Divorces can happen at any age. Unfortunately, married couples may not be able to stay married any longer. When this occurs, they can file for divorce. Upon filing, they will either enter into an uncontested or contested divorce. During these processes, decisions will be made about marital issues. These marital issues can include alimony, child custody, child support, division of assets and more. During the process of dividing assets, the spouses may find that this can require more time. As a high net worth individual, one of the spouses or maybe even both of them, may have many possessions that need to be accounted for. High net worth individuals often have many assets and possessions under their ownership. 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 vest immediately, real estate holdings and widespread investments. With all of these assets and possessions, it can create a high net worth for one or both of the spouses. During divorce, it is important for the high net worth individual or individuals to acquire legal help that can protect their assets.
What factors decide the division of assets?
Assets can be divided into separate and marital property. Separate property is considered to be owned by a single spouse since it was acquired before they were officially married. Property that was acquired after marriage can be known as marital property. It can be owned by both of the spouses as a unit instead of being individually owned. When judges are distributing the assets among divorcing couples, they have many aspects to consider. 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 since they can be considered as separate property.
The Law Office of Peter L. Jameson, PLLC is an experienced divorce and family law firm located in New City, NY. It is essential to retain effective legal guidance during such pivotal times in life. Contact our firm today to discuss your legal matter and get the quality legal representation you deserve.