With almost every divorce, there is conflict over terms such as child custody, child support, and alimony. But if you and your spouse have over $1 million or more in net liquid assets, then you have to undergo a high net worth divorce. This means that you and your spouse likely have complex assets and financial interests that will complicate your property distribution negotiations. Follow along to learn how how to protect your assets and how a proficient Nassau County high net worth divorce lawyer of Barrows Levy PLLC can assist you with this.
What are complex assets involved in a high net worth divorce?
First of all, it is important to mention that New York is an equitable distribution state. This means that the New York judge will distribute your marital assets in a way that is equitable and fair. Notably, “equitable and fair” does not necessarily mean a 50/50 split.
All your high-profile possessions must be cataloged and valued. With the magnitude of assets and flows of income you and your spouse may have, this can be a complex process. Just some of the complex assets that will need to be distributed in your high net worth divorce read as follows:
- Your business ownership interests (i.e., solely owned businesses, partnerships, etc).
- Multiple properties (i.e., real properties, rental properties, etc).
- Investments (i.e., stocks, bonds, debentures, etc).
- Retirement assets, (i.e., 401(k)s, pensions, etc).
- High-profile collectibles (i.e., antiques, artwork, memorabilia, cars, jewelry, etc).
In what ways can I protect my assets in my high net worth divorce?
For one, you can retain the services of a forensic accountant who can uncover all tax returns, credit card statements, property deeds, and other investments. This is useful because, oftentimes with high net worth divorces, a spouse will hide certain assets so that they do not have to undergo equitable distribution.
Secondly, it may be wise to refer back to your prenuptial agreement, if you and your spouse established one before your marriage. This is because this document may have statements on which assets belong to which spouse. If you do not have a prenuptial agreement, then we recommend that you draft a postnuptial agreement.
If you require assistance with protecting your assets, do not hesitate in reaching out to a skilled divorce attorney in Nassau County today.
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If you need a Nassau County lawyer who has significant experience handling family and estate planning matters, contact Barrows Levy PLLC to schedule a consultation with one of our experienced attorneys today.