The Pappalardo Law Group PLLCWhite Plains Divorce Attorney | Family Law | Child Custody & Support2024-02-27T15:41:15Zhttps://www.pappalardoesq.com/feed/atom/WordPress/wp-content/uploads/sites/1503437/2021/02/cropped-FPC-Favicon-32x32.jpgOn Behalf of The Pappalardo Law Group PLLChttps://www.pappalardoesq.com/?p=505332024-02-27T15:41:15Z2024-02-26T15:38:28Zcustody decisions based on what is in the best interest of the child. What is in a child’s best interest differs in every case.
Age and maturity level matter
However, there are a set of factors the court always analyzes when making custody decisions.
One of these factors is the child’s wishes. Therefore, the court will listen to what your child wants.
When a child testifies about their custody preference, the child’s age and maturity level are considered. A 15-year-old child is likely going to be better able to articulate what they want than a 5-year-old child.
That does not mean that an older child’s custody wishes are automatically granted. For example, some older children are more mature than others.
In some cases, a 12-year-old child might have a higher maturity level than a 16-year-old. Therefore, it is important to recognize that there is no set age at which your child can choose their custody schedule or that the court will take their preference more seriously.
Your child’s preference is one factor out of many
Another important key point is that a child’s wishes are just one factor out of several that a court considers.
In addition to the child’s wishes, courts consider who has acted as the primary caregiver, the parents’ caregiving skills, their health and more.
Additionally, practical factors are considered, such as each parent’s work schedule and transportation options. A history of proven domestic violence or abuse could also impact a custody order.
Since a court must consider these factors in addition to a child’s wishes, a custody schedule is never truly up to the child, no matter their age or maturity level.
The reason for your child’s preference will be examined
This is commonly seen in cases involving a child who has lived primarily with one parent suddenly wanting to live with the other parent as they get older. The child may express their wish to live with the other parent, but a court will carefully analyze the reasons for this desire.
Further investigation could show that the child’s primary caregiver has strict rules about homework, bedtime and social activities, while the other parent allows the child to stay out late with friends and not do homework.
If these are the reasons for the child’s sudden change of preference, a court might easily conclude that granting the child’s wishes would not be in their best interest.]]>On Behalf of The Pappalardo Law Group PLLChttps://www.pappalardoesq.com/?p=505312023-12-28T13:11:41Z2023-12-28T13:11:41Zdivorce involving over one million dollars in assets, although in today’s world, that number is steadily increasing.
What makes a high asset divorce different
There are several characteristics of a high asset divorce that make the process more complicated. High asset divorces usually involve a wide variety of assets, which means there are often more legal rules that must be followed.
For example, consider the difference between a divorcing couple whose only major asset is a house versus a couple who owns several houses, retirement accounts and different types of investment accounts. Dividing those different types of assets is likely going to involve different sections of the law.
Valuing assets can become complex in a high asset divorce. There may be unique pieces of personal property that need to be valued, such as jewelry or artwork.
Additionally, many wealthy individuals hold their assets in many different geographical areas, even overseas. The law involved in a high asset divorce might depend on where an asset is located, compared to an average divorce which involves only New York law.
The high asset divorce process
Although these considerations must be kept in mind, the high asset divorce process involves the same steps as any other New York divorce.
These steps include identifying marital property and debts and splitting them in an equitable, or fair, manner. Marital property is any property that is acquired during the marriage, while separate property is property acquired before the marriage or after separation.
There are some exceptions to this rule. Generally, separate property can become marital property if it mixes with another piece of marital property.
This is another factor that can make a high asset divorce more complicated. You may hold several investments in different types of accounts, and a simple transfer of funds from one account to another could suddenly convert one account into a piece of marital property.
Once property is identified, it must be valued. In simple divorces, the value of property can sometimes be calculated using prior tax statements or even a rough estimate if both spouses agree on it.
