How Does High Net Worth Divorce Work in New York?

How Does High Net Worth Divorce Work in New York?

In standard divorce proceedings, there is already a great deal of stress when it comes to settlement agreements on child custody, child support, alimony, and property division. But in high net worth divorce proceedings, the stakes are heightened, and consequently, decisions need to be handled with a heightened level of care. Read on to learn how to best approach your division of assets and how one of the seasoned high net worth divorce attorneys in New York City of Zimmet Law Group, P.C. can guide you step by step through the proceedings.

Do I fall under the high net worth divorce category in the state of New York?

Like many states, New York determines whether you need to undergo a high net worth divorce based on your and your spouse’s total net liquid assets. The specific dollar amount the state goes off of is $1 million or more.

What assets will be considered during property division decisions in a high net worth divorce?

As an equitable distribution state, New York courts will determine property division between spouses that is both equitable and fair. However, such fairness is difficult to determine for high-net spouses because there are many complex assets and flows of income on the table. For example, it is usually the case that high-net spouses possess multiple business ownership interests and multiple properties, which include vacation and rental properties. This is in addition to miscellaneous collectibles, such as antiques, artwork, memorabilia, expensive cars, and jewelry. Also, flows of revenue like investments, deferred incomes, and retirement assets may be on the line. With all that, New York courts must carefully determine whether these high-priced assets are solely or jointly owned.

If you need help with proving ownership of your assets, contact one of the knowledgeable New York City divorce attorneys today.

How can I retain my assets in a high net worth divorce?

To ensure a fair division of assets, it may be in your best interest to hire a forensic accountant during the settlement proceedings. The accountant will work to uncover your spouse’s tax returns, credit card statements, property deeds, stock investments, and other documents so as to prevent any hiding of assets that you deserve a share of. Our firm can help you in employing one.

If you have a prenuptial agreement, you essentially have a comprehensive outline of what property belongs to which spouse. A postnuptial agreement serves a similar function. Our firm will then use this document as proof of your ownership of your assets.

Contact Our New York City Firm

If you require the services of an effective New York City attorney of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, or landlord-tenant law, contact Zimmet Law Group, P.C. today to schedule a consultation.

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