While the saying "money doesn't buy you happiness" may be true for many New York residents, a recent study also shows that debt might buy couples unhappiness. The study found that more than half of all couples go into their marriages with debt and 40 percent admitted that this has a negative impact on their relationship.
A couple that has spent their life together in New York has probably accumulated assets throughout their marriage. Retirement accounts are often the most valuable assets they own. Therefore, figuring out how to divide these accounts can become a contentious issue during divorce proceedings, whether they are considered high asset or not. Since there may be applicable tax implications and their division is generally a complicated issue, the handling of retirement accounts during marriage dissolution is often improperly dealt with, which is why couples going through a divorce should understand the repercussions of their financial decisions.
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.