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.
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.
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.
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.