Miller Law Group

Let's add one more item to your divorce to-do list: Updating your will and estate plan. With the end of your marriage, who you want to inherit your property has likely changed. You also want your will to reflect your post-divorce assets.

After a divorce, you should plan to update your will. Updating your will allows you to have an estate plan that better reflects your current life, from who you want to inherit to your post-divorce assets.

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📑 New Will versus Codicil

When making changes to your will, most people will either amend their will or add a codicil.

If you have trusts, these may also need to be altered. Some of you may want to create new trusts and make other changes to your estate and financial planning.

Amending your will is updating your will so that it better aligns with your current life. A codicil is a separate document that lists changes or modifications to your will.

Codicils generally cover smaller changes and can be completed relatively quickly. Amending a will, on the other hand, is the better choice when you’ll be making significant changes to your will.

Some estate planning changes cannot be put into action until a divorce is finalized, but other alterations can be made as soon as you and your spouse decide to separate. To that end, a codicil can be a short-term solution.

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🗽 New York Laws

Even if you don’t change your will after a divorce, New York does have laws that bar a former spouse from inheriting. The issue with these laws is that they rely on the state’s intestate laws, meaning you and your preferred heirs have no say in who inherits.

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🔃 Change Your Beneficiaries

One related consideration is making sure to update your beneficiaries on various financial accounts. Beneficiaries are generally separate from your will or estate plan, and failing to update your beneficiaries could result in your former spouse inheriting different accounts.

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Our team focuses on non-adversarial divorce and mediation. Schedule a conversation with our team through our website or by phone.

Estate Planning Lawyers in NY & CT | Miller Law Group Plan for the future with confidence. Our NY & CT lawyers help with wills, trusts, and probate matters to protect your wishes and support your loved ones.

When a couple that owns a business divorces, the question becomes how to divide the business in a way that’s equitable to both spouses and protects the business.

There’s no one right way to assess a business’s value. In addition, what role each spouse played in the business, if any, can also factor into the division.

The three most common ways to value a business:

▶️ The asset approach, which focuses on a business’s total assets and liabilities.

▶️ The income approach, which focuses on how much money a business brings in against its liabilities.

▶️ The market approach, which looks to the larger marketplace and industry to determine the value. This can include comparing your business to others in the industry.

By opting for mediation, couples can best tailor their asset distribution to the situation. Complex assets such as a business generally benefit from this type of bespoke resolution.

Reach out to our team through our website or by phone. We’re here to discuss how we can help you navigate this transition.

https://miller-law.com/contact-us/

Contact Miller Law | NY & CT Divorce Lawyers Contact Miller Law's New York & Connecticut divorce attorneys for compassionate family law guidance. Message or call us today to schedule a consultation.

When a divorcing couple owns a business, valuation of that business is a key part of asset division. When and how the valuation is computed can make a huge difference in how the couple splits marital property.

When couples own a business, a divorce isn’t strictly personal. Knowing how to divide and value the business, while maintaining the business and your professional reputation, can make a huge difference in how the divorce proceeds.

Mediation and non-adversarial options encourage couples to find a division that better aligns with their specific circumstances. They will also have greater flexibility in discussing the best way to proceed in a way that protects both spouses and the business.

Reach out to our team through our website or by phone. We’re here to discuss how we can help you navigate this transition.

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💼 Know the Business

New York follows equitable distribution. This means that any marital property will be subject to division. For a business to be part of a divorce’s asset distribution, it must be classified as marital property.

While valuation is the central issue when dividing assets, other factors such as each spouse’s involvement in the business matter. In a divorce, the question becomes how much of a share of the business each spouse is entitled to.

Both spouses relying on the business as their primary income, for example, requires different considerations than one spouse alone operating the business.

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📊 Valuing a Business

When valuing a business, timing is crucial. New York’s rule is that a business’s value is assessed at the date the marital estate ends, not the date when the assets are distributed. Given that divorces usually take several months to resolve, the date of valuation is important.

There’s no one way to value a business. Some possibilities include:

▶️ The asset approach, which looks at a business’s total assets and liabilities.

▶️ The income approach, which looks at how much money a business brings in after its liabilities are taken into consideration.

▶️ The market approach, which considers the marketplace and industry to determine a business’s value. This can include comparing your business to others in the industry.

A good valuation aims to capture a comprehensive picture. It relies on having complete financial information. Missing information can undercut a valuation and potentially prolong a divorce. In addition, financial records may need to be put into context.

Using mediation, couples can decide on the best option for both the business and asset division. In some cases, a buyout of one spouse may be the best choice. In others, one spouse may get the business while the other spouse gets other assets.

Our team focuses on Divorce with Dignity. Schedule a conversation with our team through our website or by phone at (914)738-7766
https://miller-law.com/contact-us/

Contact Miller Law | NY & CT Divorce Lawyers Contact Miller Law's New York & Connecticut divorce attorneys for compassionate family law guidance. Message or call us today to schedule a consultation.

🏆 Big news from our team: Katherine Eisold Miller, founder of Miller Law Group, has been named a 2027 "Lawyer of the Year" by Best Lawyers® for Collaborative Law: Family Law in White Plains!

