Like other states, New York allows for what the law formally calls spousal maintenance but which is commonly referred to as alimony.
Like other assets, a 401(k) retirement plan will ordinarily be considered, at least to some extent, marital property that is subject to division in the event of a divorce or separation. This may be of particular interest to White Plains residents, since they and others within the State of New York may have a lot of wealth tied up in their 401(k) plans.
There some common mistakes that happen at the end of a relationship (if one can even call them that) which most resident of White Plains, New York, would recognize right off the bat.
Many states have a formalized process in which a couple who wishes to remain legally married but live in separate households can obtain what is called a legal separation.
There are many people in the White Plains area that own what are dubbed offshore accounts, but which may be more aptly described as accounts held in foreign banks.
Whether married or not, when a couple in the White Plains area decides to split up, it complicates matters when one or both of them own or share ownership in a privately held business. These business assets are oftentimes tough to precisely quantify, but they can be worth a lot of money. In many cases, they constitute one or both of the partner's livelihood.
Many residents of White Plains, New York, may have heard about divorce mediation, as this blog has discussed it on previous occasions. Moreover, many experts talk about divorce mediation is a really good process that can help parents and children adjust to the idea of living life in separate homes without unnecessary emotional distress.
Sometimes relationships come to an end. However, when married parents in New York and elsewhere decide to call it quits, this does not mean they are calling it quits on their relationship with their child. Although spouses no longer what to live together or have a relationship with one another, this should not alter or strain the relationship that a mother or father has with their child. During the divorce process, however, parents must determine what parenting will look like post-divorce.
Divorce is not only an emotional process, but it is also a financial one. Even when complex assets are not involved, it can still be challenging for spouses to sort through all the finances. And, spouses will need to develop a post-divorce budget that addresses their new financial situation. Sometimes a spouse may come to the realization that they will have a very hard time making ends meet following their divorce. Thus, some spouses in New York and elsewhere seek spousal support (maintenance) to offset the financial challenges he or she might have for the short and long-term.