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When Business Interests Are Valued Subsequent to the Date of Commencement
One of the most significant questions presented at the outset of any valuation of a business-type interest (such as an ongoing business concern, professional practice, or other assets intrinsically linked to an individual party's efforts) conducted in connection with the equitable distribution of marital property upon divorce is: What date should be used to value the asset?
Inasmuch as the Domestic Relations Law (DRL) does not specifically prescribe the date on which each marital asset (or each type of marital asset), must be valued, this determination has been left to the courts. As explained by the Second Department in Wegman v. Wegman, 123 AD2d 220 (2nd Dept. 1987), “The question of a valuation date is of prime importance since, in complicated matters and in the urban areas of the state, protracted pretrial proceedings and calendar delays can mean that months, if not years, will pass between the commencement of the action and the time of trial. In that time, property values may not ' and probably will not ' remain constant.” Wegman at 231 (citing Scheinkman, 1984 Practice Commentaries, McKinney's Cons. Laws of N.Y., Book 14, Domestic Relations Law C236B:32, p. 117 (1986 Supp. Pamphlet)). As Scheinkman has indicated, as a result of the absence of a general rule governing when marital assets should be valued, “[t]his area of the law has been fraught with confusion.” Id. at 27.
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.
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.
Bit Parts
Summary Judgment Denied Defendant in Declaratory Action by Producer of To Kill a Mockingbird Broadway Play Seeking Amateur Theatrical Rights
How AI Has Affected PR
When we consider how the use of AI affects legal PR and communications, we have to look at it as an industrywide global phenomenon. A recent online conference provided an overview of the latest AI trends in public relations, and specifically, the impact of AI on communications. Here are some of the key points and takeaways from several of the speakers, who provided current best practices, tips, concerns and case studies.