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Tax and Pension Considerations in Same-Sex Divorce Actions
New York is one if the very few U.S. jurisdictions, other than those states that have actually authorized same-sex marriage (Connecticut, Iowa, Maine, Massachusetts, New Hampshire and Vermont), to have given full faith and credit to same-sex marriages validly performed in other jurisdictions. Now that New York courts have explicitly recognized same-sex marriages validly performed elsewhere ' both in those U.S. states that permit such marriages and in non-U.S. jurisdictions such as Canada (see, e.g., Beth R. v. Donna M, 19 Misc. 3d 724 (Sup. Ct. N.Y. Cty. 2008) and C.M. v. C.C., 21 Misc. 3d 926 (Sup. Ct. N.Y. Cty. 2008)) ' we can expect a growing number of same-sex couples, validly married somewhere else, to follow their heterosexual counterparts into New York's divorce courts.
For several reasons, however, same-sex divorce involves complexities not usually seen in more traditional matrimonial actions. These complexities arise because of the interplay of state law, which typically governs familial relationships, and U.S. federal law, which substantially determines the tax and pension consequences of marriage and divorce. The federal Defense of Marriage Act (DOMA) denies spousal status to same-sex couples, even if their marriages are valid, and thus such couples cannot be treated as married for income-tax and other federal purposes. In addition, DOMA explicitly permits states to deny full faith and credit to the actions of other jurisdictions with respect to same-sex married couples. Therefore, the portability of New York same-sex divorce settlements and decrees, along with provisions for child custody, support and spousal maintenance, to other states is extremely problematic.
Bankruptcy Sales: Finding a Diamond In the Rough
There is no efficient market for the sale of bankruptcy assets. Inefficient markets yield a transactional drag, potentially dampening the ability of debtors and trustees to maximize value for creditors. This article identifies ways in which investors may more easily discover bankruptcy asset sales.
Judge Rules Shaquille O'Neal Will Face Securities Lawsuit for Promotion, Sale of NFTs
A federal district court in Miami, FL, has ruled that former National Basketball Association star Shaquille O'Neal will have to face a lawsuit over his promotion of unregistered securities in the form of cryptocurrency tokens and that he was a "seller" of these unregistered securities.
Removing Restrictive Covenants In New York
In Rockwell v. Despart, the New York Supreme Court, Third Department, recently revisited a recurring question: When may a landowner seek judicial removal of a covenant restricting use of her land?
Why So Many Great Lawyers Stink at Business Development and What Law Firms Are Doing About It
Why is it that those who are best skilled at advocating for others are ill-equipped at advocating for their own skills and what to do about it?
Blockchain Domains: New Developments for Brand Owners
Blockchain domain names offer decentralized alternatives to traditional DNS-based domain names, promising enhanced security, privacy and censorship resistance. However, these benefits come with significant challenges, particularly for brand owners seeking to protect their trademarks in these new digital spaces.