Divorces require two spouses to separate their lives from one another. This can involve many decisions that need to be made. One of the decisions to be made is the division of assets. This process can be decided during mediation sessions or during court where a judge makes the decisions for the divorcing couple. It can be difficult to divide assets. Couples may fight over what is theirs or what they wish to keep. This can make it more difficult to deal with these cases. When one or both of the individuals have a high net worth, this can make the process more complicated. High net worth individuals often possess more assets, making the division of these assets more time-consuming. These divorces can be impacted by prenuptial agreements, 401(k) plans, defined benefit pension plans, IRAs, restricted stock or stock options, business ownership, professional licenses, involved tax structures and planning, offshore assets, bonuses that do not go into effect immediately, real estate holdings and widespread investments. All of these factors may contribute to an individual’s net worth. With all these factors, it can be hard to divide them in a quick manner. Judges may need more time to consider the aspects relating to the spouses and what they should acquire as an individual.
What factors contribute to the distribution of assets?
When judges are distributing the assets among divorcing couples, they have many aspects to consider that relate to each spouse and their overall marriage. These factors include the duration of the marriage, the age of both parties, the health of both parties, the income or property brought to the marriage by each spouse, the established standard of living, any written agreements made before or during the marriage relating to property distribution, economic circumstances of each party, the income and earning capacity of each party and much more. However, assets that were acquired prior to the marriage are not subject to equitable distribution. Assets that are acquired as a gift or inheritance are also not subject to equitable distribution. These assets can be considered to be separate property, meaning they belong to an individual spouse.
The Pollack Law Firm, P.C. understands that divorce and family law matters can be very complicated and emotional. They require strong legal representation from a compassionate attorney. 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.