Many New York residents probably think that all divorce cases are highly-charged emotional ordeals that leave those who go through the process drained, both financially and emotionally. There is no doubt that many divorce cases lead to strain on a person from a psychological standpoint, but not all divorce cases turn into all-out litigation battles. The fact is, each case is different, but oftentimes, the same issues must be addressed in every case. So, are there any tips that might make a divorce case go smoother?
Many of our readers in New York have significant concerns about how a divorce will affect their lives. For some people, the biggest concern is from a financial standpoint. After all, we all know that a divorce case can leave a person with only about half of what they had as part of a married couple. So, what can one do to manage finances during a divorce?
Any type of divorce case in New York can lead to significant stress for those involved. But, high asset divorce cases can be especially complex when hundreds of thousands or even millions of dollars in assets and debts are involved. People who are involved in these types of cases oftentimes feel like they cannot make any financial moves while the divorce case is pending. A recent news article explored the question: "Can you make large purchases in the midst of a divorce case?"
There are a multitude of issues that come up in any given divorce case, but property division is oftentimes one of the most contentious for a divorcing couple to address. Why? Well, when it comes to dividing assets and the financial impact that process can have on the couple, there are some long-term results that both parties often try to get the best of each other on. In a high asset divorce, property division can be even more impactful.
Many marriages in New York end in divorce each year. The length of the marriage as well as the circumstances of the marriage vary greatly though. Some couples have children while others do not, or the children are adults when the couple divorces. Some own real property and others do not. Some have investment accounts and others do not. Some also own businesses while others do not. Then there are marriages that have a combination of some of the things listed and not others.
Throughout a marriage in New York a couple may acquire many different assets. The longer the couple is married, the more assets they can acquire. The assets can come in many different forms as well. The couple may have multiple properties, have large retirement accounts, investment accounts, vehicles, collectables, businesses and other assets. If the couple divorces, the assets that the couple acquires during the marriage will need to be divided.
Throughout people's lives in New York they acquire various assets. Many of these assets come from what they earn through their incomes. So, the more people earn often times it means they will have more assets. These assets are more than just physical items they purchase or real property they buy. Assets also include bank accounts, investment accounts, retirement accounts, businesses and other types of assets.
Many people may have been aware that the President's son, Donald Trump, Jr., has recently been going through a divorce from his wife of 13 years. According to recent reports, the case is now complete and the couple is officially divorced. The details of the settlement are unknown, as the case was sealed. However, the couple did state that they will be raising their five children together. While the financial details of the divorce are unknown, they must have taken time dividing their many assets.
Every marriage is unique, which means that every divorce is unique as well. Many divorces will deal with similar issues, such as child custody and visitation, child support, alimony and asset division, but the final determination for each issue depends on the circumstances of each divorce. Children have different needs and parents have different schedules, and the main factor that affects the financial aspects of a divorce is the wealth of the couple.
Most people who get married in New York have a separate life prior to the marriage. So, they have obtained different assets and debts, have different jobs, may or may not have children from a previous relationship and many other circumstances. All of these things will certainly shape the marriage, but they are also considered separate for the purposes of marriage and potentially during a divorce as well. However, assets can be comingled and become marital property depending on the actions of the couple.