Creating the Peaches & Cream Layer Cake is straightforward. Follow these simple steps for a delicious result:

1. Preheat Oven: Preheat your oven to 350°F (175°C). Grease and flour two 9-inch round cake pans.
2. Prepare Dry Ingredients: In a medium bowl, sift together the flour, baking powder, and salt. Set aside.
3. Cream Butter and Sugar: In a large mixing bowl, beat the softened butter and granulated sugar until light and fluffy (about 3-4 minutes).
4. Add Eggs and Vanilla: Beat in the eggs, one at a time, then add the vanilla extract.
5. Combine Mixtures: Gradually add the dry ingredients to the butter mixture, alternating with the milk. Mix until just combined.
6. Divide Batter: Pour the batter evenly into the prepared cake pans.
7. Bake Cakes: Bake in the preheated oven for 30-35 minutes, or until a toothpick inserted in the center comes out clean.
8. Cool Cakes: Remove from the oven and allow the cakes to cool in the pans for 10 minutes. Then, transfer to wire racks to cool completely.
9. Prepare Peach Filling: In a saucepan, combine the sliced peaches, sugar, lemon juice, and cornstarch. Cook over medium heat until the mixture thickens, about 5-7 minutes. Remove from heat and let cool.
10. Make Cream Cheese Frosting: In a mixing bowl, beat together the cream cheese and butter until smooth. Gradually add powdered sugar and mix until well combined. If desired, add heavy cream for a lighter texture.
11. Assemble the Cake: Place one cake layer on a serving platter. Spread a layer of frosting on top, followed by a generous portion of the peach filling. Place the second cake layer on top.
12. Frost the Cake: Cover the top and sides of the cake with the remaining cream cheese frosting. Decorate with additional peach slices if desired.