All You Need to Know About Alimony

What is alimony? Alimony is a legal obligation for a person to provide financial support to his or her spouse during the process of separation or divorce. Typically, the former husband would always provide financial help to his former wife in the case of a divorce or separation. However, since the 1970s, there are many women that also provide for their former husbands. Why is this information important to you? For starters, if you are going through a divorce and have children, you may run into some financial trouble without your spouse. Nevertheless, with alimony, your child will be secure with income from you and your former spouse. Therefore, the divorce will only affect you and your former spouse, not your child.

Furthermore, alimony is not the same as child support. Your attorney can explain to you how child support is money given to the custodial parent for purposes such as food, health, education and other maintenance. Although alimony is very similar to child support, it is a bit different. Alimony is when one spouse has given up earning potential in order to raise their children. As a result, the judge may grant alimony, which is treated as a taxable income. The receiving spouse is typically the one who gets taxed, and the paying spouse typically has the alimony money deducted from their gross pay.

There are many factors that are considered by the judge when granting alimony, including how long the couple has been married, how much each spouse is capable of making, the age of each spouse, the health of each spouse, and much more. Each state has different laws regarding alimony; however, most states review the length of the marriage as a major factor.

Moreover, as you can see, divorce is an extremely difficult process to understand. A divorce attorney always knows best in regards to learning these laws. Divorce is already painful to go through, but the process can be quicker and more comprehensible with a trusted attorney at your side.

Voted Long Island’s Best Divorce Lawyer with over 30 years of experience in Divorce, Child Custody, Adoption, Same-sex divorce, Pre- and postnuptial agreements, Father’s rights, Separation agreements, Protection orders and Meditation. To help keep your legal costs at a minimum, call (888) 429-4459

Child Custody, Why Simonetti & Associates is the Best

Going through a divorce is bad enough but the stress of arguing a custody battle is exasperating and truly upsetting. When you reach the point in your life when you’re fighting to see your kids you want the absolute best team behind you. This is not a time to go with the cheapest option or the most convenient. Simonetti & Associates are always available to you and will be there to answer all your concerns along the way. Step by step this law office will guide you in the right direction and fight as hard as possible to make sure you get what you deserve. During this very trying time in your life you need someone to back you up. Simonetti and Associates are your team!

For over 25 years Simonetti & Associates have been helping families in crisis. Unfortunately, New York does not favor joint custody. Leaving the two parents to hopefully decide for themselves the future of their children but more often than not this ends up in a bitter and expensive battle. We take a realistic approach with our clients and will keep you informed ahead of time of the expenses you are likely to receive.

We have a vast experience dealing with custody battles and will walk with you every step of the way whether discussing which types of custody are available and explaining to you how the court determines who gets custody. Don’t go it alone. let us help you. Trust Long Island’s Best to handle your divorce and custody battle. Our knowledge and first hand years of experience at Simonetti and associates will have your back.

Voted Long Island’s Best Divorce Lawyer with over 30 years of experience in Divorce, Child Custody, Adoption, Same-sex divorce, Pre- and postnuptial agreements, Father’s rights, Separation agreements, Protection orders and Meditation. To help keep your legal costs at a minimum, call (888) 429-4459

Legal Separation in New York

An alternative to filing for divorce is a legal separation. A legal separation is an option when the spouses do not want to file for divorce, but wish to no longer live together. Many of the issues that can be settled in a divorce can be settled in a legal separation. However, the parties are still legally married and not legally able to remarry. New York allows spouses to enter into a Separation Agreement. This agreement is a legally enforceable contract between the parties which addresses spousal support, child custody, visitation rights, and the division of marital property. If the parties wish to later divorce “it may be included in the divorce judgment.” Once the agreement is signed by both parties in front of a notary the legal date of separation begins. The agreement is then “filed with the Clerk of the County in New York where either spouse lives.” Once a year has passed and the “separation agreement terms were substantially followed,”either party may file for a no-fault divorce.

However, a separation may be granted for one or more of the following grounds: adultery, abandonment, imprisonment for three or more consecutive years, neglect of and failure to provide support for wife, or cruel and inhuman treatment. The Supreme Court of the State of New York may also grant a Judgment of Separation based on the same grounds listed above.

If contemplating a legal separation seek out the advice of the experienced Family Law attorneys at Simonetti & Associates.

Reference: New York Legal Separation (available at

http://www.divorcesource.com/ds/newyork/new-york-legal-separation-5333.shtml)

Voted Long Island’s Best Divorce Lawyer with over 30 years of experience in Divorce, Child Custody, Adoption, Same-sex divorce, Pre- and postnuptial agreements, Father’s rights, Separation agreements, Protection orders and Meditation. To help keep your legal costs at a minimum, call (888) 429-4459

Family Business and Divorce

What happens to a Family business during a divorce? There are typically two occurrences. Either both parties have located a buyer interested in purchasing the entire business or one party buys out the other.

If the former is the case then the parties will typically agree on a valuation of the business and attempt to sell. In the latter situation both parties will tend to disagree on the value of the business. The spouse leaving the business will tend to think of the value “in the terms of the future prospects possessed by the business”. The spouse keeping a controlling interest in the business will tend to think of “value based on the worst case business scenario for the future.”

Throughout this process there tends to be a high level of emotion. This along with the financial goals of the parties’ can “cloud” the valuation of the business. However, it is important to note that the valuation standard is “fair market value.” Professional organizations (American Institute of CPAs, the American Society of Appraisers, the Canadian Institute of Business Appraisers, the Institute of Business Appraisers, and the National Association of Certified Valuation Analysts) have defined the term “fair market value” as follows:

The price, expressed in terms of cash equivalents, at which a property would change hands between a hypothetical willing and able buyer and a hypothetical willing and able seller, acting at arms length in an open and unrestricted market, when neither is under compulsion to buy nor to sell, and when both have reasonable knowledge of the relevant facts.

When determining the “fair market value” of a Family business appraisers look at several factors. These include fixed assets, accounts receivable, work in progress, goodwill, and liabilities. These components and other variables can get very complex.

When contemplating divorce and a Family business is involved it is recommended to not only obtain the services of an attorney that knows the legal landscape of divorce, but also the financial realities. Louis Simonetti, Jr’s business background and graduation from the Wharton School of Business gives him insight that can be instrumental to obtaining the most lucrative resolution for his clients. So if you are contemplating divorce and a Family Business is at issue seek out the advice of the experienced attorneys at Simonetti & Associates.

Reference: Rickard L. Borg, Esq., Evaluating a Business or Professional Practice in Divorce (available at http://www.divorcesource.com/ds/california/evaluating-a-business-or-professional-practice-in-divorce-4286.shtml)

Voted Long Island’s Best Divorce Lawyer with over 30 years of experience in Divorce, Child Custody, Adoption, Same-sex divorce, Pre- and postnuptial agreements, Father’s rights, Separation agreements, Protection orders and Meditation. To help keep your legal costs at a minimum, call (888) 429-4459

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