New York residents who are seeking a divorce but rely on retirement benefits may be interested in how the end of the marriage affects Social Security. Depending on several factors, including remarriage, the effect can be quite large.
New York doctors may be interested in a study that found that physicians had a divorce rate of 24 percent, making them less likely to be divorced than other health care providers, such as nurses and health care executives. Only pharmacists reported a lower divorce rate. Even nurses and executives, who had the highest divorce rates among health care providers at 33 percent and 31 percent, respectively, were less likely to be divorced than workers outside the health field. This group had a divorce rate of 35 percent, according to the study.
Having a lawyer is often extremely helpful during divorce. Issues like child custody, visitation, spousal support and property division can be very complex. It can be challenging for someone who doesn't have legal experience to adequately represent himself or herself during a divorce settlement negotiation. Negotiations can be even more challenging when the two spouses aren't able to communicate or negotiate in a civil or productive manner. An experienced and skilled divorce attorney can help an individual navigate those challenges.
New Yorkers who are familiar with hedge funds may know of Citadel and its founder, Kenneth Griffin. The wealthy founder of the multibillion-dollar Chicago hedge-fund management firm, the net worth of which the Bloomberg Billionaire's Index lists at $5.6 billion, has cited irreconcilable differences in filing for divorce from his wife of 11 years, Anne Dias Griffin.
New York residents who follow the art and political scenes probably know that American lobbyists Tony and Heather Podesta separated and fought about how their property and art collection would be divided. On June 8, the couple announced that they reached a divorce settlement and plan to remain friends. Tony and Heather married in 2003 and have become famous in the social and art worlds. This was his second marriage and her third, and the couple had no children. They had homes in Virginia, Australia, Italy and in Washington, D.C., where the couple would have parties. The pair also went to many galas and fundraisers in designer attire.
For many New York couples who are going through a divorce, a pension is the biggest asset they will have to address. As you approach this topic, however, it is important to keep in mind that dividing a pension is not as simple as picking a dollar amount or percentage.
Complex property division in a New York divorce requires carefully categorizing and evaluating the relevant property. For instance, is there separate property that should be excluded from equitable distribution?
The New York State Law Revision Commission joined a group of legal experts to provide testimony to evaluate effectiveness of recent changes in state divorce law. A legal review commission proposed that a 3-year-old spousal maintenance law should be revisited in order to provide more consistency and fairness in divorce settlements. The commission studied a report published in May observing impacts of a specific formula in use to calculate spousal support payments. The formula is similar to one previously used to determine child support. Its implementation is expected to limit subsequent litigation and inconsistencies following divorce agreements.