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Is worry about health care coverage preventing you from filing for divorce? P.2

In our previous post, we mentioned that a significant number of couples are currently postponing divorce because of concerns about lack of health insurance coverage due to uncertainties in how health care law will be reformed. The decision to postpone divorce on this basis certainly isn’t for everybody. For some couples, there are enough other factors as play that health care insurance isn’t a major concern.

Whenever possible, of course, it is good for an individual seeking marital dissolution to have a solid understanding of what his or her health care and health insurance costs will be after divorce. One reason for this is that it helps with general preparation for the changes that are coming, so the transition is smoother. 

Is worry about health care coverage preventing you from filing for divorce?

Divorce is almost always a stressful situation for couples, even when the desire to dissolve the marriage is mutual and couples are making a good faith effort to cooperate as best they are able. Stress can arise from any of the changes that occur with divorce, but particularly from changes in finances and child custody.

Among the financial changes that can occur in divorce are changes in health insurance coverage. When both spouses work with employers that offer similar coverage, obtaining insurance coverage after divorce may involve very few changes. When coverage greatly differs between employers, though, or when one spouse doesn’t work and doesn’t have employer sponsored coverage readily available, the financial changes resulting from loss of coverage can be significant. 

Patent protection vs. trade secret protection: a brief look at benefits, disadvantages, P.2

Previously, we looked at some of the basics of patent protection. As we noted last time, patent protection is certainly useful and valuable for what it does, but many businesses also make use of trade secret protection to ensure competitors are unable to benefit from valuable business information.

In one sense, comparing patent protection to trade secret protection is not helpful since not everything that may be protected as a trade secret meets the criteria for patentability. In other words, it isn’t always possible to have valuable business information patented. This can happen when an invention, discovery, or design is not sufficiently novel to warrant patent protection. On the other hand, inventions, discoveries and designs which could otherwise be patented can also simply be protected as trade secrets. In these cases, weighing the benefits and disadvantages of patent and trade secret protection can be helpful.

Now you see it, now you don't: Is your spouse hiding money?

Since the day you married your soon-to-be-former spouse, you've grown accustomed to a particular lifestyle, one that you worked hard to achieve and prefer to keep once your divorce is finalized. Many New York residents are currently facing similar situations; in fact, some are engaged in contentious battles over finances, which can be stressful and can cause delays toward settlements. For some, the central focus is merely a matter of asset distribution. New York, like most other states, distributes marital property equitably in divorce.

This means that although everything may not be divided 50/50, the court will determine how best to proceed to split assets fairly between both parties. Some people really have their work cut out for them in court when they suspect their spouses of illicitly transferring assets to keep them out of the property division pool.

Patent protection vs. trade secret protection: a brief look at benefits, disadvantages, P.1

For businesses, protecting valuable business information from competitors is an important task that deserves careful, ongoing attention. This is particularly true for businesses in highly competitive industries where innovation is critical and the risk of losing employees to competitors is high.

One potentially important tool businesses can use to protect valuable business information is patent protection. The two most common types of patent are utility and design patents. Utility patents are for inventions or discoveries of any new and useful process, machine, manufacture, or composition of matter, or an improvement on such matters. Design patents are for new, original and ornamental designs for already existing articles of manufacture. 

VIDEO: Cox Padmore Skolnik & Shakarchy LLP can meet any real estate need

In real estate investments, market fluctuations must be anticipated. From a legal standpoint, that requires due diligence. Our commercial real estate clients need to understand not only the consequences of entering into a contractual relationship, but also how to exit it, should the need arise.

A brief look at business entities in New York, their formation and dissolution, P.2

In our last post, we looked briefly at some of the basic characteristics of several types of business entities available in the state of New York. The business entities we mentioned last time—sole proprietorships, partnerships and LLCs—are increasingly complicated to form and dissolve, respectively.

Corporations are the most complex business form available, not only because of the corporate business structure itself, but also because of the required paperwork and the laws and regulations governing these entities. Corporations do, of course, have certain benefits over other business types, but these benefits come with tradeoffs.

A brief look at business entities in New York, their formation and dissolution, P.1

Forming a business is something that should always be done with careful planning and the best possible legal advice. Every business has different needs, of course, and selecting the proper entity type for a business helps ensure the business’ success. 

Sole Proprietorships

High-asset divorce and litigation do not always go hand-in-hand

Numerous couples in New York have considerable assets that need to be divided when they choose to end their marriages. Many of them believe that they will have to go to court in order to get fair divorce settlements. This, of course, is not something to which they look forward.

Believe it or not, high-asset divorce and litigation do not always go hand-in-hand. There may be a way for couples to achieve fair and balanced settlements without ever setting foot in a court room. For those who want to avoid litigation, collaborative divorce may be the answer.

Work with experienced attorney to establish effective marital agreements

Protecting assets from being divided in divorce is often an important goal for those entering into marriage with significant assets, and for those who are contemplating divorce where significant assets are likely to be in dispute. Even those with modest wealth can benefit from entering into an agreement prior to marriage or divorce, since marital agreements are quite versatile in terms of the issues they can address.

Couples can use prenuptial agreements not only to define what property will be classified as separate property and what property defined as marital property. They can also address things like: responsibility for pre-marital debts; maintenance during the marriage and in the event of divorce; support for children from a previous marriage; and inheritance of assets. 

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