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Valuation and Distribution of Cryptocurrency Assets in Divorce Proceedings

cryptocurrency and divorce proceedings long island

Finalizing a divorce entails full disclosure from both spouses of their assets, liabilities, income, and expenses. Here in Long Island, this was a relatively easy process, as these items could not be concealed easily from the court or the spouse. That changed in 2009 when cryptocurrency arrived at the scene. So in divorce proceedings, how do you split cryptocurrency or money stashed away in them? Let's look at your options. Checking for Undisclosed Cryptocurrency When both parties declare all their assets, including cryptocurrency, the court can decide on how to distribute them. Problems arise when your spouse fails or refuses to disclose any cryptocurrency they...

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On Custody After Divorce: What if the Child Refuses Visitation?

child custody refusal

One of the most arduous parts of a divorce that involves children is establishing custody and visitation. For the family court, all custody decisions are ideally made with the goal of promoting the children's best interests. This includes prioritizing their happiness, mental health, and security. Because of this, your preference as parents shouldn't have any influence on the court's custody rulings. In cases when parents demonstrate great cooperation and are both fit to have custody of their children, the court is likely to award joint custody. This way, both ex-spouses have their children with them for an equal amount of time....

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Does Mediation Work for High Net Worth Divorces?

high conflict divorce mediation long island

New York has begun implementing the new presumptive Alternative Dispute Resolution program. This initiative requires civil litigants to try solving their cases through mediation, including divorces. The goal is to clear up the court calendar for more urgent and pressing family law cases, such as visitation and custody matters, temporary restraining orders, and others. Advantages of Divorce Mediation Divorce mediation has several advantages. For one, there's less cost since you don't have to go to trial and hearings. Second, you get to maintain your privacy, which is paramount for most high net worth individuals. Court pleadings are public records. So if you choose litigation,...

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Modifying Child Support Agreements Is Possible, But with Strict Conditions

Child Support Lawyer long Island

Life after a divorce can be difficult, but former spouses must continue living their lives after their divorce is final — separately, this time. There could be an adjustment period, especially if both parties had to make concessions to make the separation as amicable as possible. They might have agreed to pay for spousal and child support or moved to a smaller residence. They could also be getting used to living on a smaller income or giving up weekends with the kids to grant the other party his or her visitation rights. There is, however, a silver lining for individuals who're...

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Suing For Adultery Does Little For a Divorce Settlement

adultery divorce settlement long island

Divorce in a no-fault state like Long Island does not tip the judge's favor towards the aggrieved partner when it comes to alimony and child custody. It may, however, give him or her the upper hand in settlement negotiations if the cheating partner feels guilt and remorse, or wants a quick way out of the marriage. Notwithstanding, certain actions by the cheating partner—like wasteful dissipation of marital assets and exposing children to one's extramarital acts—can affect how the assets will be divided, and to whom custody will be given. Alimony and division of assets Marital fault has zero or minimal bearing on the division of marital...

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What Happens During a Divorce Mediation?

divorce mediation lawyer long island

Conflicting interests, multiple properties, and child custody complicate the divorce process. Typically, divorcing couples take their grievances and justifications to court so that the judicial system can settle matters. However, this can be time-consuming and unavoidably more legal costs. Couples that have separated amicably but have trouble dividing their property or couples that remain mature and composed can turn to a process called divorce mediation. Through this method, couples have a direct say in the distribution of their assets and the custody of their children. Mediation could also reduce the resentment and stress that a court battle engenders among spouses. The Law Offices...

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The Complications of a Same-Sex Divorce

same sex divorce

In 2015, the United States Supreme Court issued a landmark ruling that legalized same-sex marriage, giving LGBTQIA+ couples the right to marry, as well as to divorce, in all 50 states. Now, while same-sex marriage is a largely settled matter after this ruling, same-sex divorce faces some gray areas and unique challenges. Dissolution of Domestic Partnerships Before the Defense of Marriage Act was repealed, many same-sex couples filed for domestic partnerships or civil unions. While legally similar to marriage, these arrangements are not recognized by all states, making it difficult for some couples to dissolve their civil union or domestic partnership. They may have...

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A 4-Step Guide to Filing an Uncontested Divorce in Long Island, NY

uncontested divorce in long island

In 2010, New York decided to adopt no-fault divorce, making it the last state to do so. This legislation allows couples to separate by mutual consent, which means one party doesn't have to prove that the other is responsible for ruining their marriage.  A no-fault divorce expedites the process and gives couples the chance to part on good terms. If you and your spouse are going through a similar ordeal, you should know the proper process of filing a mutual or uncontested divorce in Long Island or any city in New York. Check if you meet NY's residency requirements You have to be a New York...

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The Grey Area: How Retirement Funds are Split in Divorce Cases

pension and divorce long island

A Pension is probably the biggest amount you and your partner will need to divide when you decide to divorce. According to the American Academy of Matrimonial Lawyers' survey in 2016, retirement plans are one of the top three most contested items in a divorce, second to alimony. What's surprising is that your pension can be divided even while you're still paying for it. Keeping this in mind, the state of New York has put special rules in place to keep the split fair. Learn how divorce can affect your retirement funds. A Pension is Marital Property Subject to Equitable Distribution The Office of...

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Breaking Up is Hard to Do: 3 Tax Strategies that Make Divorce Settlements Easier

divorce and tax long island

When you strip away the emotions that often surround it, many divorce proceedings come down to numbers. It may sound harsh, especially if you have children to think about, but it's true that the numbers matter: from the amount of alimony, to the amount of child support and dividing up assets. This is why divorce settlements are never easy. As any divorce lawyer in Suffolk County can tell you, the overhaul of tax rules has changed the computations for divorce settlements. Apart from determining who gets what, there are numerous tax implications that come with divorce, especially with the new modifications to the...

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