This honor comes from the 33rd edition of The Best Lawyers in America®, and recognizes just one attorney per practice area in each community — Katherine was also recognized this year in Family Law, Family Law Arbitration, and Family Law Mediation.

For over 20 years, Katherine has championed "Divorce with Dignity" — helping families navigate separation with resolution and respect, not conflict. Congratulations, Katherine! 🎉

Read more here: https://miller-law.com/katherine-eisold-miller-named-2027-lawyer-of-the-year-by-best-lawyers/

Katherine Eisold Miller Named 2027 "Lawyer of the Year" by Best Lawyers | Miller Law Group Miller Law Group founder Katherine Eisold Miller has been recognized in the 33rd edition of The Best Lawyers in America®, with a 2027 “Lawyer of th...

When you and your spouse have made the decision to divorce, and you have unvested stocks or bonuses, keep the following in mind:

▶️ Is the asset marital or separate property?

▶️ Marital property will be divided. Separate property will not.

▶️ Quick test: Was the asset acquired before or during the marriage?

▶️ Did the asset connect to work that was completed before or during the marriage?

▶️ Stock acquired during the marriage but for work done before the marriage, for example, may be separate property.

▶️ What’s the best way to determine the potential future value of unvested stock or bonuses?

▶️ Did you and your spouse have any agreements, such as a pre- or post-nuptial agreement, that define whether stock or other assets are marital or joint property?

You can read about what happens with unvested RSU specifically in my latest:
https://miller-law.com/divorce-resource-hub/high-asset-executive-divorce/what-happens-to-unvested-rsus-in-a-new-york-divorce/
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These can be challenging issues to resolve. Opting for mediation is one way to turn down the volume and approach asset distribution in a non-adversarial manner that allows for a more tailored division.

Unvested RSUs in Divorce in New York | Miller Law Learn how unvested RSUs and performance shares are divided in New York divorce cases. Protect your equity compensation with Miller Law Group. Contact us today.

In a divorce, timing is everything when determining if an unvested stock or bonus is marital or separate property. How this asset is classified matters for whether or not it will be divided between spouses.

Dividing assets in a divorce isn’t easy, and unvested stocks and bonuses can be an especially complex problem. The first question is: Is the asset separate property or marital property?

New York is an equitable distribution state, meaning spouses will divide marital property when they divorce. Separate property, however, is the sole property of one spouse. Your attorney can help you determine what is (and is not) marital property.

It’s also not uncommon for spouses to disagree about what is and is not marital property. The line between the two may not always be cut and dry, as most couples, when building a life together, don’t spend their days wondering “who would get this if we divorce?”

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➗️ How to Divide Unvested Stocks?

When unvested stocks, bonuses, and other forms of deferred compensation are marital property, the challenge is determining their value. Unlike a savings account, which has a known market value, unvested stocks have a potential future value. Some may have a fairly certain future value. Others may have a wide range of potential future value.

New York courts consider several factors when determining how to divide unvested stocks and similar assets. It’s not uncommon for both sides to hire financial experts to help with this process. For example, a court may consider:

▶️ When was the option granted?

▶️ What is the vesting schedule?

▶️ Was the award meant to honor past performance or future work?

Timing can be crucial. For example, you received stock options a month before you and your spouse married. Whether the bonus is marital or separate property may depend on whether it was for past or future performance.

What to learn more about what happens to unvested RSUs? Read my latest:
https://miller-law.com/divorce-resource-hub/high-asset-executive-divorce/what-happens-to-unvested-rsus-in-a-new-york-divorce/

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❔️ Why Choose Mediation for a Property Division?

After years of helping couples navigate divorce, I’m an advocate for non-adversarial methods. This is true for all couples, but especially for individuals with complex finances.

Mediation gives couples more freedom when dividing assets. They get to determine what information is (or is not) relevant when determining who gets what. They aren’t limited by court rules and requirements, and the process often ends up being less expensive with a quick resolution. Most of all, by being in control of the process, couples can agree on a distribution of assets that better aligns with their lives.

If you have questions, please reach out to our team at (914) 738-7766, or visit our contact page to get in touch.

Unvested RSUs in Divorce in New York | Miller Law Learn how unvested RSUs and performance shares are divided in New York divorce cases. Protect your equity compensation with Miller Law Group. Contact us today.

One quiet reassurance I offer almost every week: if you're afraid your spouse will cash out a retirement account before your divorce even begins, New York law is more protective than you might think.

Once a divorce is filed and served, the Automatic Orders take effect for both spouses. With limited exceptions, retirement accounts cannot be withdrawn or transferred without written consent or the court's permission. And if money disappears before filing, courts can factor that dissipation into how the remaining marital property is divided. Taking it early doesn't mean keeping it.

The practical step? Quietly gather your account statements now, so you have a clear picture of what exists. Knowledge, not confrontation, is your best first move.

If this fear is weighing on you, we're glad to help you think it through. Reach out to our team at (914) 738-7766 or schedule a conversation at https://miller-law.com/contact-us/.