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High Asset Divorce Archives

How an inheritance can become marital property

When people in New York are married, they begin to share a life "for better and for worse." This sharing occurs whether the couple realizes it or not. Almost all assets earned during the marriage become marital property, regardless of who earns the money or purchases a particular asset or even whose name is on the title. This is true for debts as well, any debt incurred by one person is incurred by the couple whether they realize it or not. However, there are some exceptions to this rule.

Actor Keegan-Michael Key officially divorces his wife of 20 years

Many people in New York are probably familiar with the actor/comedian Keegan-Michael Key. Fans of his are also probably aware that he was going through a divorce. He recently finalized his divorce from his wife of 20 years and will be paying her a significant amount in both spousal support and in the property settlement. The actor has made a significant amount of money in his career and will be paying his ex-wife $34,000 per month for spousal maintenance, at a minimum. His ex-wife also received approximately $655,000 in assets.

How a prenuptial agreement can help in a high asset divorce

During the divorce process there are many aspects of married life that must be separated for the newly single life. This includes who will have custody of the children and when each parent will see them, and how they will divide marital property.

Getting through a high-asset divorce

Some married couples in White Plains who decide to divorce might be surprised at exactly how much value they have in their marital assets. Owning a home, multiple vehicles, retirement accounts, savings accounts, stocks, possibly a business and perhaps other luxury items such as a vacation home, a boat, artwork or jewelry can add up. In fact, many people may not even realize until they decide to end their marriage that they are facing a high-asset divorce.

Keeping your investments in mind during a divorce? Part 2

Last week we started a discussion about the steps you could take to maximize the chances that property division decisions will go smoothly in the courts. It is not uncommon that people sometimes think irrationally during the process of a divorce and make decisions they could regret later on, or overlook the obvious while blinded by emotion. Below are a few more things to take into consideration when negotiating and working on your finances during a divorce.

Janet Jackson confirms speculation of divorce

It appears that the marriage between legendary musician Janet Jackson and her husband, Qatari billionaire Wissam Al Mana, is over. It had previously been reported that Jackson and her estranged husband Al Mana were last seen in June leaving a courthouse in London, England. It is believed that the two separated shortly after the birth of their child, half a year ago. Jackson is 51 and Al Mana is 42.

Guarding personal finances in a divorce

Most New Yorkers understand that a divorce can be expensive. One spouse may have to pay the other a substantial sum to divide assets. And, child support and alimony can be heavy burdens on post-divorce income. Plus, the proceeding itself may entail significant professional and court fees. The points set out below can become even more important in a high asset divorce.

Legal separation may be an alternative to divorce

A number of couples decide to live apart, but not to proceed with a divorce. Sometimes, children are the reason for avoiding a complete split. Or, perhaps, the couple fears financial reverses, if they are forced to sell jointly held property or liquidate complex business assets. New York provides an option for such couples. It is called a legal separation agreement.

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