Sometimes one spouse might not have an independent source of income, but might be individually wealthy. This can result in that person still feeling intimidated by their spouse who works in a high-level position. Speaking with an experienced divorce attorney can help make these divorce situations go as smoothly as possible.
]]> Someone who might not manage the family finances may want to consider familiarizing themselves with the accounts and assets that the couple owns before filing for a divorce. If someone has independent wealth, it might be important to looking at ways of protecting those assets from the divorce situation.One top of these financial and legal issues surrounding divorce, it is most important that the person filing for divorce feels they are physically and emotionally safe. Sometimes spouses can try to intimidate another in a divorce situation, adding to the stress and even resulting in reluctance to file.
Speaking with an attorney can help ensure that a person is well prepared before they even file paperwork for a divorce. This can make the process flow and add predictability to the situation. While it isn't always easy, it is important that people filing for divorce keep the end objective in mind.
Source: CNBC, "Divorcing a Bully, Protecting Your Finances," Elizabeth MacBride, June 18, 2013
]]>At the end of May, a Rochester, New York, appeals court ruled in favor of the wife. The husband tried to make the case that failing to check for identification was an "honest mistake," and provided a sworn affidavit from the notary in 2007. Having an affidavit ten years after the fact was not enough to sway the court, however.
]]> Legal observers note that it's not uncommon for there to be mistakes in prenuptial agreements that aren't noticed until the couple is working through a divorce. In this case, the court kept their ruling limited to this specific case, and said that the evidence provided by the affidavit wasn't sufficient to prove the husband's identity, which is required by law.The appellate judges noted that the legal question about remedying flawed prenuptials is a common legal question. However, the panel specifically strayed away from addressing the larger issue.
Until New York courts provide further guidance about "curing" flawed prenuptial agreements, it's of the utmost importance for couples to make sure their agreements are accurately completed. In addition to that, it's crucial to make sure the process to validate the agreement is followed to the letter. Prenups are intended to ease the divorce process, so dealing with a years-long dispute may be counterintuitive.
Source: Thomson Reuters News & Insight, "Defective prenup not cured by affidavit: N.Y. Court of Appeals," Daniel Wiessner, May 30, 2013
]]>However, New York does have a residency requirement for same-sex couples wishing to receive a divorce. Also, simply because same-sex couples from out-of-state marry in New York does not mean that their marriage will be recognized in their home state, or that they will be allowed to file for a divorce in the state in which they live.
]]> The residency requirements for divorce in New York will look at various factors:It still is strongly suggested that those with questions regarding marriage and divorce in New York first speak to an experienced family law attorney licensed in our state. Every state has its own requirements, and there may never be complete uniformity between one state's laws and another.
The upcoming cases being decided by the United States Supreme Court will perhaps provide some guidance. Nevertheless, states will still likely implement their own set of laws and procedures for the conducting of same-sex marriages.
Source: Huffington Post, "Divorce Inequality: What Same-Sex Couples Should Know Before They Say 'I do'," by Morghan Leia Richardson, June 6, 2013
]]>That appears to have been the case recently in Manhattan, where the divorce settlement between former model Kim Charlton and her ex-husband became a bit stormy. In fact, the dispute hinged on a $150 weather vane that the ex-husband said he was owed, and without which he said he would withhold $365,000 from his settlement with Charlton.
]]> Images of the 56-year-old former model, Charlton, could be seen on fashion show runways and on New York City buses in the 1980s. She informed the judge that a worker had been hired to remove the weather vane from the $4 million family home after the marriage became rocky in 2009. Her ex-husband, however, claimed the removal of the weather vane had damaged the residence.In her defense, Charlton showed the judge the screws the worker had removed to take down the weather vane.
Moreover, the judge vehemently noted that the $365,000 owed to Charlton "doesn't get offset by a weather vane." Since the ex-husband was already late in paying the settlement money, he was told to pay it right away.
Not every high-asset divorce has to be this contentious, but the complex division of property can lead to some stressful situations for both parties. A solid divorce strategy, however, replete with an inventory of marital and individual assets, can help the process go smoothly as possible.
Source: New York Post, "Former model Kim Charlton wins divorce fight by presenting disputed weather vane," Julia Marsh, May 30, 2013
]]>These days prenuptial agreements offer a practical solution for couples who think the state's built-in prenuptial agreement isn't quite right for their particular situation. We've written before about how each state has prenuptial and postnuptial terms built into state laws.
