When New York residents are going through a divorce, they should expect that any retirement accounts they have will be divided with their spouses in their property division. The amounts contributed and the increase in value of the accounts during the marriage are in most cases considered to be marital property, even if only one spouse made contributions to the fund.
As New York residents may know, some divorces are more complicated than others. Business owners may be faced with additional issues during the property division phase. Some might be mistakenly under the impression that the business is held apart from the divorce settlement, but in fact they are treated in many ways the same as other assets.
New York couples who are facing the end of their marriages may also have to deal with the possibility that one spouse may be concealing assets from the other. In a high asset divorce, there may be more places to hide these assets because the complexities of the couple's financial life offer a number of opportunities for financial fraud.
Asset valuation is often a factor when a New York couple's marriage is coming to an end. While most couples who are going through a divorce are of comparatively modest means, there are a great number who own significant assets that might be part of the marital property dispute. Often, those with large assets are high-profile couples who are well-known and prominent. When they divorce, it is often played out in the public eye.
Sometimes, New York judges order the party who is responsible for paying child support to have a life insurance policy on him or her that will provide proceeds to the custodial parent if he or she dies. However, most courts have not thought of the possibility of the paying spouse becoming disabled and being unable to continue with child or spousal support payments.
As some New York residents know, Social Security spousal benefits are available after a divorce if the marriage lasted at least 10 years. Spousal benefits differ based on when collection is begun. In some cases, a person can receive benefits based upon the former spouse's earnings record.
Balancing the budget for a New York household can be challenging, but after a divorce, the use of divided assets to manage a single lifestyle can become even more difficult and costly. Although many individuals wait until a divorce is finalized to begin planning financially for the future, the ideal time to begin preparations is actually before starting divorce proceedings.
Some New York residents may have heard about the rumored divorce between Hollywood power couple Ben Affleck and Jennifer Garner. According to multiple sources, the couple is preparing to end their marriage that has lasted for nearly 10 years. Since they are not waiting until that milestone has been reached, they will be forfeiting some Social Security spousal benefits they may have been able to claim in the future, although those benefits will not likely matter to them, given their current high net worths.
Individuals who are going through a high net worth divorce in New York can stand to lose a lot if the proceedings are contested. With 35 years of experience handling high asset divorce cases, we are prepared to help you achieve the outcome you desire.
When a relationship begins to fail, they say trust is the first causality. And with trust gone, in an age of mobile digital devices, there's an app for that. As more and more of people's lives are encompassed and controlled by their smartphones, they have become a more significant tool that both enables infidelity and cheating and allows the indiscretions to be brought to light.