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24/7/365 Emergency Hotline: 631-348-1702

If you have been arrested, or in case of an emergency, our attorneys can be reached 24 hours a day, 7 days a week, at 631-348-1702.

Make Sure To Disclose All Financial Information During Divorce Negotiations

An individual going through a divorce must disclose a material change in facts during settlement negotiations, otherwise, it may invalidate a settlement provision. On May 11, 2017 the Appellate Division, Third Department invalidated a paragraph of a divorce settlement separation agreement. The court remanded the matter to address the proper equitable distribution of funds.

Suffolk County divorce lawyerAn individual going through a divorce must disclose a material change in facts during settlement negotiations, otherwise, it may invalidate a settlement provision. On May 11, 2017 the Appellate Division, Third Department invalidated a paragraph of a divorce settlement separation agreement. The court remanded the matter to address the proper equitable distribution of funds.

In June 2014, a wife filed for divorce. On September 15, 2015, the parties finalized a separation agreement that addressed equitable distribution as well as child support, custody, and spousal maintenance. A provision of the agreement addressed the wife’s ownership interest in a privately held company. The wife became employed by the company in 2012. In 2013, the wife was given unvested equity incentive units by her employer and in September 2015, half of her units became vested.

The part of the agreement that addressed this interest specified that she agreed to pay her husband 10% of the full value of the compensation received from these. Furthermore, the agreement stated that the wife would give the husband reasonable and necessary documents to value the ownership interest. After the signing of the agreement, the wife notified her husband that the company was sold and that she received 230,000 for her interest in the company and provided him with the 10%.

In accordance with Domestic Relations Law § 236[B][4][a], equitable distribution requires full financial disclosure by both parties. An individual has a statutory and contractual obligation to inform the other party of a sale prior to finalizing an agreement. Another portion of the agreement stated that the parties provided full disclosure of all financial assets, which is a continuing obligation. While the parties agreed to the language of the provision in the agreement in advance of September 15, 2015, the sale on September 1, 2015, rendered that provision moot because the value had been defined.

It can be overwhelming to navigate the divorce process. Seeking the guidance of an experienced New York divorce attorney is crucial to peacefully resolving potentially contentious issues. The divorce lawyers of Mcguire & Peláez, PC are sensitive to your needs, skilled in handling divorce and family court matters, and will fight zealously for your rights. For more information or to schedule a consultation, contact our Long Island divorce law office at (631) 348-1702.

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Reviews

They were a big help with a case I had that had been prolonged by NYC. With their help I avoided 8 points & an increase on my insurance. Can't recommend them enough, well worth the money.
Me fue bien. Trabajan muy bien. Son recomendados
Response from the owner:Thank you very much for your positive review, Orlando. We appreciate you coming to us for legal assistance, and hope you consider us if you need any further help.
Mi experiencia con los los Abogados en Mcguirre, Peláez son muy profesionales le recomendaría a mucha de mis amigos hispanos
Response from the owner:Thank you very much for your review, Joel. We are glad we could be of assistance. Please let us know if there are any future legal issues you need help with.
I can’t recommend Brett Bennett — or really, anyone at McGuire, Peláez & Bennett — highly enough. Hiring Brett was hands-down one of the best decisions I’ve made (and trust me, given why I needed a lawyer, I’ve made some questionable ones).

From the start, Brett made the whole process so much less stressful. He’s approachable, sharp, and always available to chat — no legal jargon, no intimidation, just solid, straightforward guidance. My case wasn’t exactly simple, but Brett’s expertise and understanding of the law turned what felt like a mess into a remarkably favorable outcome. Way beyond what I expected.

Also, special shoutout to the receptionist — she was an absolute gem. Every time I called, she was kind, helpful, and somehow managed to make the whole experience feel a little less daunting.

Bottom line: Brett was affordable, worth every penny, and then some. If you’re reading reviews wondering who to trust with your legal headache — take it from me, this is your guy.
Response from the owner:Maeve, we greatly appreciate you leaving your review. We are happy to have been of service, and hope we can help you again if you ever need any assistance with a future legal matter.
Los abogados son expertos en lo que hacen. Me an ayudado anteriormente y hicieron un buen trabajo. Las muchas de frente son muy buena gente.
Response from the owner:Gracias. Thank you Juan.
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