How Are Marital Assets And Debts Divided In A High Asset Divorce Case If You’re Going Through A Mediation Process? How Are Marital Assets And Debts Divided If One Or Both Spouses Decline Mediation?
Marital assets in a divorce are divided equitably. Equitably means fairly. Fairly is in the eye of the beholder. If the beholder is a judge, and the judge is making decisions for you, then it’s based upon testimony. The judge would inquire: How was the asset acquired? What were each of the spouse’s contributions to making that asset part of the marital estate? If the asset was acquired outside of the marriage, such as an inheritance or an award from a personal injury, that starts off as separate property. But when it goes into a joint account, and money goes in and out of that account in the regular course of marriage, that asset has now trans-mutated. In other words, it has become a joint asset subject to equitable distribution. Read More
How Would You Describe A High Net Worth Divorce Case? What Makes These Types Of Divorces More Complex?
High net worth divorce cases are more complex due to high income and the considerable amount of assets that were acquired either before or during the marriage. What makes these types of cases so complex?
High net worth cases are more complex than those of marriages who are lower middle class due to the categorization of the assets and money within the marriage. Everything in this world is about money. Read More
How Is Child Support And Spousal Maintenance Calculated In Any Divorce Case In New York?
It is important to note that spousal support is only applicable in certain cases. New York State has a calculator on the public domain at ww2.nycourts.gov that calculates maintenance for New York divorces. The calculator has not been changed since the elimination of the tax deductibility of the alimony was passed on the federal level. Read More
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