How Does Asset Division Work in a High Net Worth Divorce?
Standard divorce proceedings are difficult enough with having to make decisions on child custody, child support, and alimony. But with an increase in marital assets comes an increase in complications. You may feel entitled to a certain split of marital assets, but the difference lies in the amount and complexity of them. Find out how asset division works for high-net spouses and how a proficient Nassau County high net worth divorce attorney at The Pollack Law Firm, P.C., can help you protect your property.
Do I qualify for a high net worth divorce in the state of New York?
Put simply, in the state of New York, a divorce that involves spouses with combined monies and assets valued at $1 million or more is considered a high net worth divorce.
What are common assets that can be distributed in a high net worth divorce?
New York is an equitable distribution state, which means that courts divide the spouses’ property equitably and fairly. However, equitable does not necessarily mean even, but fair to both spouses. Examples of such complex assets that may complicate the equitably of property division read as follows:
- Multiple properties, including investments such as vacation and rental properties.
- Multiple high-profile possessions, including antiques, artwork, memorabilia, expensive cars, and jewelry.
- Multiple professional practices or business ownership interests.
- Multiple investments, including stocks, bonds, and debentures.
- Multiple sources of deferred income, including stocks.
- Multiple sources of retirement assets, including 401(k)s and pensions.
If you require additional assistance with navigating your ownership of these assets, do not hesitate in reaching out to a talented Nassau County divorce lawyer today.
How do I prove my assets in a high net worth divorce?
Like standard divorce proceedings, high net worth divorce proceedings require that the spouses provide net worth statements. These statements disclose all financials, including tax returns, credit card statements, and stock investments, among others, and provide the court with a comprehensive outline of how the marriage functioned financially. With this, the court will make a property division decision that is as equitable as possible.
To ensure a fair division of assets, it is common practice to hire a forensic accountant for high net worth divorce proceedings. This accountant will investigate your spouse’s financial statements to ensure that they are not hiding any assets that deserved to be divided. Our firm will assist you in employing one.
Contact our experienced Nassau County firm
The Pollack Law Firm, P.C., rated Nassau County’s “BEST” divorce lawyers and proudly serving clients in Nassau and Suffolk County for more than 25 years, is always available to assist and represent parties in divorce, separation, and all other matrimonial and family law matters. Contact us online or call today to schedule your complimentary case analysis: (516) 938-3330.