What to Know About High Net Worth Divorce in New York
If you are going through a high net worth divorce, it is important to understand your options. Contact The Pollack Law Firm, P.C. today to speak with one of our experienced New York divorce attorneys to discuss the specifics of your case.
What is a high net worth divorce?
A high net worth divorce occurs when a divorcing couple has combined assets of $1 million or more.
How can I protect my assets?
One of the best ways that you can protect your assets is through a prenuptial agreement. A prenuptial agreement is a legal document that is created and signed before a couple gets married. This document discloses how a couple will divide their assets in the event that they get divorced. While prenuptial agreements are known to have a negative stigma correlated with them, it is important to note that this agreement in no way implies a divorce. In fact, prenuptial agreements are useful because they assure that you and your assets are protected.
Furthermore, if you are already married and you did not create a prenuptial agreement, it is not too late. You can create a postnuptial agreement, which is the same document, with the same purpose, but instead produced after the marriage instead of before.
It is in your best interest to reach out to our firm today to get started on the creation of your prenuptial or postnuptial agreement. Our skilled legal team is prepared to help you navigate through this process.
What assets are considered a high net worth divorce?
You must be honest about your assets when going through a high net worth divorce. During the discovery process, both parties will be liable for disclosing their assets. In the event that assets do not add up, the court may require a forensic accountant to conduct an investigation. If the forensic accountant finds anything of concern, it will have to be reported to the court. The court would then be obligated to report these findings to the IRS, potentially indicating an additional investigation and causing further legal trouble and delays in divorce proceedings.
Some of the assets that may be viewed in court include the following:
- Retirement accounts including pension plans
- Valuables such as antiques, collectibles, jewelry, and art
- Investments and deferred stock options
- Residences and other real estate properties
- Businesses and partnerships
If you have questions or concerns about how your assets will be viewed in your divorce proceedings, do not wait to reach out to our firm today to speak with one of our qualified divorce attorneys.
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 22 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) 342-3575.