High-net–worth individuals contemplating a New York divorce should consider how their work performance might be affected during what could possibly become an emotionally charged event. The process is generally somewhat stressful at least, and if the pressure in one’s personal life becomes amplified, an individual may find that his or her on-the-job performance might be less than normal.
According to a report compiled by the Journal of Financial Economics, a divorce procedure may have an effect on the performance of fund managers. Based on the research study, a fund manager might see a 4.3% annual decline in their performance for about six months during divorce proceedings, as reported by Bloomberg through InvestmentNews.
A further 2.3% annual decrease in performance may then continue after a divorce for up to two years. Not every individual will suffer a serious distraction during a divorce; age may account for a difference, and this particular study focused on work performance at smaller firms with less than 10 employees.
A divorce may require negotiation sessions between spouses and their lawyers during which custody, visitation rights and other important issues are determined. Planning to take some time off or making temporary adjustments to a work schedule may be worthy of consideration. Time may also need to be set aside for negotiating the amount of financial support expected from a soon-to-be ex-spouse’s reliable income.
New York State divides assets and property through an equitable distribution method, including assets purchased through an individual’s separate account, as reported by MarketWatch. It may require complex and possibly lengthy legal discussions in order to take full ownership of certain valuable assets gathered during a marriage. It is not a requirement for the courts in New York to split everything equally between decoupling spouses.