Can an LLC Protect the Family Farm From a Divorce? What Illinois Farm Owners Should Know is an important question for farm families who have spent years or generations building agricultural businesses and accumulating farmland, equipment, livestock, and other valuable assets. An LLC can be a useful part of a farm’s legal and succession structure, but simply placing a family …
Equitable distribution (“ED”) is the allocation of the marital estate in a divorce. Importantly, not all states are equitable distribution states; instead, states like Texas and California are community property states. The majority of states are equitable distribution states, but it is important to confirm this with a licensed attorney in the applicable jurisdiction. In way of background, property in …
The law outlines what is marital property and what is separate property. However, the issue becomes murky when separate property was the marital residence, since often the marital residence is marital property. Real property purchased prior to the marriage does not become marital property merely because it is the marital residence (meaning that the couple lives there as husband and …
In case you missed it, I was quoted in this Wall Street Journal article talking about premarital student loan debt and divorce (and admitting my law school debt load). In a marriage, everything fits into one of three buckets: separate property for each spouse and marital property. Debt also fits into one of these buckets. In New York, property and …
Temporary spousal maintenance is money paid from the higher-earning spouse to the lesser-earning spouse. It is typically applied during the pendency of the divorce but it can also be used as a guideline when a couple is married for relief in Family Court. I have received a lot of phone calls lately from folks whose spouse decides to cut them …