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High Net-Worth Divorce in NYC
What is Considered a High Net-Worth Divorce?
Divorce is rarely simple, especially if one or both spouses own valuable assets. If you or your spouse owns a high volume of valuable assets, your divorce is called a "high net worth divorce." In New York, high net worth divorces can be extremely complicated and may require the guidance of an experienced lawyer. At Eiges & Orgel, PLLC, we have more than 60 years of legal experience helping clients seek the best solution to their unique circumstances.
More reasons to hire us include:
- We are a top-rated firm & recognized by our peers
- We are committed to our clients' best interests
- We truly care about your family and your future
- We offer comprehensive case consultations
High Net-Worth Divorce vs. Any Other Divorce
Technically, high net worth divorces deal with the same issues as any other divorce. The main difference is the value of the couple's assets. Because large sums of money are at stake, high net worth divorces can involve a greater level of contention. Generally speaking, high net worth divorces focus on division of assets and marital property. This is especially time consuming for couples who do not have a prenuptial agreement.
What are Marital Assets?
Marital assets are:
- Belongings acquired during the marriage
- Automobiles, motorcycles, other vehicles
- Homes, vacation property, and real estate
- Bank accounts and financial assets
Although certain items are excluded from asset division, such as belongings acquired before marriage, the court will divide most of the couple's property according to New York divorce laws.
What are the Factors to Consider When Going Through a High Net-Worth Divorce?
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. Here are five considerations for couples going through a high asset divorce.
- 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.
- 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.
Choosing a NYC divorce lawyer is an investment in your future. You need an attorney that knows and understands the intricacies of the law. The divorce attorneys of Eiges & Orgel, PLLC have the experience you need to protect your interests.
If you are facing a high net worth divorce, speak with a lawyer today. At Eiges & Orgel, PLLC, we are committed to helping our clients navigate the divorce process with as little stress as possible.
Contact Eiges & Orgel, PLLC, today for a case evaluation!
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