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High Asset Divorce Archives

Hedge fund manager in New York locked in contentious divorce

People in New York have varying levels of income and assets. Based on these incomes, people live very different lives. Some are able to live lavish lifestyles, live in expensive homes and take expensive vacations. Others make enough to get by, but may not be able to afford some of the extravagances that wealthy people can afford. Just like people's lifestyles are very different, people's divorces are also very different based on their income and assets.

How can you find hidden assets in a divorce?

While people in New York are married, they may share everything whether they realize it or not. For the most part, it does not matter which spouse earned the income, paid the bills, purchased various assets, which name the bank accounts were in or who incurred debts. So, if the couple divorces, they will split all marital assets no matter which spouse actual owns the assets in name. This can become a contentious issue in divorces, especially in high asset divorces when there are many assets to argue over.

Donald Trump Jr.'s wife received large inheritance before divorce

President Donald Trump is not the only person in his family who has been in the news in New York recently. His son, Donald Trump, Jr., has also been in the news because his wife recently filed for divorce. The couple has been married since 2005 and have five children together. They also are very wealthy and apparently his wife recently came into even more money after receiving a significant inheritance from stock her deceased father owned.

Role of a forensic accountant in a high asset divorce

No matter how many assets people have, if they end up divorcing they will need to go through the process of dividing their assets. It can be much more complicated though in a high asset divorce. Not only do people in this situation have a large amount of assets, those assets can also be complicated to divide. People may own various properties, businesses, collectables, investments, stock options and other assets. Many times, it is difficult to even value these assets and people going through a high asset divorce may need to utilize a forensic accountant.

Actor Jim Belushi to divorce after 20 years of marriage

Jim Belushi has been in the entertainment industry for a long time and many people in New York are familiar with his various shows and movies. He has been married for the last 20 years, but his wife just recently filed for divorce. While she does not state many specifics in the paperwork she filed with the court, she indicates that she is seeking spousal support and joint custody of the couple's two children. However, there are many more issues that will need to be resolved in their divorce as well.

Changes to the tax law may affect alimony payments in divorce

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.

How are pensions divided in a divorce?

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.

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.

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