In a high asset divorce, valuations can become much more cumbersome. The use of financial experts to conduct valuations is often necessary.
Take the time to do it right
The final step is splitting the property, but the more property there is to divide, the more complicated the process can get. Every divorce involves patience and this is more important in a high asset divorce since the overall process may take longer.
It should come as no surprise to learn that negotiating the split of several assets often takes longer than splitting one or two. Staying patient and maintaining a respectful relationship with your spouse during this time can go a long way toward reaching a successful resolution.
]]>On Behalf of The Pappalardo Law Group PLLChttps://www.pappalardoesq.com/?p=505302023-11-02T22:04:37Z2023-10-25T20:42:57ZIs the business part of the marital property?
The first step of the process is to determine whether the business must be counted as part of the marital property. The answer isn't always obvious.
Generally, anything one spouse owned before the marriage will remain their separate property in divorce, and therefore is not part of the marital property. Separate property does not have to be divided in divorce.
However, it's common for spouses to commingle their property during marriage over the years. For instance, both spouses might contribute to buying new equipment for the business, or to bringing in new customers. Indeed, both spouses might work for the business and represent themselves to the public as co-owners. In such cases, a court might find that both spouses had property interests in the business and it should be considered part of the marital property.
What will you do with the business?
If you have found that your business is part of the marital property, your next step is determining what percentage belongs to each of you. It may be a 50/50 division or something much more lopsided.
Armed with that information, you have a big decision to make: What do you want to do with the business?
Generally, you have three choices: You can keep running the business as co-owners with your ex; you can sell the business; or one of you can buy out the other's share in the business.
Valuation
If, like most people in this situation. you decide on the buyout option, you have some more work cut out for you: In order to settle on a buyout price, you must determine the value of the business.
The best way to do this is by hiring valuation professionals. Ideally, both spouses should hire their own valuation professionals.
Typically, experts assess the value of a business by examining its assets and liabilities and its income. They may also compare it to similar businesses in the area.
Once they have come up with a dollar figure for the total value of the business, the spouses can arrive at a price for buying out a share based on the percentages of ownership involved.
In many cases, this isn't as easy as writing a check. The dollar amounts involved may be too high for the parties to pay by themselves -- particularly as they're dealing with the other financial effects of their divorce. With that in mind, the spouse who wishes to keep the business may need to secure financing in order to pay for the buyout.
As you can see, all of this can be quite complex. It's important for anyone going through this -- whether they are a majority or minority owner -- to learn about their rights and legal options.]]>On Behalf of The Pappalardo Law Group PLLChttps://www.pappalardoesq.com/?p=505252023-08-21T10:11:07Z2023-08-28T10:09:41Zproperty division in these circumstance might tempt you to shut down and let the process simply run its course, doing so can leave you at a financial disadvantage post-divorce.
Therefore, as you prepare to head into your divorce, whether it’ll include settlement talks or contentious litigation, you need to know how to address property division in your case, particularly as it relates to your business assets.
How to address business assets in your divorce’s property division process
Your business has a lot of assets and probably a lot of value. As such, you want to make sure that you’re protecting your interests as much as possible. So, as you prepare to move forward with your divorce case, here are some key considerations that you’ll want to keep in mind:
Not all businesses are marital property: Remember, only marital assets are subjected to property division. Therefore, you might want to see if there’s a way that you can argue that your business is separately owned and thus outside the confines of your divorce. This determination is going to depend on a number of factors, including when the business was started or acquired, how profits from the business were used, and any contributions that your spouse made toward the business.
There are various ways to valuate your business: If your business is going to be subjected to division, then you’ll want to ensure that its value is accurately determined before it’s split with your spouse. But there are multiple methods of determining a business’s value, including looking at its earnings capacity and its comparable market value. Educate yourself about these methodologies so that you can choose the one that’s right for you.
