What do I Need to Know About High Net Worth Divorces in New York?

What do I Need to Know About High Net Worth Divorces in New York?

When a couple goes through a divorce, there are many different matters that must be settled. One of the most notable parts of this process is the division of assets between both parties. While this process already proves to be difficult in regular divorce cases, it can become even more complicated when the spouses are of high net worth. Continue reading below about how these situations are handled and contact an experienced New York divorce attorney for help with your case.

What is a High Net Worth Divorce?

Couples who have over $1 million in assets are considered to be of high net worth. This means they would go through a high net worth divorce if they were to split. When a couple divorces with assets of this worth, the process requires certain attention that would not usually be provided in a regular divorce case. Spouses in these situations often want to protect these assets from distribution, adding onto other highly contested matters that take place in a divorce. This can include assets such as property holdings, real estate, business investments, shared businesses, stocks, bonds, and out of state or international interests.

When a high net worth divorce takes place, the court will analyze both spouses’ financial documents in order to have a thorough understanding of their financial situation. The court may use the assistance of financial analysts, real estate appraisers, certified public accountants, private investigators, forensic accountants, and more to do so. In the event that either spouse lies or falsely represents their finances, they may be subject to an IRS investigation.

How Can I Protect my Assets in a Divorce?

When couples have a high net worth, they typically have treasured assets they want to protect so they cannot lose them in a divorce. There are many ways this can be handled. A common method that is used to protect high net worth assets is by crafting and signing a prenuptial agreement before getting married. This outlines how the couple would want to divide their assets between the two of them if they choose to divorce in the future. If a couple does not do this before their marriage, they can accomplish the same goals through the creation and signing of a postnuptial agreement after the fact. If the spouses own a business together, a shareholder agreement can be created to determine how business terms should be handled if they get divorced. 

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.