There are many different parts to a divorce. One of the most notable is the division of assets between both spouses, as dealing with finances is critical matter. This process is often a complicated process in general, let alone if the couple is of high net worth. Continue reading below to learn more about how this is handled and contact an experienced New York divorce attorney for assistance with your case.
What is a High Net Worth Divorce?
A couple is considered to be of a high net worth when they have over $1 million in assets. When they go through a divorce, it is referred to as a high net worth divorce. Due to the fact that these assets require special attention and protection when being divided, these cases can be different from a regular divorce case. On top of other highly contested matters, spouses must fight for the high value assets they want to keep. This can include property holdings, real estate, business investments, shared businesses, stocks, bonds, and out of state or international interests.
When a couple goes through a divorce, their financial documents will be analyzed by the court. This is done in order to have a clear picture of each spouse’s financial situation. Throughout this process, the court may enlist the help of other financial analysts, real estate appraisers, certified public accountants, private investigators, forensic accountants, and more. If either spouse lies or falsely represents their finances, they may face an investigation by the IRS.
How Can I Protect my Assets in a Divorce?
When a couple has high net worth assets, it is important that they protect them. There are a variety of ways that this can be done in the event of a divorce. A common method is signing a prenuptial agreement before making the marriage official. This is a document that outlines how a couple’s assets would be divided between the two of them if they divorce in the future. Similar to this, a postnuptial agreement can accomplish the same goals but it is signed after the marriage is official. If the spouses own a business together, they can create a shareholder agreement that states how business terms are handled if they ever get divorced.
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Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.