Place a skillet over medium heat and melt 1 tablespoon of butter. Add peaches, brown sugar, cinnamon, and lemon juice. Stir and cook for about 5 to 7 minutes until peaches soften and sugar melts into a syrup. If desired, stir in cornstarch to thicken the filling. Remove from heat and let cool.

Preheat oven to 325°F (165°C) and generously grease a Bundt pan with butter followed by flour.

In a stand mixer, cream together softened butter and cream cheese for about 2 minutes until smooth and creamy. Gradually add sugar and beat for 4 to 5 minutes until light and fluffy.

Add eggs one at a time, beating for about 30-40 seconds after each addition. Mix in vanilla extract and almond extract.

In a separate bowl, combine flour, baking powder, and salt. With the mixer on low, add dry ingredients in three additions. Mix just until smooth.

Pour half of the cake batter into the prepared Bundt pan. Pour half of the cooled peach filling over the batter. Add the remaining batter and smooth it. Finally, layer the remaining peach filling on top and create swirls with a knife.

Bake for 75 to 90 minutes at 325°F, starting to test with a toothpick at 75 minutes.

Let the cake cool in the pan on a wire rack for 15 to 20 minutes before inverting onto the rack. If making glaze, mix powdered sugar, peach juice or milk, and vanilla extract. Drizzle over the warm cake and let set for 10 minutes before serving.