When a couple wants to get a divorce but they have assets in excess of $1 million, the division of assets can get somewhat complicated. High net worth divorces usually have a lot of marital assets that neither party particularly wants to get rid of. Of course, both parties will want to walk away with the maximum amount of assets that they can obtain. If there has been a prenuptial agreement put in place before the marriage, that will play a major role in the equitable distribution process.
In New York, assets are divided through what is known as equitable distribution. It is important to know that equitable distribution does not necessarily mean that each person walks away with exactly half of the marital assets. One of the most important aspects of a high net worth divorce is of course, a statement of net worth. Each spouse will have to make a detailed list of all of their means of income, assets, tax returns, and personal expenses. It is important that when you have a high net worth, you have an attorney that has years of experience dealing with a large number of marital assets and a lot of money. Protecting your assets requires strong legal representation that can help you maintain the same quality of life after your divorce that you had throughout the course of your marriage.
Robert Pollack is an experienced divorce and family law attorney in Long Island, New York. Contact The Pollack Law Firm, P.C., to set up a free initial consultation.