You have options for your business’s future: Going into your divorce, you’ll need to know what you want for the future of your business. If you simply want to rid yourself of the business, then you should prepare yourself to sell it and divide the proceeds with your spouse. If, on the other hand, you want to keep the business running, then you’ll want to think about what you want that to look like. Do you simply want to buyout your spouse so that you keep the business in full? Or are you going to be in a position where your spouse ends up with an ownership stake in the business?
Be prepared to address your business in your divorce
Of course, if your business ends up being subjected to division, then there are several factors that will be taken into consideration to determine exactly how the business will be split. Here are some of them:
When the business was acquired
How your spouse contributed to the business
To what extent the spouse contributed to the business
Your spouse’s involvement in the business’s operations
Whether money was borrowed from your spouse or their family to help get the business up and running or survive in tough times
How other marital assets will be divided
As you can see, there’s a lot that goes into the property division process when a business is implicated. If you want to fully protect your interests, then you need to head into the process fully prepared. This means having a full understanding of your business’s assets and how the law applies to your set of circumstances. By putting in the necessary work on the front end of your case, you’ll be better positioned to obtain the outcome that you want and secure the future that you deserve.
]]>On Behalf of The Pappalardo Law Group PLLChttps://www.pappalardoesq.com/?p=505212023-06-12T16:16:34Z2023-06-26T16:06:52ZA primer on equitable distribution
Under New York law, marital assets are divided in an equitable fashion when a couple divorces. A lot of people think that this means that the marital estate has to be split down the middle. This isn’t the case. Instead, the court will focus on splitting assets in a way that is fair under the facts at hand.
But what factors will the court consider? That’s a good question. Here are some of the biggest characteristics of your situation that the court will pay particularly close attention to:
The length of your marriage
The health of each spouse
Whether the custodial parent needs the family home or other assets in order to provide appropriate care to the children
The contributions made to the acquisition of marital assets
Whether spousal support has been ordered
Each spouse’s financial positioning post-divorce
Whether one spouse squandered assets away during the marriage
The existence of any domestic violence
This is by no means an exhaustive list of what the court will consider in your case. In fact, the law allows the court to take any other facts that it deems relevant to its determination into consideration.
As you prepare to enter the property division phase of your divorce, you should make sure that you’re able to clearly articulate and advocate for the outcome that you want.
Don’t forget about separate property
It’s also important to remember that only the marital estate will be subjected to equitable division. So, if you can show that you individually own certain assets, then you might be able to keep them for yourself once your marriage dissolution is finalized.
On the flip side, you might want to try to loop certain assets into the marital estate that your spouse claims are individually owned so that you can have greater access to the financial resources that you need.
The determination of marital versus individual property can be complex, though. Oftentimes commingling of assets and allowing a spouse to make improvements upon an asset will transform individually owned assets into marital property. Therefore, you’ll want to be careful with how you handle your individually owned assets and be thorough in assessing those assets that your spouse has identified as individually owned.
Have a strong property division plan in place for your divorce
Whether you think you can negotiate resolution to your property division or that you’ll have to fight your spouse in court over the matter, there are ways to position yourself for a successful outcome. You just have to know the law, have a command of the facts, and be able to craft persuasive legal arguments.
That can be hard to do, of course, especially when you’re trying to cope with the emotional fallout of your marriage’s dissolution. But there are lots of resources out there that can get you started.]]>On Behalf of The Pappalardo Law Group PLLChttps://www.pappalardoesq.com/?p=505202023-04-12T14:59:12Z2023-04-25T14:55:49Zcustody dispute. While you and your child’s other parent might attack each other over what you each think is best for your kid, your relationship with you child might be thrown into jeopardy, too. The amount of time that you get to spend with them might also be at risk.
The court will issue a custody ruling that it thinks is in the child’s best interests if you and the other parent can’t come to a custody agreement, but the matter might not be fully resolved at that time.
This is because life changes. And as circumstances change, you should reconsider your child custody agreement to see if it still protects your child’s best interests. One commonly seen issue that arises after the issuance of an initial custody order is parental relocation.
