

How is property divided when a couple in New York divorces?

The division of assets is something that all divorcing couples in New York must address, which is why it is useful to understand. Knowing how property is divided in New York can help couples going through the divorce process negotiate a fair settlement agreement. During the property division process, many questions usually come up.

The only property that is generally subject to property division is marital property. Therefore, it is helpful to understand how property is classified into categories including marital property and separate property. Property can also be considered co-mingled, so divorcing couples should also be aware of that. Marital property generally includes assets acquired during the marriage, while separate property is property the spouses entered the marriage with.

Divorce may seriously impact business owners

When a couple chooses to divorce, they must reach a fair agreement about how to divide their marital property or leave it up to the judge. While this is potentially contentious for many couples, it should greatly concern spouses who own businesses. Depending on when the spouse acquired or founded the business and any protective measures taken before the marriage, the business itself may count as marital property — meaning that both spouses have some claim to it.

If you face divorce as a business owner, you must take this issue very seriously, especially if you have employees who work for you. If you do not make saving your business a priority, it is very likely that it will not survive your divorce unscathed. It is wise to protect your rights and future with a carefully crafted divorce strategy as soon as you can.

The importance of understanding spousal support during divorce

Spousal support can be an acrimonious part of any divorce which is why it is helpful for divorcing couples to understand how it works. Spousal support sometimes goes by other names including alimony or spousal maintenance but whatever it is called, it refers to when one former spouse pays a certain amount of money to another former spouse which is why it can be of concern during a divorce.

In New York, property division during divorce is conducted according to equitable division principles which calls for property to be divided fairly and in a way that is equitable. Equitable property division does not necessarily mean that property will be divided in half but that it will be divided in a way that takes into account the circumstances of both parties and divides property fairly based on the situation.

What does a divorce name change have to do with credit?

When getting divorced, many things could have impacts on your finances, such as your credit. This could include things that seem totally unrelated to finances. Take for instance, a divorce name change.

If you changed your name when you got married, one of the decisions that will come before you in a divorce is whether to keep your current name or change it back. While this decision in itself doesn’t have credit impacts, how careful you are after it can.

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