5 Concerns for Couples Facing a High Asset Divorce

Posted By Eiges & Orgel, PLLC || 19-Jan-2017

While no divorce may be free of financial difficulties, for high net worth couples, the legal process can be particularly challenging. From the division of complex assets and business interest to spousal support orders, many areas can require special attention. Below our blog outlines five considerations for couples going through a high asset divorce.

  1. The valuation of complex assets: While unique and complex assets such as financial securities and businesses are subject to the same general rules of property division, their classification and valuation can be substantially more complex. It often makes sense (and is sometimes required) to secure the services of specialists such as appraisers or forensic accountants. This can be especially important when an item’s classification as separate or marital property is in dispute.
  2. Planning for spousal maintenance: When one spouse earns significantly more than their partner, spousal maintenance (also known as alimony) may be a likelihood for which it is best to plan. When taken into the courtroom, a judge may determine alimony based on factors such as the length of a marriage, gaps in income, specific contributions to a marriage, and differences in earning potential.
  3. Evaluating prenuptial agreements: Couples who have a prenuptial or postnuptial agreement should evaluate its terms with an attorney. Even if you believe that your agreement is air-tight, you may still benefit from a review. Furthermore, situations change over time and what may have been best in the past may no longer be the preferred path forward.
  4. Classification of marital property: New York is what is known as an “equitable distribution” state when it comes to divorce. This means that all property deemed to be marital property (not separate), will be subject to fair division (not necessarily equally). However, a specialist may be required to trace the origin of assets that have been extensively commingled. Furthermore, certain assets such as stock options may be difficult to classify.
  5. Understanding potential tax consequences: When a process involves the transfer or division of property or financial assets, there may also be significant tax implications involved. When negotiating a settlement, be sure to consult with an attorney as to how to best mitigate any potential tax issues.

If your marriage has come to an end, Eiges & Orgel, PLLC can guide you through each step of a high asset divorce. Backed by more than 40 years of legal experience, our New York divorce attorneys can help you find effective and efficient legal solutions tailored to your situation. When you need to protect your financial future, do not trust your case to a less experienced firm.

Call (347) 848-1850 or contact us online to speak with an experienced attorney from our firm today.

Categories: Alimony, Divorce, Family Law
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