How does New York law address parental relocation?
A custodial parent can’t simply move away with the child, as that deprives the non-custodial parent of their right to visitation and other forms of contact with the child, thereby negatively impacting their relationship with their kid. This can also be harmful to the child.
So, in most instances, a request will have to be filed with the court asking for permission to relocate with the child. When considering whether to grant the request, the court will consider a variety of factors, including each of the following:
The reason why the custodial parent seeks relocation with the child
The non-custodial parent’s justifications for challenging the relocation
The relationship the child has with each parent
How the move will impact the child’s contact with the non-custodial parent
How the move will impact the child’s relationship with any siblings
The positive impact that the move will have on the child’s life, such as providing the child with additional financial resources or educational opportunities
The custodial parent’s ability to ensure that the child maintains a relationship with the non-custodial parent despite the relocation
In essence, then, the court is going to be looking to see if the proposed move is in the child’s best interests. So, keep that in mind as you figure out how to argue your parental relocation case.
When will the court deny a relocation request or an objection to relocation?
There are no hard and fast rules here. However, there are some situations that are more likely to lead to a denied request. This includes requesting or objecting to a move simply out of spite.
A relocation may also be denied if there’s no plan in place to ensure that the child maintains contact with the non-custodial parent. In most instances, though, the court is going to take a holistic look at the circumstances to determine what’s best for your child.
Craft the legal arguments that you need to protect your child’s best interests
Given the breadth of the best interest determination, it’s easy to get caught up in the details of your relationship with your child and your child’s other parent. As a result, you might find that you’re tangled up in the emotional aspects of your case, thereby causing you to lose focus of the legal arguments that you should be making.
This is understandable. After all, you’re going through a lot. That’s why a lot of New Yorkers who are in your position turn to competent family law professionals for help.]]>On Behalf of The Pappalardo Law Group PLLChttps://www.pappalardoesq.com/?p=505152023-02-20T06:01:40Z2023-02-24T07:01:38ZWhen can custody be modified?
Under New York law, a child custody order can be modified if there’s been a substantial change in circumstances and the requested modification is in the child’s best interests. Therefore, while you’ll want to present evidence of a specific issue that demonstrates changed circumstances, you’ll also want to present a holistic picture of how those changed circumstances negatively impact your child.
Here are some major issues that may warrant a custody modification:
Parental substance abuse: If your child is exposed to drug or alcohol abuse while in the other parent’s care, then they can suffer a multitude of ramifications. This can include behavioral issues, decreased school performance, anxiety, fear, and an increased risk of being abused or neglected.
Domestic violence: Anger, aggression, and violence that’s displayed in the other parent’s home can also have a negative impact on your child. You may see your child exhibiting more aggressive behavior, and they may be riddled with guilt for being unable to protect the victim. Your child may demonstrate sleep difficulties and be unable to focus while in school.
Abuse or neglect: If your child is abused or neglected in the other parent’s household, then it’s clear that spending time there is harmful to your child and not in their best interest.
Loss of employment: Your child’s other parent needs to have the financial resources to be able to care for your child. If they suddenly lose employment, then they might be left without the compensation necessary to meet your child’s basic needs. If this happens, then a modification may be necessary to ensure that your child has what they need.
Changes in physical or mental health: A parent has to be physically and mentally fit in order to properly care for a child. If your child’s other parent suffers from an injury or illness that significantly impacts their ability to care for your child, then a modification might be necessary.
Parental relocation: If the other parent wants to move away for a job or some other reason, then you’ll want to carefully consider whether that move is in your child’s best interests. After all, it may be taking them away from their educational and social network, and it might reduce their opportunities to participate in family activities and school functions. If that’s the case, then you might be warranted in seeking a modification.
Do you need help crafting your argument for modification?
A custody modification may be necessary to protect your child. But the burden of proof is going to be on you to prove that the modification is necessary. Therefore, you need to know how to gather relevant evidence and present it in a persuasive fashion.
