When New York couples decide to divorce, the financial consequences can be significant for anyone. However, when business owners with closely held companies are involved, the changes can be even more consequential, not only for each spouse's personal finances but for the future of the business. A divorce can have an impact on the company as a whole and could even lead to its sale or closure as a result of hard decisions during property division. In many cases, investors are requiring startups to show that all partners have prenuptial or post-nuptial agreements covering property division in case of a divorce.
Counseling has helped some New York couples save their marriage. Other couples decide that divorce is their best option. Most who have decided to go the route of divorce will say that it was not an easy decision, especially since there is usually not one single factor that caused the marriage to fail. There are usually red flags that show a marriage is heading toward its end.
In the past, prenups were usually associated with very wealthy or famous people. The word itself seemed to be a taboo, but millennial couples seem to be changing that, causing a significant increase in the number of prenups requested. For many New York couples, a prenup might be an option to consider as they plan their wedding and married life.
In New York and across the country, life expectancy has reached new heights, but for married couples, this also means a longer life together. For some older couples, this extra time together means experiencing new things and growing closer, but for others, it means growing apart. As a result, so-called 'gray divorces" have become more common among seniors, and the challenges these types of separations pose to high-asset couples can be unique.
According to statistics gathered by the Pew Research Center, the rate of divorce for people age 50 and over has doubled since 1990. While divorce at any age can be very difficult, couples who separate after turning 50 face a more immediate challenge regarding their retirement. For some people in New York, there is little risk, but others may face a more difficult path ahead if they don't meet certain criteria.
During the divorce process, an individual will want to have access to as much information as possible. A person could use a New York state tax return to gather data about his or her household's net worth. A federal tax return may also yield clues about how much a household is worth and whether a spouse may be hiding or obscuring assets. In most cases, returns from the past three years will be most relevant in a divorce proceeding.
Divorce can be hard on credit scores for some people living in New York. It is the things that happen as a result of a divorce and not the divorce itself that causes a decrease in credit score. Debts may be split as part of a divorce decree, but if a person's name remains on the debt, this is whom creditors will pursue regardless of what the couple agreed on.
New York residents interested in business and entertainment news may have heard about the divorce of Amazon power couple Jeff and Mackenzie Bezos. The couple reached a settlement agreement that has the potential to be the biggest the world has ever seen.
Individuals who are getting divorced in New York are facing a relatively modern challenge when it comes to determining how to divide assets. Cryptocurrencies are creating a unique issue for divorce attorneys.
In New York, a trend called "grey divorce" has been steadily growing. A grey divorce refers to an older couple who files for divorce after many years of marriage. Statistics show that more couples in their 50s are getting divorced. Synonyms for the term "grey divorcees" include "silver splitters" and "diamond splitters." The terms refer to older couples with grey or white hair.