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High Asset Divorce Archives

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.

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.

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