An attorney who has handled child custody matters before can help you do just that. That’s why if you suspect that a different custody arrangement is best for your child, then now may be the time for you to start discussing what you want with an attorney of your choosing.
]]>On Behalf of Farber, Pappalardo & Carbonarihttps://www.pappalardoesq.com/?p=503862022-12-12T18:26:55Z2022-12-16T18:25:19Zhigh-net worth marriage dissolution? You can start by trying to avoid these common mistakes:
Not creating a budget: Before heading into negotiations or litigation, you have to know your post-divorce financial needs. This will set the boundaries of your negotiations and give you direction in litigation. So, sit down and be realistic about what you need, what you want and how expensive your lifestyle is going to be once your divorce is finalized.
Over-simplifying alimony: Whether you’re seeking spousal support or hoping to avoid paying it, you need to understand the intricacies involved in this legal issue. Alimony isn’t required in every case, and when it’s deemed warranted, the exact amount ordered is going to depend on a number of factors. You’ll need to look closely at those factors to determine how you can best argue them to your advantage. After all, doing so may be the best way to protect your long-term financial interests.
Not looking for hidden assets: It can be hard to keep track of all of your property in a high-asset marriage, which is why you should approach your divorce with skepticism. It’s better to err on the side of caution and anticipate that your spouse is trying to hide assets from you rather than giving them the benefit of the doubt and then losing out on assets to which you’re otherwise entitled. So, you may want to work with a forensic accountant on this.
Not putting a family business under the microscope: Assets can easily be hidden in a family business, often by over-reporting losses or under-reporting income, but there can also be issues with the valuation of the business itself. This can be huge, too, given that the business may be considered marital property and it might be quite valuable. Therefore, you’ll want to ensure that you have a proper valuation of the business to protect your interests.
Neglecting tax implications: How your marital assets are divided can have significant tax implications. You may end up with a tax bill that’s larger than you’re willing to pay, which can start your post-divorce life out on the wrong foot. So, make sure you fully understand how you’ll be taxed before you agree to any kind of settlement.
Moving too quickly: We know that you probably want to get your divorce over with as quickly as possible. But if you move too quickly, you might miss key opportunities in your divorce. So, try to slow down and be diligent as you prepare your legal strategy. That way, you can move onto the next chapter of your life on the strongest footing possible.
Advocate for what you deserve
Under New York law, you’re entitled to your fair share of the marital estate. Spousal support may also come into play in your case. But you’re unlikely to be given what you deserve unless you advocate for it. That’s why it’s in your best interests to be as thorough and as aggressive as possible when dealing with the financial issues related to your divorce.
Fortunately, you don’t have to face those matters on your own, because teams of experienced legal professionals stand ready to help you build the compelling legal arguments that you need to support your position.]]>On Behalf of Farber, Pappalardo & Carbonarihttps://www.pappalardoesq.com/?p=503842022-10-19T18:29:46Z2022-10-13T18:28:33Zknow the law and be ready for what they may face as the case proceeds.
How is a business viewed during property division?
The term “equitable distribution” is used with deciding how property is split. In New York State, the court strives for a fair result in how the property is divided between the parties. That does not mean equal. It divides property into the categories of marital property and separate property. Some property is commingled, meaning it is a mix of marital and separate.
For those who are wondering how this impacts a family business, there are facts to be aware of. A person who started a business before the marriage will retain it as part of the divorce. If it was started after the marriage, it will likely be marital property.
Separate property is anything that was acquired prior to the marriage from someone apart from the spouse. In some cases, the sides can have an agreement detailing separate property prior to the marriage. Marital property is what was acquired after the sides were married except for items that were given to one spouse through inheritance or was part of a personal injury award.
