If you receive an inheritance and are getting a divorce on Long Island, you may be wondering whether New York law will treat your inheritance as marital property or separate property. Here’s what you should know and how to get help from an experienced Long Island divorce lawyer.
Getting a divorce on Long Island, or anywhere else for that matter, doesn’t have a direct impact on your credit score by itself, however, your credit can be affected by common divorce issues like splitting up bank accounts or dividing debt. Here’s what to know about divorce and your credit score and how to get legal help from an experienced New York divorce attorney to minimize any impact your divorce will have on your credit.
It’s no secret that one of the most common reasons couples get divorced in New York — and across the country – has to do with the couple’s finances. Fights about money are difficult to overcome, especially when spouses argue about money but make no changes in how money is handled in the home.
Here’s what you should know about navigating a Long Island divorce when it’s because of finances and how to get the help you need from an experienced divorce lawyer or family law attorney.
In a Long Island divorce, both parties are required to provide full financial disclosure of assets and debts. If one spouse has more assets than the other, or one spouse does not work and are afraid they won’t receive spousal support, they may try to conceal assets from being discovered by a New York divorce court.
This is against the law and may result in legal penalties. Here are some common ways a spouse may attempt to hide assets, and how you can get reliable legal assistance during a divorce on Long Island.
Considering the option of getting a divorce on Long Island is a significant life event, even if your only just mulling it over or slowly getting things in order in preparation. One critical thing to prepare for well in advance if you can is protecting your finances. Here’s how and who can help you navigate finances in the New York family law system during this difficult time.
Property division can be one of the most challenging aspects of a Long Island divorce, especially if you and your spouse do not have children. Often, the biggest issues of contention in a divorce are how to separate and divide your assets in a fair and equitable way.
There are two main types of assets to be divided in a divorce: Marital Property and Separate Property.
Marital property is everything owned by one or more spouses during the marriage. Money and other assets acquired during the marriage are presumed to be marital property.
Separate property consists of the assets that were acquired by each spouse prior to the marriage, as well as any gifts and inheritances you individually acquired, even if acquired during the marriage.
Another, less less-often heard term is called commingling and it’s when separate property becomes commingled and can be considered marital property. Read on to learn more and how you can get help navigating the dissolution of your marriage from an experienced divorce lawyer.
Unless you’re a certified tax professional, chances are filing taxes is almost always intimidating, no matter if you’re married, single, divorced, or widowed. Filing taxes for the first time after a Long Island divorce can be particularly challenging for newly single individuals, especially with the new tax reform laws in 2019 that changed how child support and alimony were taxed.
It’s critical that you have a good knowledge base of how your divorce will affect how you file taxes now and in the future, as well as how you can best protect your finances. Here are some top tips for filing taxes after your Long Island divorce and how to get help navigating difficult family legal issues.
If you’re considering dissolving your marriage or are going through the initial stages of getting a divorce, you may have heard the term “discovery.” All legal cases include the process of discovery, however, what this looks like differs between different types of cases. Discovery for a criminal case is a significantly different procedure from discovery in a family law case. Here’s what you should know about divorce discovery in a Long Island divorce and how to get the legal help you need to protect your family’s best interests during a divorce.
The State of New York is an equitable distribution state, meaning that in the event of a divorce, shared property and assets must be distributed equitably — although not necessarily equally — between spouses. To accomplish this, full disclosure of assets on each side is necessary. Concealing assets is illegal and punishable by law. Here’s what you should know about the full disclosure requirement, the penalty for hiding assets, and how to get the legal help you need to protect what is rightfully yours in your divorce.
One of the most significant issues in a divorce is the division of property. Ideally, you and your spouse will be able to reach a mutual agreement about who gets what property. If you’re not able to agree, you’ll have to pursue litigation where a judge will decide for you how your property will be distributed. In some cases, like high-net-worth divorces, it may be best to move straight to litigation.
Whether you settle out of court or end up in front of a judge, it’s important to have a solid understanding of the differences between separate property, community property, and domicile. Here’s what you should know.