]]> While a customized agreement can afford peace of mind, as well as allow couples to get on the same page in terms of individual assets and debts, it is nonetheless important to be sure that the agreement you are about to sign is really something you approve of. It may be a good idea to go over the document with your attorney one last time to make certain that everything is truly in order and that you feel good about the allocation of assets, present and future.Feeling pressured to sign a prenup that isn't to your liking may lead to serious problems down the road, especially if the worst happens and the marriage doesn't work out. Proving that a spouse was coerced to sign a prenuptial agreement is a formidable task, requiring significant evidence, so you don't want to find yourself out in the rain, as it were, even if it becomes clear to you that your spouse was in the wrong.
The best course of action is to communicate well, both with your spouse and with your attorney. Ask questions; decide what aspects of the agreement need to be tweaked and which aspects will bolster the marriage and you as an individual. It may involve love and the most powerful emotions, but marriage is also a legal agreement that calls for legal planning.
Source: Huffington Post, "Sign This, Or Else! How Prenup Powerplays Prevail," Susan Pease Gadoua, May 22, 2013
]]>Three years ago, legislators passed a law that created a formula for awarding alimony. The purpose of the law was to offer a more consistent approach to alimony awards, especially for New Yorkers who can't afford to hire attorneys.
]]> The problem, though, was that the formula was applied in cases in which the parties had an annual income of up to $524,000. When the Law Revision Commission sent out 7,300 surveys to divorcing spouses, many of the people on the higher end of that spectrum said the alimony formula didn't adequately address matters such as savings accounts, bonuses and mortgages.Heeding the grievances of high-earners, the commission recommended lowering the formula threshold to $136,000. That change, if enacted, would still mean that 85 percent of New Yorkers could have the alimony formula applied in their divorces. People with more complex assets would settle their property division and alimony concerns beyond the reach of the formula.
The commission also recommended tossing the precedent that professional degrees should be regarded as marital assets. Currently, in a divorce settlement, a spouse can get up to 50 percent of the other spouse's predicted earnings that result from a professional degree or license. That can be the case even if the licensed spouse never earns the predicted amount.
The recommendations have not yet been passed into law, and we'll have to wait to see if legislators get around to making any changes during this legislative session.
Source: The Wall Street Journal, "New York Divorce Law Moves Closer To Overhaul," Sophia Hollander, May 17, 2013
]]>The New York divorce of celebrity and former pharmaceutical company owner Stewart Rahr is an instructive example. He and his former wife Carol did not have a prenuptial agreement, and billionaire Stewart is obliged to give up 16 percent of his fortune in the divorce settlement.
]]> It wouldn't be accurate to say that the so-called "King of All Fun" will be hurting for money after paying out to his ex, but not every entrepreneur is willing to give up a huge chunk of assets earned while building up a company. In this case, Stewart Rahr built the pharmaceutical company Kinray over the course of years and then sold the business for $1.3 billion.Now Carol will receive $250 million, as well as the former couple's $30 million apartment in Trump Park Avenue.
For her part, Carol reportedly expressed concerns that Stewart was throwing away the marital money on charities and elaborate parties. Here, too, a prenuptial agreement might have clarified who can do what with marital and individual assets.
New York business owners and their spouses should know that a prenuptial agreement, even if it's not ever used, can offer peace of mind for the duration.
Source: The Inquisitr, "$250 Million Settlement Awarded To Billionaire's Ex-Wife,"
]]>Her divorce from husband Jason Hoppy was initiated back in January, and early on, the former star of "Real Housewives of New York" said she expected to "amicably co-parent" the estranged couple's 2-year-old daughter. Frankel also said that she and Hoppy continue to "love and respect" one another.
]]> Those soft feelings appear to be hardening, however, as the details of the divorce agreement are reaching their culmination. The former couple had drafted a prenuptial agreement, but the division of property is still being scrutinized, as are the conditions of the child custody arrangement.In court, Frankel has been visibly upset, and she and Hoppy have been arguing during the proceedings. When they announced their split, Frankel issued a statement about her belief that an amicable co-parenting plan was possible. Now, though, she has her doubts.
Referring to her statement shortly after the divorce announcement, Frankel recently had this to say: "Someone said to me recently, 'We see what we want to see.' And I guess, at the time, that's what I did."
In fact, it's easy to lose sight of the reality of a situation when so many emotions are at play and so much is at risk. To protect their assets and their parental rights, New Yorkers considering divorce should be apprised of their options for establishing a sound legal strategy.
