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Full transcript by James Nolletti below.
After being served with divorce papers, a business owner's first step should be to retain an attorney experienced in complex divorce cases. In New York, when divorce papers are served, the defendant is notified of the existence of automatic orders that impose certain restrictions designed to maintain and preserve the status quo of marital property. These automatic orders include prohibitions against the transfer, removal, or withdrawal of any property owned jointly or individually by the parties. This includes bank and investment accounts, but exceptions are allowed in order to hire an attorney and pay normal business and personal expenses. In addition, all insurance must remain in place during the divorce, that includes medical insurance, life insurance, as well as homeowners and automobile insurance. Once the business owner has retained an attorney, he or she can discuss asking the court to modify any of its automatic orders.
