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.
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
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.
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.
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.
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.