The financial aspects in a divorce settlement can be a difficult challenge for any couple. The financial battles are naturally multiplied when either or both parties in a divorce have amassed large amounts of wealth, either prior to the marriage or during the course of the marriage. In most cases, the marital joint assets acquired during the marriage period are subject to equal distribution between the ex-spouses.
The American Arbitration Association, the American Bar Association and the Association of Conflict Resolution have established a basic standard code of conduct that applies to all mediators when settling proceedings of an alternative dispute resolution.
New York is home for many rich, famous Americans, as well as for other people from around the globe. However, when it comes to divorce battles, New York often witnesses high-profile couples ending their marriage. While there may be a number of such high-asset divorces in New York courts, one divorce battle that recently received a lot of media attention is that of Hollywood stars 65-year-old Richard Gere and his estranged wife, 54-year-old Carey Lowell.
Any New Yorker going through a divorce should know that his or her financial picture will be closely analyzed and even dissected by the opposing attorney. The chances of greater and more exacting financial scrutiny are higher in high net worth divorce cases, because more money is at stake.
Many New York residents may agree that divorce raises a lot of negative emotions, such as anger, frustration and desperation. However, a lot of this negativity can be filtered out if the spouses behave cordially to each other. For many New York couples, divorce mediation has turned out to be a feasible option. What is divorce mediation and what are its benefits?
Divorce in New York and across the country is usually an emotional and complex legal matter. New York couples with high net worth often find that their wealth and assets compound the complexity and intensity of divorce issues. With so much at stake, spouses may act irrationally, and sometimes against their own interests. A financial error, no matter how simple, can cost a spouse dearly in a high asset divorce.
Divorce can come as a shock to the children of the separating spouses. As their parents squabble, the children often feel disheartened and lonely. Normally, courts throughout the country, including those here in New York, expect parents to come up with a child custody plan between themselves and then the judge will approve the plan without a custody hearing.
A prenuptial agreement has traditionally been used in a high-asset divorce to identify and protect the wealth of a richer spouse before a marriage takes place. Currently, prenuptial agreements are being more frequently drawn up in many states across the country, including New York, because future spouses have equal financial status. In these cases, spouses have established careers and amassed significant wealth and sometimes have children from earlier marriages.
Divorce does not have to be ugly. To many people, this may seem unlikely, but two spouses can separate amicably and even remain on cordial terms after. The trick is deciding how. Divorce mediation is probably the best way. This alternative to the traditional litigated divorce is fast becoming an accepted method throughout the country, including in New York.
Many parents in New York may find that divorce tends to affect children more than adults, often influencing children's later intimate relationships. If their parents are fighting, children often feel insecure, anxious and sad. The feelings can become heightened if a couple fights over child custody. In most cases, it is better for parents to reach a decision before their divorce enters a courtroom, but sometimes this is not possible and a judge must make child custody decisions with the best interests of the children in mind.