Long Island High Net worth Divorce Attorneys
Guiding Nassau and Suffolk County, New York clients through complex high net worth divorce cases
Most divorces are complicated and the parties involved are hoping to get past troubled times and move on to a better situation. Divorces become more complicated with an increase of marital assets. The more money, possessions, and debts involved in the situation, the more complicated the process. Divorces that involve individuals with combined monies and assets valued in excess of $1 million are called high net worth divorces. If you are involved in a Long Island high net worth divorce, contact The Pollack Law Firm, P.C. for a skilled attorney.
Elements of a high net worth divorce
Similar to other contested divorce cases, high net worth divorces will have factors to consider. Both spouses feel entitled to a certain structure of child custody, child support, and spousal maintenance arrangement. Similarly, they both feel entitled to a certain split of marital assets. The difference lies in the amount and complexity of the marital assets.
Equitable distribution and high net worth divorce
New York is an equitable distribution state. Marital property is distributed in an equitable fashion. According to Long Island and New York state courts, “equitable” does not automatically mean “even”, but what is fair to both parties. Sometimes, this works out to an even split, but rarely. There are many factors that differentiate a high net worth divorce from a regular one and high net individuals may have more complicated matters to consider. They can include:
- Multiple properties
- High profile possessions
- Professional practices
The reality of net worth statements in high net worth divorces
Like every other divorce case, high net worth spouses must provide net worth statements. Under the law, these statements must be sworn to by the divorcing party and certified by the attorney as true. The net worth statement discloses all financials, includes the latest tax return, and provides the court with a good idea how the marriage functioned financially. This allows the courts to make an educated judgment and equitably split assets. On the downside to some, judges are mandated reporters to the Internal Revenue Service. This means that the sworn net worth statement can expose high net worth individuals to a government issued probe into their finances. If anything is out of place, Long Island judges are forced to report the discrepancy to the IRS. Some high net worth divorces are settled out of court to avoid the inquiry.
Prenuptial agreements can protect high net worth individuals
In high net worth divorces, settlement can partially rely on a prenuptial agreement. In prenuptial agreements, the couple deciphers between marital property and separate property. Marital property is anything acquired during the marriage or agreed to be shared property before the marriage. For our purposes, separate property is agreed upon before the nuptials or gifted to one of the spouses in their sole name during the marriage. Prenuptial agreements can save money and time for divorcing couples who can then focus on their shared marital property.
Call a law firm with high net worth divorce experience
The complexity of assets in high net worth divorces is no challenge to the Long Island attorneys at The Pollack Law Firm, P.C. When wealthy Long Island clients get divorced, attorneys have the responsibility to thoroughly obtain and review all financial documents. Our clients have always trusted us to diligently represent them. The Pollack Law Firm, P.C. has always had their client’s best interests in mind and that means an efficient and low-cost divorce. Our vigor makes us effective in the most contested cases; our compassion makes us the firm you can trust. Call us today for a consultation.