As part of the equitable distribution process, the court will look at the income and property when the marriage began, how long the couple was married as well as their age and health, if child custody and retaining the marital home is an issue, if pension and inheritance will be lost once the marriage is dissolved, health insurance coverage, maintenance, the financial situation, taxes, transferring of debts, if there was violence in the marriage and other factors.
Regarding a business, the court will try to come to a reasonable understanding of how to evaluate its value and split it fairly. For example, many couples have financial situations that are entangled with the business and it can be hard to find where it should be divided in a fair way. This is true whether the business was intact before the marriage or started after the marriage. For a large portion of family-run businesses, even the non-owning spouse contributed to it in some way, so this must be considered.
Among the obstacles that can come up for debate are if the person who did not own or run the business still contributed to its success and growth by providing a stable home life, caring for children, giving tactical advice and just being there as a sounding board for the other person. This can happen for people who are younger and just starting out when they end the marriage or those who have been married for an extended period, are older and are in the middle of a so-called “gray” divorce.
Dividing a family business in a divorce can be addressed with professional help
Divorce is emotionally and personally challenging without facing rampant disagreement over finances and how assets are divided. When there is a business at stake, it can lead to hard feelings and a painful back and forth as to who is entitled to what from the business. This is true whether one party started the business before the marriage and is technically entitled to it or if it came into being after the marriage and both sides contributed to it with one doing the bulk of the work.
Regardless of the perspective—the person who owns the business and the one who does not—it is imperative to have professional help that understands the complex issues that arise in these types of family law cases. To try and reach a positive result whether that is through a negotiated settlement or by going to court, it is wise to have experienced advice. Calling for help as soon as the divorce is being considered is useful to reach a reasonable outcome.]]>On Behalf of Farber, Pappalardo & Carbonarihttps://www.pappalardoesq.com/?p=495772022-08-23T17:37:07Z2022-08-23T17:37:07ZProperty division and a second marriage/divorce in New York
As with any divorce case, property division is subject to the laws of equitable distribution. People who went through the process before will undoubtedly understand how this works. The law will assess the case on its own merits without regard to the previous marriage and divorce. The term “equitable” does not mean equal. Some might misinterpret it as such. It means that the property will be split fairly.
Just as the first marriage might have had certain properties that the couple had before they were married and was labeled separate property and then acquired property after the marriage and is generally labeled marital property, the same will be true for the second marriage. If one person retained a marital home from the first marriage, that will remain theirs after the second marriage. If it was purchased after the second marriage, it is marital property.
Among the potential issues that will arise in a second marriage and divorce that were not in place with the first marriage and divorce are the life changes that might have come about. For example, the first marriage might have occurred when the parties were very young and just starting out in their adult life. They could have been beginning their careers and did not accrue much property. That will lessen the amount that they need to divide.
A second marriage could have happened when one or both were more established. If at the end of the first marriage, a person was starting a business that had yet to turn a profit or was working their way through school to become a professional, they will not have a great deal to split. That includes retirement accounts, investments, bank accounts, real estate, automobiles and items of sentimental value. For the second marriage, they could be more successful financially. That will change how property is divided.
Addressing the complexities of a second divorce may require experienced help
Whether the case is rife with hard feelings or the sides are relatively agreeable and even friendly, it is important to be protected. This is especially true with the financial and personal concerns of a second divorce. If negotiation is possible, so much the better. However, when it is not, it is wise to have aggressive advice to try and reach a favorable outcome.
Consulting with professionals who have accrued more than a century of experience in family law can be beneficial. Striving for fair solutions is imperative, particularly when property division from a second marriage is the focus. Having advice from those who excel in solving problems, show compassion for the person’s situation and are familiar with the worries of those who live in White Plains and the surrounding areas can make all the difference.
No matter what a person’s financial situation is, how much they own, what might have happened in the past and what the future holds, being fully prepared is essential. From the beginning, a second divorce will invite emotional, personal and financial anxiety. Calling for family law advice and representation can assuage those worries and move forward with trying to achieve a positive and acceptable result.]]>