Source: New York Daily News, "Bethenny Frankel, Jason Hoppy near divorce settlement; custody agreement still in negotiation," Chiderah Monde, May 1, 2013
]]>These issues likely arose for high-earning NASCAR chairman Brian France. His divorce documents, which he fought to keep sealed, were recently unsealed, revealing the details of his tumultuous relationship with his ex-wife Megan.
]]> The pair initially married in 2001 but divorced three years later. They remarried, howerver, in 2005 and had twins in 2006. Their second divorce was finalized in 2008, with Megan slated to receive $9 million over three years, along with $42,000 per month in spousal support and child support for a period of 10 years.Brian has declined to pay $6 million of the $9 million, though, claiming that Megan violated the divorce terms. In particular, he claims she didn't adhere to the agreement in terms of visitation rights, a confidentiality clause and nanny hiring.
The final split also left Megan with a home valued at $3.2 million and a vacant piece of real estate valued at $2 million. For his part, Brian kept multiple condominiums in California, Central Park, Daytona and Charlotte.
Before their second marriage, the former spouses signed a prenuptial agreement. At that time, Brian's assets were valued at $554 million, while he had loans totalling $26 million.
In complex divorce settlements like this one, it's important that the parties are aware of their negotiation options. In many cases, a fair and equitable settlement is achieved only with the proper legal guidance.
Source: Sporting News, "Brian France divorce documents show net worth of NASCAR Chairman," Bob Pockrass, May 9, 2013
]]>In other words, for a prenuptial agreement to hold up in court, you have to dot the t's and cross the i's.
]]> Consider an ongoing dispute in Rochester, New York. A couple married in 1997, and the wife filed divorce papers 10 years later. In her movement for summary judgment, whereby the court would have ruled in her favor and against her husband, the wife claimed the prenuptial agreement should be deemed invalid because initially the notary failed to ask the husband for identification.Even after the notary provided an affidavit that corrected the flaw, the wife's attorney (not affiliated with this firm) argued that "if it's not done right contemporaneously, it's invalid, period."
But the attorney for the husband pointed out the legal precedence for correcting defective documents such as prenups.
The case is being heard in the Court of Appeals in Rochester after the wife's attempt to invalidate the agreement was already denied last year in an appellate court. The husband's attorney argued that the wife stands to collect a "windfall" if she wins the case.
Clearly, not every prenuptial agreement has to be the subject of a dispute. When properly drafted, these agreements can give couples the peace of mind that financial independence is in their future, even if the worst should happen. Comprehensive planning, legal knowledge and attention to detail are the keys to drafting an airtight prenup.
Source: Thomson Reuters News & Insight, "Court of Appeals hears arguments in prenuptial dispute," Daniel Wiessner, April 23, 2013
]]>And rightly so. Real problems such as addiction, infidelity and abuse are valid grounds for spouses to file for divorce. But, as the phenomenon called "gray divorce" illustrates, couples can also just drift apart over the course of a marriage that no longer makes their lives better. In other words, the conditions of the marriage aren't conducive to individual happiness.
]]> Interestingly, in 2009, one fourth of U.S. divorces involved spouses aged 50 or older. That figure represents a massive increase. Nineteen years earlier, only 8 percent of marital breakups were between spouses in that same age group.While people of all ages have to confront issues of property division in a divorce settlement, these older divorcing spouses tend to face especially tough challenges. By the time people reach age 50, they may have accumulated significant assets, maybe in a business, a retirement account or real estate.
This kind of situation requires careful financial planning. In New York, matters such as alimony and business assets have to be addressed in a fair and equitable manner, and legal know-how is required for individuals to retain their current lifestyle and continue their post-divorce pursuit of happiness.
Source: The Columbus Dispatch, "More couples splitting up after 25-year itch," Amy Saunders, April 23, 2013
]]>The act is a federal law passed in 1978, and its purpose is "to prevent the breakup of the Indian family." The law could potentially apply to family court cases in New York and throughout the country.
]]> In this particular case, the biological mother decided to let another couple adopt her unborn daughter after the mother and the biological father broke up. The father, who has Cherokee ancestors and who was set to be deployed to Iraq, had moved to another state, and initially he approved of the adoption, which was pending when the child was four months old.But within a week of signing an approval, the father decided to seek custody of his daughter, claiming that he was mistaken about the approval documents and didn't understand what he had signed.
