Stocks were headed for weekly losses on Friday as investors worry the U.S.-China trade war is hurting economic growth.US Marketsread more
The combination of mounting recession fears, bets on a more cautious Fed and a regular uptick in market volatility could spell more losses.Marketsread more
The therapy, Zolgensma, is a one-time treatment for spinal muscular atrophy — a muscle-wasting disease and leading genetic cause of infant mortality, affecting 1 in every...Biotech and Pharmaceuticalsread more
SpaceX has raised just over $1 billion in financing since the beginning of the year.Investing in Spaceread more
An analyst for Ark Invest, which has a major investment in Tesla, says recent drastic price-target cuts by others on Wall Street are missing the big picture.Investingread more
Former Foreign Minister Boris Johnson is seen as the bookmaker's favorite to succeed outgoing Prime Minister Theresa May.Europe Politicsread more
United Airlines will take its 14 Boeing 737 Max jets off its schedule for another month, through Aug. 3, canceling another 1,290 flights.Airlinesread more
Roughly three dozen House Democrats have called for impeachment hearings on President Donald Trump, a billionaire's TV ads rip the House for "doing nothing," and legal experts...Politicsread more
J.P. Morgan economists say they now see a much slower economy in the second quarter, with growth of just 1%.Market Insiderread more
Governor Janet Mills has signed into law a bill that eliminates religious and philosophical exemptions for required vaccinations in Maine.Health and Scienceread more
If consummated, the deal would mark the latest in a flurry of activity in the payment technology space.Banksread more
While December is one of the most popular months to pop the question, it could also be a great time to call it quits — if you live in New York, that is.
A new law, which was passed by the State Legislature and signed by Gov. Andrew Cuomo earlier this fall, will take effect next month, establishing a formula for maintenance, or alimony, payments in New York.
Starting Jan. 25, the income that can be considered for determining spousal support will be capped at $175,000, down from $524,000. The new law also limits the length of time post-divorce maintenance payments can be made and ends all maintenance payments upon death or remarriage.
In many high net worth divorces, the result could be a lowered payment burden on the payor, or breadwinner, in the dissolution of a marriage.
"I think it personally favors the monied party," said Barry Slotnick, a partner at Buchanan Ingersoll & Rooney specializing in high net worth matrimonial matters. "If you are the monied party you want to stall the filing, if you are the non-monied party, you want to go ahead and get it filed. "
Read MoreHow to avoid money fights at home
Up until now, maintenance was awarded based on a consideration of a number of factors, including the length of the marriage, respective incomes and earning potential.
"In New York if you went from county to county, even case to case, maintenance awards were all over the board. There seemed to be no rhyme or reason to them, " said Daniel Clement, a divorce lawyer in New York. "This movement arose to standardize it. "
But the simplified formula may encourage some spouses to rush to file before the law takes effect.
"For the people who are on the fence, contemplating divorce, this may push them to do something sooner rather than later, " said John Slowiaczek, president-elect of the American Academy of Matrimonial Lawyers.
"It's not unusual to see a spike in divorces after the holiday and particularly after the first of the year," he said. "This year, maybe the spike in New York will be little larger by virtue of this new legislation."
A simplified system also may encourage more spouses to ask for maintenance rather than walk away from what used to be a complicated legal calculation. "This changes the dynamic," Clement added. "When you had to fight for it, you may not have been so incentivized to go for it."
The people who are going to be crushed by the changes are those in long-term relationships who have been out of the workforce for 20 years or more and have the expectation that they will be taken care of by their spouse in the case of a divorce, Slowiaczek said. "This is going to really hurt that segment of society. "
"The payee is going to have to make a gigantic change to their lifestyle, and if they're not working, they're out of luck," added Justin Reckers, a certified financial planner, divorce financial analyst and CEO of WellSpring Divorce Advisors based in San Diego.
The alimony recipients make up the bulk of Reckers' clients and are often the women in the divorce proceedings, he said. "We have to start immediately adjusting your lifestyle, managing expenses and figure out how to go back to work," he said.
Nationwide, there has been a growing trend toward either reducing or eliminating alimony, Slowiaczek said. "Part of it is driven by the culture of a two-income family and the number of women who have been successful in their careers," he said.