Divorces can be emotionally overwhelming and extremely stressful. The divorce process can become even more stressful if you are going through a high net-worth divorce. High net worth divorces are typically way harder to resolve as they deal with more complex components than other divorces do when separating assets. They are more cumbersome because it is more time-consuming as it is harder to reach a mutual agreement on the separation of marital assets. High net worth divorces require a skilled attorney who can help you successfully divide your marital assets, and help ensure favorable results. If you are an individual with a high net worth, you will need the qualified legal assistance of an experienced Rockland County High Net Worth Divorce Attorney who can help you with this complex divorce process.
What is a high net worth divorce?
A high net worth divorce only occurs when both or one spouse has an asset value of at least one million dollars or more. This large amount of net liquid assets typically involves real estate, business, stocks, etc. A high net-worth divorce comes with unique challenges. In a high-net-worth divorce, individuals have a lot more at stake than in a standard divorce. There are assets that, if not split properly can negatively impact your financial standing.
What assets are typically included in a high-net-worth divorce?
Any assets that were acquired during the time of the marriage are jointly owned and therefore will be included when dividing. All martial assets through the court will be assessed and valued. However, there are exceptions and some assets are not typically included. The assets that are typically assessed in a high net worth divorce include:
- stocks and stock options
- 401 (k)s
- real estate
- household items
- business investments/ownership
- multiple bank accounts
- multiple vehicles
- multiple homes (vacation properties
Assets not typically included
- any gifted belongings
- trust funds or trusts
- any real estate property obtained before the marriage
All of these factors complicate high net-worth assets because they have to be divided fairly. However, any separate property that has been obtained before the marriage is not divided between both parties. This process is way more intricate than a typical divorce because there is much more to sort through. All elements accumulated throughout the marriage will have to be assigned appropriately.
If you are a high-net-worth individual and are worried your assets won’t be fairly divided, don’t hesitate to reach out to one of our exceptional team members. Our firm of determined and dedicated attorneys can help ensure your assets are fairly divided. We are committed to your best interest.