In any divorce, there is a lot at stake. However, divorces involving high net-worth individuals are particularly complex due to the unique assets involved. It is imperative to retain the legal services of an experienced attorney as high-net individuals’ financial security is at risk during the divorce process. If you are a high-net-worth individual seeking a divorce, please continue reading and contact an experienced Rockland County High Net Worth Divorce Attorney who can help you protect your hard-earned assets during property division, alimony determination, and child support determination.
What is a high-net-worth divorce in New York?
Essentially, when a couple has a combined net worth of $1 million or more, their divorce is considered high net worth. They are considered high-net-worth divorces because they tend to deal with unique factors that regular divorces do not. High-net-worth individuals have more property and assets which makes the division of property more complex. There are special considerations high-net-worth individuals should take into account when divorce is imminent to protect their finances.
What should wealthy individuals consider during the divorce process?
As mentioned above, there are special considerations that individuals going through high-net-worth divorces must consider in protecting their interests during the divorce process. High-net-worth individuals must consider the consequences of hiding assets. The courts will favor the other spouse when it comes to a final settlement if an individual falsely reports or hides any assets. Additionally, high-net-worth individuals should not act in bad faith as this can also result in significant repercussions such as an unfair settlement. Sometimes one spouse may not agree with the reasoning for the divorce which causes them to act dishonestly or try to prolong the divorce proceedings. The courts punish individuals that act in bad faith during litigation so it is incredibly important for an individual to maintain their composure and be honest.
Moreover, high-net-worth individuals should not agree to a quick settlement just so the long and stressful divorce process is over. It is important to be patient as a quick settlement could result in unfavorable terms that put a high-net individual’s financial security at risk. Furthermore, high-net-worth individuals should consult a financial professional such as an accountant to assess their assets. If an accountant evaluates the assets there will be no room for disputes which could help the process of property division move along. When both individuals dispute every asset, it makes the divorce process longer which results in more legal fees. High-net-worth individuals must consider certain aspects of the divorce process to ensure they reach favorable terms. In addition, it is critical to retain the legal services of a qualified attorney who can provide essential advice when it comes to protecting assets during the divorce process.
If you are seeking a divorce as a high-net-worth individual, please don’t hesitate to get in touch with one of our knowledgeable and trusted attorneys. Our firm is ready to represent your interests in court today to help you achieve favorable results.