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Looking at some of the changes a Trump presidency is likely to bring, P.2

Previously, we began looking briefly at some of the changes the election of Donald Trump is likely to bring. As we noted, Donald Trump has published an agenda for his first 100 days in office, and this gives a sense of what he plans to do upon entering office. In addition to the changes mentioned last time, there are also going to be changes coming for various industries.

For healthcare, of course, Trump has stated that he plans to repeal and replace the Affordable Care Act, and to bring about other changes in the health care industry. In terms of the energy industry, he has promised to do away with restrictions on the production of shale oil, natural gas, and clean coal, which will have a large impact on that industry.

Looking at some of the changes a Trump presidency is likely to bring

Last week's election results have been on everybody's mind, including those who are happy about the results, those who are not, and everybody in between. Regardless of where you fall on the political spectrum, the election results were largely unexpected and have significant implications.

For many people, questions remain about what a Donald Trump presidency will bring, particularly given the fact that Republicans remain in control of Congress and President-elect Trump will likely have the ability to appoint more than one new justice to the Supreme Court during his time in office. While it isn't clear exactly what changes in the legal landscape are in store in the coming months and years, Trump's stated plans for his first 100 days in office do give us some indication of the kinds of policies he will pursue and the general direction he will be going.

Millennials increasingly seek to protect intellectual property in prenuptial agreements, P.2

In our last post, we began looking at the growing trend among young married couples of including provisions addressing intellectual property in prenuptial agreements. It makes sense that we would see such a trend, given the kind of businesses young entrepreneurs have been creating in recent years. Protecting potentially lucrative business ideas is no small matter.

Interestingly, the potentially lucrative intellectual property young Millennials are increasingly seeking to protect does not always exist at the time a prenuptial agreement is struck. In many cases, individuals use prenuptial agreements to protect intellectual property or businesses that they plan to or may establish in the future, but have not yet established. 

Millennials increasingly seek to protect intellectual property in prenuptial agreements, P.1

Prenuptial agreements can be a very useful protection for couples, allowing them to take control over how their assets will be divided in the event of future divorce. Without a prenuptial agreement, of course, a couple’s property is divided according to established state law.

In New York, courts divide property according to the approach known as equitable distribution, which does not involve an even split between the parties, but rather a just and fair division. Courts weigh a variety of factors when determining how dispose of property and debts in divorce. Again, though, prenuptial agreements give couples the ability to control how assets and debts will be divided in divorce. 

Personal bankruptcy: One size does not fit all

Bankruptcy is a legal process enabling individuals or businesses either to get rid of or to repay debt. If you are struggling with burdensome debt and considering bankruptcy, it's important to become familiar with the bankruptcy process starting with the two most common forms of bankruptcy available to individuals: Chapter 7 and Chapter 13 bankruptcy.

What NYC landlords should know about the state's proposal to curb Airbnb

Airbnb is an online marketplace that allows tenants, condominium owners and homeowners alike to rent out their homes for a short period of time. Some use the service wisely, while others take advantage of the platform to run illegal hotels.

Critics are pushing for laws to help curb this practice, and legislators are taking note. This was most recently highlighted with the passage of a law by the New York State Senate that is structured to place additional barriers on short term rentals in the city. Additional action by Governor Andrew Cuomo is required before the law goes into effect.

Negotiating an enforceable prenup

In our last post we looked at possible uses for a prenuptial agreement. As we noted, every couple has their own circumstances to consider. Aside from certain limitations, prenups are quite versatile and can be used for a variety of purposes.

No matter which concerns are being addressed, it is critical that both parties work with an experienced attorney to effectively negotiate and properly execute their prenup. Individuals should secure separate representation to best protect their interests and ensure the validity of the agreement should it later be challenged in court.

Prenuptial agreements: a versatile tool for protecting your assets

While a couple does not ordinarily plan a wedding with the expectation they will one day divorce, there is something to be said for being prepared for the possibility. Divorce can result in a significant loss of assets-and the assumption of significant debt-for those who fail to plan. One of the tools individuals can use to protect themselves is a prenuptial agreement.

Prenuptial agreements may address a variety of concerns, depending on individual circumstances. What happens in the event of divorce? Some may use a prenup to protect premarital business assets. Others may use a prenup to establish the financial obligations of their spouse. Those with children from a previous relationship or marriage may use a prenup to address issues of inheritance. Future heirs may protect their own inheritances with a prenup.

Air conditioning and warranty of habitability under New York law

A recent article in The New York Times asks a question, particularly pertinent at this time of year: Who pays for repairs to air-conditioning units in a leasing situation?

Under state law landlords are responsible for keeping rental property in livable condition, regardless of the terms of the lease agreement. This is known as the warranty of habitability. The warranty covers a variety of items relating to the safety and functionality of the property, including utilities (water, gas, electric), appliances, smoke and carbon monoxide detectors, noise and water leaks.

Seeking compensation for rent overcharge

In our previous post we began looking into the topic of rent stabilization overcharges leading tenants to seek their day in court. Some tenants have been successful, in some cases winning or settling for significant sums of money.

As ProPublica points out, many tenants do not know their rights, and landlords may take advantage of the system at tenants' expense. Landlords are not required by law to directly inform tenants of their rights. But landlords are not allowed to charge more than the legal regulated rent, and must register the apartment with the state annually and provide tenants with a copy of the registration.

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