New York Divorce Report - New York's Divorce and Family Law Blog

There are few certainties in life. However, one of life’s certainties is that all marriages will end, whether by death or divorce. At the end of marriage, whether by divorce or death, disputes over money and the disposition of marital assets may be inevitable. However, a pre-nuptial agreement can help lessen the potential for conflict by clearing identifying the parties separate property and defining the parties’ rights to the marital property. A recent article illustrated why a Pre-Nup may be a smart money move.  1. Why are pre-nuptial agreements beneficial? "One of the common reasons to get a pre-nup is... More

One of the most recurring question I am asked  from people considering divorce is:" Am I responsible for my spouse's debts and liabilitie?"     Most recently, i  answered that very question, on Linked In. Question- I'm about to break up with my wife. While we are separated I do not want to be responsible for debts she may incur. Will I be responsible for her debts? Answer - You are really asking two distinct questions about debts. The first questions how debts will apportioned between you and your spouse as part of a divorce; the second question asks what is your... More

Time Magazine questions, Will the Economy Kill Your Marriage? A couple of weeks ago, I noted that as the economy worsened, my practice became busier. Time seems to confirm my observations and even offers some possible explanations for this phenomenon: There's the lawyer theory, that money provides the soft fatty tissue that insulates the marital skeleton; once it's cut back and people get a good look at the guts of their relationship, they want out. And there's the marriage-counselor theory, that couples who were never quite on the same page in the checkbook finally get pushed off the ledger by... More

Your credit rating could be hurt by divorce. As part of divorce, you distribute not only your assets, but your debts and obligations as well. An in-artfully drawn marital agreement may provide that one spouse will assume the liability for a joint debt. However, an agreement apportioning joint liability between you and your spouse is not binding on the creditor. The creditor can attempt to collect the debt from either or both parties. As pointed out in a Fox Business article, “The mistaken assumption that you're off the hook for financial obligations can result in a series of missed payments... More

Divorce, illness and a long term disability are the most common life events that have a catastrophic effect on a person’s financial well being.  All too frequently a person going through divorce watches as his/her credit rating is destroyed by the former spouse. The  Ask the Advisor Blog has some great tips for protecting your credit after divorce.  Chief among his tips are: 1.Check Your Credit Score — By checking your credit score you can see if your credit has been adversely affected by your divorce. It will also show if there are any debts that you used to share... More