In the last post, A Few Notes About Spousal Maintenance, I wrote about new considerations that must be made because of recent changes to the federal tax law. Today, I’d like to circle back to explore the purpose and a little bit of the history of New York spousal maintenance laws. Spousal maintenance, or alimony, is a term for periodic and regular support payments from one ex-spouse to the other for a specified length of time. The concept of alimony … read more »
One of the most important steps in creating a divorce agreement is deciding how you will divide marital (or joint) property. This is called division of assets. Here are the basic steps: Identify all of the property either spouse owns. You must share detailed information with each other, including: Bank account numbers and balances as of a specific date. Be sure to include checking, savings, and brokerage accounts. Retirement accounts like pensions, annuities, stock options, deferred compensation, and bonuses. Do … read more »
One of the things that needs to be decided in a divorce is how you’re going to divide up what you own together, and one of the biggest assets that couples usually own is their home. There are several choices as to what happens to the house (or condo or co-op): You can sell the house and divide the proceeds. You can continue to own the house together, even if one person stays there. You can buy out your spouse’s … read more »
Just published an article in Family Affaires to help you think about your money during divorce. Money can be a big stressor in a marriage, and is often one of the greatest sources of anxiety during a divorce, whether you are mediating, litigating or doing a collaborative process. These tips can help you get a handle on them so you know what you are working with! Here’s to a productive and fruitful 2016!