Unless couples are older when divorcing in New York, retirement is probably the last thing on their minds. For a long time, this may have been just fine. However, the new tax reform that took effect in 2019, made changes that could cause spousal support to affect retirement plans.
When it comes to high asset divorces, financial honesty is the name of the game. Spouses that misrepresent how much they earn or possess in assets can end up with a stiffer asset division or increased child support or alimony payments. While some New York spouses try their best to conceal their wealth, sometimes it can slip out on social media, not just on Facebook or Instagram, but through other modes of digital communication.