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Founder and lead shareholder of Amazon.com Inc., Jeff Bezos, and wife, Mackenzie, have recently announced via social media that they will be divorcing after 25 years of marriage. Recognized as the wealthiest man in the world, Jeff Bezos possesses a net worth of nearly $137 billion, most of which he acquired during the course of his marriage. […]
With 2018 ending in a few weeks, unhappily married couples who are thinking of splitting up should consider the tax consequences of waiting until after the new year. Under the new tax law enacted by Congress and the Trump administration, the rules regarding alimony will be different. Under the new law, the person who pays […]
The holidays are supposed to be times of joy, to be spent with loved ones, but when divorced parents try to determine who will enjoy parenting time with the kids, it can be a time of anguish and stress. If the holidays come and both parents still cannot agree on custody and visitation, often the […]
President Donald Trump promised hefty tax changes prior to his inauguration. One substantial tax change under the Tax Cuts and Jobs Act concerned the deductibility of spousal support. Prior to the enactment of the Tax Cuts and Jobs Act (TCJA), those receiving spousal support (alimony) were forced to claim the proceeds as taxable income, while […]
Individuals in the Millennial generation (those born between the years of 1982 and 2004) are more apt to ask their significant others to sign and complete a valid prenuptial agreement prior to marriage. A prenuptial agreement, or “prenup” for short, is a legal contract that is established between future spouses to protect their property and […]
Going through a divorce or legal separation can be an emotionally taxing process, requiring the assistance of attorneys, mediators, and the state court system. Couples looking to divorce or separate must consider custody and visitation as well as how to divide the property they obtained together throughout the marriage. Another important consideration while going through […]
Being self-employed during a divorce may lead to some contentious issues. For this reason, here are a few important tips to keep in mind: Protect Your Assets and Resources Be sure to maintain adequate income records if you are self-employed. A former spouse may allege that your income is greater than you are actually claiming. […]
An outdated law that prohibits the formation of parenting contracts and exchange of payment between a gestational surrogate and new parents is the subject of a repeal effort. The Consolidated Laws of New York: Domestic Relations law states in Article 8, section 123 that “no person or other entity shall knowingly request, accept, receive, pay […]
In New York State, one spouse may be required to pay spousal maintenance. Spousal maintenance is usually a monthly payment made from one spouse to the other spouse for a specific duration of time. The duration of time is determined by the following formula: • If the length of the marriage was between 0 and […]
A divorce can be a complicated, litigious process that can change all aspects of your normal life. Everything from the house, children, and cars, among others, are considered. One aspect that some may overlook is the pets. The big question is, who gets the pets in a divorce? There are many factors that go into […]
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