The New York Daily News recently reported that a “defendant’s demand for statement of net worth” was filed by Donald Trump Jr.’s attorneys against Vanessa Trump, after it was reported that she inherited millions from her late father’s investments.
However, filing a Statement of Net Worth is standard procedure in all New York divorce cases. In order for attorneys to facilitate settlement, or prepare for litigation, we need to know the annual income, expenses, assets, and liabilities of each party. These numbers help us to calculate child support, and maintenance in the appropriate cases.
As part of the Statement of Net Worth, parties are required to attach their most recent paystub, if applicable, and their most recent tax return. Parties are also required to attach a copy of their retainer agreement with their attorney. Together, these documents help an attorney to see from the beginning of a divorce action, whether the parties’ finances will be an issue of contention.
Often the monied spouse has access to bills, bank statements, retirement account statements, and so on, leaving one spouse in the dark about their net worth. When meeting with your attorney, be prepared to discuss these issues and know your expenses as you prepare for the future. If possible, retrieve the information necessary to make sure you are not overpaying support, or on the other hand, receiving less than you may be entitled to.
Parents do not always agree as to how to raise their children. While child rearing disagreements are certainly not unique to divorced parents, such disputes can be more difficult for divorced parents to resolve if they no longer respect or trust the other party’s opinion or, for whatever reason, they are unable to effectively communicate with one another. Additional challenges are presented when the financial resources of the parents change after divorce and decisions affecting a child have financial repercussions, as is the case with child care.
When the parents of younger children divorce, the non-custodial parent will be required to pay a pro rata share of the child care expenses incurred by the custodial parent, in addition to child support. For example, if the non-custodial parent earns $70,000 per year and the custodial parent earns $30,000 per year, the non-custodial parent will be responsible for 70% of the child care expenses incurred by the custodial parent. In such a case, the non-custodial parent, who bears the greater financial burden associated with child care, and who may already feel that he or she does not have enough left of his/her paycheck, after paying taxes, child support and child care, may be more eager to end child care than the custodial parent. In such an instance, the non-custodial parent may seek court intervention to terminate his/her obligation to contribute to child care for their child.
Oftentimes, parents start to question the need for child care after a child reaches 12 years of age. There is no law, however, that conclusively determines the age that child care ends; rather, the Court will have to determine what is appropriate for the child at issue, giving due consideration of the child’s age, maturity level, the amount of time and time of day that the child will be left home alone. For this reason, many parents may feel they require the assistance of counsel, whether they are the parent seeking to terminate the obligation or the parent defending against such an application. Petroske Riezenman & Meyers, PC can help. Contact us at (631) 337-1977 to schedule a consultation.
A prenuptial agreement is a contract that is entered into between two people before they are married. The contract typically dictates the division of property and maintenance/support amounts and duration should the parties divorce.
These contracts are especially important to any party coming into a marriage with significantly more assets than the other party or a larger earning capacity than their future spouse. It is important to have legal counsel draft these documents to help ensure that the agreement will be enforceable if they are ever needed after marriage.
Often you hear about prenuptial agreement terms of celebrities who have been recently married or recently divorced. Justin Timberlake’s Wife, Jessica Biel would be provided with $500,000 if he is caught having an affair. Michael Douglas would have to provide Catherine Zeta Jones with $2,800,000 per year for every year that they were married. Kevin Federline only received $1,000,000 after his divorce from Britney Spears according to his prenuptial agreement.
Even though most of us are not millionaires like these celebrities prenuptial contracts are important to people of all levels of income. Prenuptial agreements should not put a strain on a couple about to be married but rather help an engaged couple open a dialogue about finances for what will hopefully be a long and loving marriage.
Recently, you may have read that Stormy Daniels is challenging the confidentiality agreement she purportedly entered into with an attorney associated with then presidential candidate Donald J. Trump. The purported agreement is now the subject of various lawsuits, including an action to set the agreement aside because it is void against public policy.
At first glance, it may seem a bit tenuous to draw a connection between a legal action involving the President of the United States and an Action for Divorce. However, there are more similarities than you may think.
Agreements which impact a family – especially those involving the division of assets or payment of support – are often viewed from the perspective of preserving public policy. For this reason, Courts examine agreements made by the parties to ensure that they are “fairly and equitably” reached and free from “fraud and duress.” As a result, if the terms of an agreement were manifestly unfair at the time of execution, the agreement could be set aside.
What are some examples of a “manifestly unfair” agreement? Well, every case is different. However, generally an unfair agreement awards one spouse a significantly greater share of the marital estate, or provides for an unsustainably high/low child support or maintenance obligation. In those cases, the Court could set aside the agreement (and make it as if the agreement never existed in the first place).
Actions to set aside an agreement are extremely time sensitive and must be addressed as soon as possible. If you believe your divorce, child support, or child custody agreement is unfair, please give us a call to see if we can help.