Divorces in New York are generally not an easy process. Some divorces are much more amicable than others, but oftentimes there are disputes which must be addressed during the divorce. There are number of issues which can cause these disputes. People may have different opinions on child custody or visitation. They could also have issues with dividing their assets, especially if it is a high asset divorce. Another issue which also arises in high asset divorces and can cause disputes is alimony.
Most people in New York would like to retire at some point in time. However, in order to do that they need to save money while they are working and earning a paycheck. Many people have 401(k)s, IRAs and other types of individual retirement accounts. Others have pensions which pay a benefit to the worker, generally based on years of service. Pensions are somewhat unique in the fact that the worker generally cannot receive any of the money until they retire, unlike other individual retirement accounts.
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.
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.
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.
Just like every individual is unique, every marriage is unique due to the different qualities and assets that each individual brings to the marriage. So, it is also follows that each divorce is unique as well.
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.
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.
With emotions running high, it is not uncommon for those in the process of a divorce to have difficulties maintaining focus on the dozens of decisions that need to be made. It can get overwhelming fast.
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.