With one's emotional and financial future on the line, the family law issues that arise during a divorce often end up becoming highly contentious. Whether the divorcing New York couple has children or not, property division is one of the most disputed couples. Some assets may have a high monetary worth, while others have sentimental value. Evaluating assets can be a difficult, but an essential part of the divorce process.
Using a credit card for daily expenses has become more and more common, especially now with smartphones allowing you to go through checkout lanes with only a flick of the wrist. The reliance on the card increases as credit card companies create incentives to keep using it, resulting in credit card debt accumulating if payments are not made in full. While a New York couple is married, the payment of the card usually comes from joint expenses and both parties are responsible for it. But, what happens when a couple is ending their marriage -- how is credit card debt split?
With the raging popularity of cryptocurrency, the term Bitcoin has become a regular household term for many. Known as a peer-to-peer electronic cash system, it gained popularity because users could transfer money to one another directly without the need for a go-between, like a bank or governmental authority. Users are assigned a string of numbers which becomes the address of their wallet where their Bitcoin is stored. The anonymity of the currency is one of its greatest appeals, especially for people looking to hide their assets during a divorce.
When it comes to splitting assets in a divorce, the framework is relatively straightforward: marital property is divided but separate property is generally given to the individual spouse it belonged to originally. Technically, art is no different from pots and pans when it comes to property division, but the reality is that the law is not clear-cut when it comes to artwork's divorce in the divorce process.
New York residents may be aware with the commonly perpetuated myth that the younger generation is hesitant to get married, but this is not entirely true. It is more accurate to say that they are waiting until they are older before tying the knot, as20 percent of people aged 18-30 were married in 2016 compared to 40 percent of Baby Boomers when they were the same age.
Home may be where the heart is, but when it comes to a divorce it is quite the issue to contend with. Sometimes each party has an emotional tie to the home, pitting one spouse against the other when it comes to property division. However, there are key things to think about -- and choices you have -- when it comes to dealing with the family home in a divorce.
When New York residents are getting their business off the ground, have invested minimal money and put countless hours of sweat in it, they hope, but never expect, it to become highly successful. Which is why they do not take precautions in protecting their businesses against a divorce. With around 50 percent of marriages ending in divorce, there is a very real possibility that a business owner may lose their business to their ex, or at the very least, have to become business partners with them. What can one do to protect their business assets against property division if there is no prenuptial agreement in place?
Though couples may seem happy from the outside, each couple is dealing with their own struggles. There comes a point when some may decide they are no longer compatible with one another. Just like no two marriages are the same, no two divorces are similar to one another. Even two partners married to one another may want different things from the divorce.
Last week's post detailed the reasons couples might want to sign a prenuptial agreement before they get married in Texas. With more couples in debt than ever before, marrying parties want to know who will assume these obligations if the marriage doesn't work out. They also want to be sure that if their business becomes the next 'Etsy', their sudden wealth will be protected. A prenuptial agreement is one way to take property division out of the court's hands and put it in the couple's.
Where the 1970s saw couples getting married for romantic notions-eight out of 10 people were married by the time they were thirty-years-old. Today, the reasons couples tie the knot have changed, as practicalities have entered the picture. With the same percentage of people now not getting married until they are 45-years-old, it seems like people are waiting until they are financially secure. This means by the time these couples are getting married, they have substantial careers or businesses that they want to protect.