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Resolving disputes creatively

High Asset Divorce Archives

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.

Valuing a business in a divorce

As many New Yorkers know from personal experience, a divorce can be very expensive. Couples with large marital estates may require accountants, financial planners and other specialists to value assets and to respond to valuations put forth by the other spouse and his or her lawyers. Many people wonder if - or perhaps "why" - they should be required to add the cost of an independent valuation of their business to their other divorce expenses.

Pell/Kwan divorce highlights residency issues in divorce

Where people live and where they reside may have an important impact on the resolution of high asset divorces. Many high asset couples have addresses in New York, but actually live elsewhere. If they should decide to end their marriage, more than one court may have jurisdiction over the divorce proceeding. The divorce actions recently filed by Olympic figure skater, Michelle Kwan and Clay Pell, the grandson of former senator, Claiborne Pell, highlight how possession of multiple residences can complicate the issues of property division and alimony in high asset divorces.

Dividing property in a high-asset New York divorce

Virtually every couple who seeks a divorce will have assets that must be divided between them. For couples with large amounts of assets, the question of how property division works is critically important. Even if a couple wishes to negotiate a property division agreement between them, a knowledge of how New York courts divide property in a divorce can be helpful in resolving the many complex issues in a high-asset divorce.

Developer and plastic surgeon finalize divorce agreement

Wealthy couples who decide to end their marriages often face complex financial and tax issues as they attempt to divide their assets. A recent case involving a prominent New York City real estate developer and his plastic surgeon wife shows how the struggle of negotiating a settlement in a high-asset divorce, instead of engaging in a lengthy public trial can benefit both spouses.

So-called "gray divorce" is rising since the early-1990s

The number of divorces overall has been decreasing in recent years, but that is not the case for people who are age 50 and older. The number of divorces for people in this age group has approximately doubled over the past 25 years. These are increasingly referred to as "gray divorces," and it is something that White Plains residents might consider as they age and their marriage is on shaky ground. According to the numbers, by 2015, there were 10 divorces for every 1,000 couples age 50 and older. By contrast, in 1990, that number was five divorces for every 1,000 couples. For people age 65 and older, the number of people divorcing has tripled during that time, with six for every 1,000 married couples parting ways.

Christina El Moussa of "Flip or Flop" opens up about divorce

You may know Tarek and Christina El Moussa from the hit reality television show "Flip or Flop" on HGTV. On air, the couple shares their trials and tribulations while they try to flip houses on the real estate market. Off air, however, the couple has gone through some difficult times that they ultimately were unable to overcome.

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