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Oneida County Divorce Law Blog

A commingled inheritance may be at risk

Your spouse has asked for a divorce, and he or she is trying to fight for half of your inheritance, which you've already been given. Is it protected, or can you lose it?

Generally, an inheritance is safe, especially if you got it before you tied the knot. However, there is one way you could put it at risk: when it's already been commingled with other funds.

Why a pension could be your most valued asset

You and your spouse are getting divorced, and you're making a list of your high-value assets. You want to make sure you don't miss out on your fair share.

You start with the house, which is paid off and worth $200,000. You know that you have another $10,000 in savings, and the rest of your extra money is in an investment account.

Who gets the dog in divorce?

Pet owners in the throes of divorce who are clashing over custody of the cat are usually astonished to learn that in the eyes of the law, i.e., their family law judge, pets are viewed as property to be equitably divided and not children for whom custody is awarded.

If you are a devoted pet owner, the concept can be startling, even more so when vengeful spouses can lash out using the beloved pet as bait. A spouse who barely interacted with the family dog, for instance, may suddenly make a big play to keep him simply to cause heartbreak for the other spouse.

How to talk to a spouse about a postnuptial agreement

Prenuptial agreements have grown in popularity in recent years. CNBC even reports that the number of prenups in America has increased five times in the last 20 years. There are various explanations for this, including the fact that more people are aware of their finances and the risks in place for a divorce. 

Many couples from all income brackets utilize prenuptial agreements in case the marriage ends in divorce. However, even if a couple did not obtain a prenup, they can still acquire a postnuptial agreement. It is basically the same thing as a prenup except it is put into place after the couple is already married. If one spouse wants a postnuptial agreement, then it can seem tricky to bring it up. Here are some ways to go about it. 

Who pays taxes on your pension?

You get a pension, but you're not going to get all of it. You and your spouse got divorced, and your ex is entitled to a portion of that pension.

While you've come to terms with the fact that your ex will be a beneficiary, whether you like it or not, what you're wondering is who has to pay the taxes. Do you pay them in full and then pay your spouse out of the remaining balance, or does he or she have to cover the portion of the taxes that are connected to his or her gains from the pension plan?

Alimony is taxed, no matter how it's paid

If you're getting alimony payments, don't forget that you have to pay taxes on them. They still count as income.

It doesn't matter how you're paid. For instance, maybe your ex was ordered to pay you $5,000 per month, and he or she just shows up once a month with a check or an envelope full of cash. You then have to report that money on your income taxes at the end of the year.

Explaining simple property division in New York

When couples head for divorce, they usually don't know the first thing about the process or what types of roadblocks they might run into in New York. Finding out as the divorce progresses can be very stressful and overwhelming for all involved. One important topic to understand when headed for divorce is simple property division and what it entails.

For the most part, a simple division of property occurs when neither party tries to contest an asset when putting together a divorce agreement. Both sides are able to agree quite easily on how pieces of marital property should be divided. Even though most marital property will be divided equally, the parties involved can decide to divide it however they deem appropriate.

Why is my prenuptial agreement invalid?

The creation of a prenuptial agreement prior to a wedding can save you and your spouse-to-be plenty of stress and heartache should you ever get divorced. This document can cover quite a bit of different items, clearly defining how assets will be divided upon your divorce. But, there are ways the agreement can be deemed invalid, which we will discuss in this post.

One of the most common reasons why a prenuptial agreement has been declared invalid is the fact that one of the parties was not given ample time to review the document prior to signing on the dotted line. Neither you nor your spouse-to-be can hand the document to the other party hours before the wedding and expect that person to sign the document immediately.

3 costly financial mistakes to avoid during divorce

If you and your spouse are drifting farther apart and you feel the divorce coming soon, you must start preparing now. Not only is this going to be an emotionally difficult process, but it will take a toll on your finances as well. If you are not ready, it could do more damage than necessary. Divorcing will always affect your finances, but it does not need to cause complete devastation.

Have you thought about how the divorce will affect your retirement plans? What about the tax liabilities of certain assets? Keep reading to learn more about avoiding these financial mistakes during divorce.

Wife wins court decision in divorce totaling $800,000

A court has ruled in favor of a wife in a divorce worth $800,000, according to reports out of Portland. The decision came from the Maine Supreme Court and it upheld a similar ruling from a lower court. The divorce involved a host of assets, including a lobster business based in Southwest Harbor.

The appeal filed with the Maine Supreme Judicial Court was in regards to a 2016 judgment from the Business and Consumer Docket that said the husband engaged in economic misconduct. The husband reportedly deprived the marital estate of $800,000 in shared income. The judgment was confirmed by the higher court on Aug. 1.

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