High Net Worth Divorces in New York
A lot is at stake in any divorce. Divorce, without question, is a time of emotional hardship, though it can also be a time of financial hardship as well. If you are getting divorced, you are most likely asking yourself several questions regarding what will happen with your assets, especially if you and your spouse cannot agree. When spouses are in a contested divorce, their assets are subject to equitable distribution. However, “equitable” does not always mean equal, and what the court sees as a fair and just ruling may seem completely unfair to you.
If you or your spouse is a high net individual, however, you have even more to worry about than the average couple. If you believe you qualify for a high net worth divorce, please read on and learn more about your legal options going forward:
Am I in a high net worth divorce?
If you or your spouse have more than $1 million in net liquid assets, you are in a high net worth divorce. This means you cannot wait to hire an experienced attorney who is ready to fight for your hard-earned assets.
What assets are at stake in a high net worth divorce?
When high net individuals get divorced, one of their most common concerns, and understandably so, is how their divorce will be different from a “standard” divorce. While some of the most contested divorce issues will still need to be addressed, such as child custody and alimony, high net individuals have additional financial concerns. In a high net worth divorce, multiple real estate and property holdings may come into question. Additionally, co-owned businesses or shared business investments may also be up for equitable distribution. You may also have to protect stocks, bonds, retirement accounts, pensions, benefits, and more.
High net worth divorces also sometimes involve forensic accountants, certified public accountants, financial analysts, and more, as the courts will try to obtain the most accurate and well-rounded picture possible of your financial situation.
Can I protect my assets in a high net worth divorce?
Fortunately, you and your future spouse can draft a prenuptial agreement before you are married to document exactly what will happen with your assets, should you get a divorce. If you are already married, you may draft a postnuptial agreement, which essentially serves the same purpose. If you and your spouse jointly own a business, you may draft a shareholder agreement, outlining both you and your spouse’s share in the business in the event of a divorce.
Contact our experienced Nassau County firm
The Pollack Law Firm, P.C., serving clients in Nassau and Suffolk County, is always available to assist and represent parties in divorce and all other matrimonial and family law matters. Please call today to schedule a free consultation: (516) 938-3330.