Where Is The Value In Assets After COVID-19?
The law has become an even more interesting landscape since the rise of COVID-19 and the myriad of issues that it has brought to the forefront. The disease has spread throughout the country and the world, and it has turned a lot of traditions and customs upside down. One thing that Garden City family lawyers see right now is a difficulty in valuing assets during this time.
The valuation of marital assets is a key component of ensuring equitable distribution of assets and an ultimately fair resolution of the case. In New York, Courts may choose to value assets any time from when the divorce action is commenced until the trial begins. Courts typically value active assets, such as businesses, which tend to increase in value, on the date the divorce action is commenced. Passive assets, the value of which fluctuates with the market, are typically valued on the date the trial begins. However, Courts have discretion when it comes to the date of valuation depending on various circumstances and factors relevant to each case.
COVID-19 has changed the legal landscape and introduced more obstacles when it comes to valuation as assets, incomes, and property values have fallen. Earnings, revenues, and sales have become extremely volatile as some workers and businesses have been deemed essential and others have not. Changing regulations regarding when and how businesses can open, who may go into work, and other various factors affect the values of different assets.
The law firm Fass & Greenberg has been working on better methods for valuing assets in the current climate that we find ourselves in. It is troubling that so many valuables are now difficult to assign a value to due to the declining economy and high rates of unemployment. At the same time, Fass & Greenberg knows that the unemployment rate is so high because we have asked people to stay home and closed restaurants and other public venues in many areas. Those jobs are gradually starting to come back as businesses are beginning to slowly reopen. As circumstances improve and the community opens up again, things will improve but the scars and losses of the pandemic will remain.
Assets such as cars, boats, motorcycles, jewelry, and the like have all become more difficult to assess as Garden City family lawyers try to figure out what kind of public demand there is for these items. If the public is not pushing to own such things, then the value just isn’t there. However, it is not clear that the public won’t want some of these valuables down the line as things normalize. Supply and demand prove more difficult to predict in these uncertain times.
While much of society has been put on pause during this pandemic, we know that personal family law issues have persisted. Going through a divorce or other situation in which valuables must be divided up among different parties is as critical as ever right now. Law firms are needed to help with the valuing of these items and to help make sure you end up on the right end of the deal when all is said and done. Do not put your financial future at risk. Take the time to hire competent experienced legal counsel to protect yourself and to help you achieve your desired outcome.
Finding out that your partner is going to have a child should be a good thing. For some, though, it brings the kind of doubts and fears that can only come from wondering if the child is really theirs. Paternity means being a child’s legal father. In New York, marriage to a child’s mother at the time of the child’s birth automatically establishes paternity. However, there are other ways to establish paternity if that is not the case, such as signing an Acknowledgement of Paternity form with the child’s mother or filing a petition through the court system. If you’re in a situation that might end up involving paternity issues, the family lawyers Garden City NY at Fass & Greenberg absolutely recommend involving an attorney as soon as possible to obtain the best outcome.
It’s understandable that many men put off working with lawyers when paternity issues start to arise. There’s always a tendency to want to handle things on your own, especially when something as deeply personal as the paternity of a child is at stake and private relationships are involved. The truth, though, is that you need to be careful to begin protecting both your assets and your potential relationship with the child as soon as possible. Establishing paternity is important for determining parental responsibilities, such as child support payments, but it is also necessary for determining a father’s parental rights, such as custody, visitation, decision making, and being a part of the child’s life. Paternity gives rights to the child as well, enabling them to receive things like benefits and health insurance through the father. Any man that has fathered a child has a right to be in that child’s life, and establishing paternity allows you to ensure the care and protection of your children.
If you have reason to believe a paternity determination is false, an attorney can help you understand your options. You can typically challenge it by filing a complaint with the court, and the court may then order a blood or DNA test to determine if there is a biological relation between the alleged father and the child. Blood tests can be helpful to determine if there is a possibility of fatherhood based on blood types, while DNA tests are the most accurate way of establishing paternity using DNA patterns. However, there are some instances in which you may be prohibited from challenging paternity. Under the New York Family Court Act, paternity by estoppel can prohibit both parents from claiming that the person previously recognized as the father is not actually the father. Estoppel arises when someone has held himself out as the father of a child, and it forbids any further inquiry into who the child’s father is. This doctrine of estoppel seeks to protect the child’s interest by safeguarding their relationship with the person previously determined to be the father.
It is a good idea to start speaking to an attorney as soon as you suspect that an issue of paternity is going to come up. The goal is to protect yourself and your potential relationship with the child – whether you think the child is biologically yours or not is immaterial. The next step is to move for a paternity test as soon as you can, and you may need to start court proceedings to ensure that you are assigned the proper relationship with the child. A lawyer will always be able to help you decide what to do next once you know that you need to have a paternity test done.
Fass & Greenberg are family lawyers dedicated to providing compassionate legal representation to families facing legal challenges. An attorney at our firm can help you understand your options when it comes to paternity issues. Simply contacting an attorney does not mean that you are going to make any major life changes – it just means that you want to be prepared for what comes next. If you are dealing with a paternity issue or you think that one might come into play soon, make sure to contact the attorneys at Fass & Greenberg to get the help you need.
In response to the current pandemic, New York State has been “on PAUSE” since March 22nd and has implemented stay-at-home orders, social distancing, and self-isolation techniques to help combat the spread of COVID-19. However, these tactics have had unanticipated consequences as the incidence of domestic abuse has increased. In New York State, domestic violence reports were up a staggering 30% in April this year compared to last year.
Most people like to think of the home as a safe haven, a place where you can escape from the dangers of the outside world. For victims of domestic violence, this is not the case. Stay-at-home orders leave them trapped in their own home with the very danger they seek to escape. Furthermore, factors such as financial strain, fear of the virus, and lack of resources resulting from the pandemic can make matters even worse.
If you or someone you know are dealing with domestic abuse in quarantine, there are resources out there to support you and our Garden City divorce attorneys at Fass & Greenberg can help.
Here are some strategies for maintaining safety during quarantine:
Seek help from local and national resources that can offer emotional support, safety strategies, and guidance for your situation, such as:
- The Safe Center L.I. (516-542-0404)
- L.I. Against Domestic Violence (631-666-8833)
- New York State Domestic and Sexual Violence Hotline via call (1-800-942-6906), text (844-997-2121), or online chat (opdv.ny.gov)
- The National Domestic Violence Hotline via phone (1-800-799-7233) or online chat (thehotline.org)
- Love Is Respect via phone (1-866-331-9474) or online chat (loveisrespect.org)
- Safe Horizon via phone (1-800-621-4673) or online chat (safehorizon.org/safechat)
Seek shelter with family members or friends who are in good health. If it is not possible to leave your home, keep weapons locked away and out of reach of an abuser. Restricting their access to potential weapons minimizes the risk of harm when tensions rise. Try to maintain a safe distance from your abuser while in the home and step outside when danger arises if possible. Always call 911 in the event of immediate or life-threatening danger.
File for a protective order or restraining order through the court system or a police station if the courts are limited in operation. New York’s family court systems are only hearing emergency and essential cases at this time, but as the state continues to gradually open up, there will be greater opportunities for legal intervention. A family law attorney can help you file for an emergency order of protection.
NYS has mobilized a task force to address the large increase in incidences of domestic violence during the pandemic, with the hope of finding innovative solutions for those in need. The Garden City divorce attorneys at Fass & Greenberg are here to assist your needs as well and can walk you through the steps necessary to seek shelter, file an emergency order of protection, or take action against your abuser. If you find yourself needing help during these trying times, contact Fass & Greenberg today.