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In Search of Intangible Asset Value
It used to be that when faced with the question of “duplication” or “double dipping” in connection with assets that are distributed upon marital dissolution and income used as a basis for maintenance awards, one needed to look no further than the income that was capitalized in determining the value of the asset. In other words, it was typically held that income that forms the basis for the value of an asset is not also available for purposes of maintenance, lest you would effectively be distributing the same income stream twice. It did not matter whether the income was derived from a medical practice, a car dealership, a widget manufacturer, commercial real estate, or an enhanced earnings capacity.
Since 2004, however, with the troubling Court of Appeals decision in Keane v. Keane, 8 NY 3d 115 (NY 2004), the identification of income that is unavailable for purposes of maintenance awards (should one wish to avoid a distribution of an earnings stream more than once) has become more complex In Keane, the court distinguished between tangible and intangible income-producing assets, and decided that income associated with the former should not be off limits when considering a maintenance award. In other words, it allowed the “double dip” on income generated from “tangible” assets. Subsequent Appellate Division decisions have cited the Keane decision in allowing this overlapping award with respect to income produced by “tangible income producing properties,” which has been deemed to include service businesses (not just commercial real estate).
Law Firms are Reducing Redundant Real Estate by Bringing Support Services Back to the Office
A trend analysis of the benefits and challenges of bringing back administrative, word processing and billing services to law offices.
New York's Latest Cybersecurity Commitment
On Aug. 9, 2023, Gov. Kathy Hochul introduced New York's inaugural comprehensive cybersecurity strategy. In sum, the plan aims to update government networks, bolster county-level digital defenses, and regulate critical infrastructure.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
Risks of “Baseball Arbitration” in Resolving Real Estate Disputes
“Baseball arbitration” refers to the process used in Major League Baseball in which if an eligible player's representative and the club ownership cannot reach a compensation agreement through negotiation, each party enters a final submission and during a formal hearing each side — player and management — presents its case and then the designated panel of arbitrators chooses one of the salary bids with no other result being allowed. This method has become increasingly popular even beyond the sport of baseball.
Disconnect Between In-House and Outside Counsel
'Disconnect Between In-House and Outside Counsel is a continuation of the discussion of client expectations and the disconnect that often occurs. And although the outside attorneys should be pursuing how inside-counsel actually think, inside counsel should make an effort to impart this information without waiting to be asked.