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Asset Division During Divorce: Does My Spouse Get Half of My Business?

dividing business assets divorce

The latest data shows that in 2020 alone, there were about 630,000 divorces conducted across the US. Although this number shows a decrease in divorce rates from previous years, divorce is still necessary for many couples — and there's no doubt that it can be a very stressful experience. The distribution of assets, otherwise known as Equitable Distribution in New York, is one of the most difficult aspects of any divorce settlement. As such, there's often confusion regarding the division of business assets, and many are left wondering, 'is my spouse entitled to half my business? Before venturing into equitable distribution, you must familiarize...

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My Spouse Just Asked for a Divorce: What Should You Do?

spouse asks for divorce long island

Preparation is key to ensuring a smooth divorce process. Read on as The Law Offices of Ian S. Mednick offers tips on what to do if your spouse wants a divorce. A divorce is an emotionally and legally complex process. From filing a summons to getting a final Judgment of divorce, the process can take anywhere from 6 months to 3 years, depending upon what you and your spouse are litigating. If you have recently been surprised by the news that your spouse has asked for a divorce, it's essential to take certain steps to protect yourself and your assets. From hiring...

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How Do You Choose a Divorce Attorney?

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Divorce is a painful time for the whole family, especially if it involves kids. Dealing with the emotional side of the process is difficult enough, so many couples forget to complete their legal duties beforehand. This is why it's crucial to find the right divorce attorney to take care of all the legalities. New York has a low divorce rate, but divorce attorneys remain a handful — some good, some bad. Keep reading to learn what you should pay attention to when choosing a divorce lawyer. Understanding the Role of the Divorce Attorney A divorce attorney specializes in divorce law and represents you in...

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5 Key Reasons to Hire a Family Divorce Lawyer

family and divorce lawyer in long island

Family and Divorce Law is one of the world's most complex and well-developed legal branches. In 2022, the market size for family and divorce lawyers reached $11.3 billion. A family lawyer will provide you with the expertise and professionalism you need to deal with any situation related to family and divorce law. However, finding a great one can be tricky. Keep reading to explore the top five reasons to hire a family lawyer. Navigating the Legal System The US legal system is an ever-changing structure, comprising six different bodies of law, alongside countless laws, bills, and regulations. Fortunately, you don't have to navigate...

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What to Know About Your Mortgage in a Divorce

mortgage and divorce long island

The divorce rate in the U.S. is now 2.3 per 1,000 people, based on the latest report by the Centers for Disease Control and Prevention, or CDC. It means many couples are probably dealing with the financial consequences of their divorce, apart from the emotional rollercoaster. One of the common concerns of divorcing couples when sorting their finances and splitting assets is the mortgaged property. Your marital home, after all, isn't something you can literally break in half. If the property is mortgaged can one of you afford to buy the person out or will the home have to be sold.  Another issue...

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Your Guide to Postnuptial Agreements

postnuptial agreement long island ny

Around 50% of married couples in the US divorce. Ending your marriage can be one of the most emotionally and financially challenging times in your life. Divorce has many possible causes: infidelity, loss of intimacy, domestic abuse, substance abuse, financial issues, and moral differences. Whatever the reason, a postnuptial agreement will help protect your assets and minimize acrimony in divorce. It's a good way to secure your family's financial well-being, regardless of how your marriage will turn out. What is a postnuptial agreement? A postnuptial agreement is a contract that spouses enter into after they are legally married—be it months or years. It determines...

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Legal Separation or Divorce: Which Is Right for You?

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The current divorce rate in the United States is one of the highest worldwide at approximately 2.9 people out of 1,000. However, despite being a popular legal remedy for married couples who wish to leave their relationship, it is not the only option. Parties in a faltering or failing marriage sometimes opt for legal separation instead. Like divorce, a legal separation results in a formerly married couple living separate lives. Couples looking for a mutually favorable financial, legal, and emotional solution need to determine which option is most suitable for their unique situation. To help you choose which is right for you, read on about...

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No-Fault Divorce Explained

no fault divorce explained

New York divorces used to take months or even years to resolve as both parties attempt to prove that the other is “at fault.” As the case drags on, the more expensive, frustrating, and stressful the divorce becomes. Everything changed in 2010 when the senate signed the no-fault divorce law, enabling married couples to file for divorce without the usual fault-based grounds. Getting divorced in New York is now faster and less expensive than before. This article details what you need to know about getting a no-fault divorce in the state of New York. What Is a No-Fault Divorce? In the past, New York...

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Parental Alienation: How to Spot the Signs

parental alienation long island

A divorce or separation is an emotionally challenging time for everyone involved. However, children of a divorcing couple are particularly at risk of experiencing negative psychological effects. These effects can be further compounded by parental alienation. Parental alienation refers to strategies used by one parent to turn a child against the other parent. These include badmouthing the other parent, interfering with visitation, and any act that aims to damage the other parent’s relationship with their child. According to a study on the prevalence of parental alienation, 13.4% of parents reported being alienated from their children. 48% of these parents also reported the...

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5 Common Reasons That Marriages End in Divorce

causes of divorce long island

The U.S. has one of the highest divorce rates globally, with 2.3 divorces per 1,000 residents. The country also has high divorce rates for subsequent marriages, with 60% of second marriages and 73% of third marriages ending in divorce. For those many struggling marriages, divorce may be a necessary option. This article will tackle some of the most common causes of divorce. Infidelity Extramarital affairs are one of the leading causes of divorce. Whether it was a single incident or a long-term affair, infidelity often leads to separation. In a General Social Survey, out of the 441 people who admitted to cheating, 54.5% immediately...

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