New York High Net Worth Divorce | What to Know
Divorce is difficult in general, but things get more complex when you realize there are different types of divorces. It makes sense, every couple is different, so every divorce will be different. There are contested and uncontested divorces, mediated divorces, litigated divorces, and so on. An especially complicated type of divorce is a high net worth divorce. Read on to learn more about high net worth divorce in New York.
What is a High Net Worth Divorce?
High net worth divorce refers to couples with a combined net worth of $1 million or more. This type of divorce is complicated because there are likely more assets to divide than in a regular divorce. Things can also get messy with so much at stake. Both parties will submit financial statements, and if things do not seem to add up, one or both parties may hire a forensic accountant to dig deeper. If the forensic accountant finds anything suspicious, the IRS may get involved, causing even more legal trouble. In order to make sure your rights are protected, you will want to retain the services of a skilled divorce attorney.
What Assets will be Considered?
Some of the assets that are often considered in a high net worth divorce include:
- Residences and other real estate properties
- Businesses and partnerships
- Investments and deferred stock options
- Retirement accounts including pension plans
- Valuables such as antiques, collectibles, jewelry, art, etc
How can I Protect my Assets?
Some couples choose to sign a prenuptial agreement before they are married. This is a document that states what will happen to your assets in the case of a divorce. Some couples shy away from prenuptial agreements because they can be a sensitive subject. In actuality, a prenuptial agreement can greatly benefit both parties involved and do not insinuate any sort of future break up. A couple who did not sign a prenuptial agreement before their marriage but has had a change of heart has the option to create a postnuptial agreement. This document is the same as a prenuptial agreement but it is created after the couple has been married. While these documents can protect your assets, one of the most important things you can do when it comes to a high net worth divorce is to retain the services of an experienced divorce attorney.
If you are interested in drafting a prenuptial or postnuptial agreement, or you have questions regarding a high net worth divorce, contact us today.
Contact our Firm
The Law Office of Peter L. Jameson, PLLC understands the harsh implications of relocation can have on a child and his or her parents. When you have a contested relocation matter, it is important to have an experienced attorney to represent you in court. If you are faced with a relocation matter in Rockland County, contact The Law Office of Peter L. Jameson, PLLC today to schedule a consultation