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New York Finally On Board With No-Fault Divorce
New York has added a new ground to its existing six (6) grounds to procure a judgment of divorce. Now instead of pleading cruel and inhuman treatment, sexual abandonment, or one of the other existing fault-based grounds, Litigants may now get a divorce on the ground that "the relationship between husband and wife has broken down irretrievably for a period of at least six (6) months, provided that one party has so stated under oath."
However, before a divorce on this new seventh (7th) ground can be granted, all economic issues, child support, spousal support, the payment of attorney and other experts' fees and expenses as well as the custody and visitation with the minor children of the marrriage must be resolved.
www.angelabarkerlaw.com
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I am sure that I speak for everyone located in the Northeast when I say I am sick and tired of the constant snowstorms. With school closings, court closings and impassable roadways, I am looking forward to Spring. As with everything in life, your motto should be. "Hope for the best, prepare for the worst." Sometimes we may have to revise our plans, but with planning, the curves life throws our way become much easier to bear.
Life is a series of transitions, and at the Law Office of Angela Barker LLC, we are committed to help ease the transition through the various life stages: whether it be a change in the family structure as a result of death, marriage, divorce, or separation. We are there for you as you buy or sell your home, and we assist our clients in planning for their loved ones' golden years and help them pass their assets on to the next generation. People are our business. For the benefit of our clients and the communities we serve, we have developed this newsletter as a legal and consumer resource. Enjoy!
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| 2011 and 2012 Federal Estate Tax Exemption |
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For 2011 and 2012, the Federal Estate Tax Exemption is set at a rate of 35% and there is a 5 million dollar exemption. This means that if you die and your estate is worth less than 5 million dollars you do not pay any Federal estate taxes on your estate. In addition, if you die without utilizing the 5 million dollar exemption this exemption may be used by your spouse giving him/her a 10 million dollar estate tax exemption upon his/her death.
However, there are some states such as New Jersey and New York that also impose an estate tax. Currently, New Jersey imposes an estate tax for all estates above $675,000. The New York estate tax is set at one million dollars. New Jersey also has an inheritance tax. This tax is imposed on the market value of property transferred upon death. Depending on the relationship the beneficiary has with the deceased, the inheritance tax may be imposed. New York does not have an inheritance tax.
When it comes to death and taxes, Florida seems to be a more welcoming state than either New York or New Jersey. The estate tax in Florida is tied to the federal tax rate and Florida does not have inheritance taxes. It seems that if you are looking to escape the snow and minimize estate and inheritance taxes, you can always move to Florida where it is warm and sunny. Go Gators!!!
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| Palimony In New Jersey - Not as Easy to Get Anymore |
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Some people say that when New York takes one step forward into the future with its intimate relationship laws, that New Jersey takes one step back to the past. For about 3 decades, unmarried people in New Jersey could file palimony claims seeking to enforce promises of financial support even when the relationship ended through a death or split.
Palimony is defined as the financial support that unmarried people may receive from their partners upon the demise of the relationships. However, in 2010 the New Jersey legislature passed a law that requires that all promises to pay palimony must be in writing and signed by the person who has made the promise. In addition, that contract must be reviewed by an attorney. It also requires both parties to the contract to receive independent legal advice before the contract can become binding.
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