Complicating matters is that the adoptive parents were at the biological mother's bedside when the child was born, and the adoptive couple even provided support to the mother while the biological father was away.
After the adoptive parents took the little girl back to their home state, a family court ruled in favor of the biological father. The state Supreme Court in turn upheld that ruling, citing the biological father's being a Cherokee Indian. The state Supreme Court concluded that the biological father still had parental rights.
Now the U.S. Supreme Court, which doesn't often hear family law cases, appears split over whether the Indian Child Welfare Act is applicable in this case. It was pointed out that, in terms of genealogical lineage, the biological father is "three 256ths" Cherokee.
New Yorkers with family law and fathers' rights concerns will want to follow up this summer when the high court makes its decision.
Source: New York Daily News, "Supreme Court hears custody dispute over adopted girl," April 17, 2013
]]>Readers in New York probably remember a previous story about the dismissal of a Long Island prenuptial agreement. A key factor in the judge's ruling was that the soon-to-be-husband essentially sprang the prenup on his fiancé just days before the wedding. The woman, who didn't want to postpone or call off the ceremony, signed the agreement under significant pressure.
]]> She later said she was coerced. The judge agreed, and the prenup was thrown out. The moral of the story (or one of them, anyway): create a prenuptial agreement in plenty of time before the wedding. Don't wait until the big day is only a few weeks away.It's also a good idea to update your agreement about every five years. Reviewing the document can help you and your spouse remain on the same page in terms of assets and debts. Clear communication in these matters can strengthen your bond in unexpected ways. Also important to note is that a will does not function in the same way as a prenuptial agreement, so don't assume that a will can serve as an effective substitute.
If you don't have a prenuptial agreement, you and your spouse can draft a postnuptial document. Of course, prenuptial and postnuptial agreements are made solid by the appropriate legal language.
It's also important to keep in mind that, in light of the New York judge's recent ruling, a postnuptial agreement drafted shortly before a divorce may be perceived as fraud or coercion. This depends, of course, on your particular situation.
New Yorkers with questions about prenuptial agreements are encouraged to visit our New York family law page. Our firm helps couples, spouses and former spouses in a range of family law matters.
Source: Family Goes Strong, "On Prenuptial Agreements and Postnuptial Agreements," Karen Springen, April 7, 2013
]]>For instance, consider Governor Andrew Cuomo in New York. He went through a very public and very messy marital breakup that started in 2003 and ended in 2005. But his bid for the governorship was hardly affected, even as he lived with his girlfriend Sandra Lee.
]]> Contrast that situation with Nelson Rockefeller's back in 1964. Rockefeller sought the presidential nomination for the Republican Party, but his being divorced essentially barred him from getting nominated.Currently, there are four divorced United States governors, and the federal legislature has a total of 31 divorced representatives or senators, and one lawmaker is currently separated.
Mayor Bloomberg has been divorced from his former wife for two decades, and he and his longtime girlfriend live together.
Another example is South Carolina's former governor, Mark Sanford. Sanford was embroiled in scandal when it was discovered that he left the country to visit his mistress, but just recently, he won a party nomination for the U.S. House of Representatives.
Clearly, widespread opinion about divorce has shifted immensely in a relatively short period of time. That doesn't mean that marriage is any less sacred these days, but New Yorkers considering divorce certainly need not be burdened by the old stigmas.
Source: buzzfeed.com, "Now Even Politicians Can Be Divorced," Ruby Cramer, April 4, 2013
]]>Basically, marrying couples have to ask themselves if they want their state's version of a prenuptial agreement or if they want a customized agreement that fits their particular situation. The best way to approach this question is to have a serious, transparent discussion about current finances and the future.
]]> Couples who have this conversation usually come out of it with a clear and healthy sense of what their marriage will look like in financial terms, but soon-to-be-spouses also strengthen their trust in one another by addressing a money issue together and resolving it.There is a long list of reasons for why married couples eventually decide to divorce, and money trouble is one of the most common. Drafting a prenuptial agreement can help spouses get on the same page, financially speaking, from the very start of their marriage.
While most people won't need a prenuptial agreement beyond the one built into their state's laws, exploring exactly what those laws are does lead many couples to decide that a prenup is the right path for them. New Yorkers with premarital financial concerns may want to visit our New York prenuptial agreement page. Our firm helps spouses with a variety of marriage and family law issues.
Source: The New York Times, "You Already Have a Prenup," Erik W. Newton, March 21, 2013
]]>