One common worry a person going through a divorce may have is that they are not earning enough to be able to support themselves, and therefore are not financially independent. Spousal support, also known as alimony or maintenance, is one way a spouse can continue to receive financial support after their marriage ends from the spouse who earns more money, so the receiving spouse has the ability to gain the skills necessary to become self-sufficient.
Working through the complex process of divorce is rarely easy, but for those who deal with alimony, now is definitely time to pay attention to the details. On January 1, 2019, major changes in the federal tax code take effect, and the impact on future alimony payers is significant.
Prenuptial agreements are often accompanied by a negative stigma and can fall victim to misconceptions. However, they really should be understood as a useful tool for couples considering marriage. A prenuptial agreement can be helpful for any couple, not just wealthy couples. Prenuptial agreements have many advantages for any couple entering marriage, so it is useful to understand them.
Getting a divorce, especially a high asset divorce, can be emotionally challenging. However, it is important not to allow emotions to interfere with the high asset divorce process. High asset divorces can present challenges on top of the usual divorce process. Therefore, couples in New York with significant holdings may find it useful to know how to approach their high asset divorce.