Divorce is often complicated, but when spouses have extensive assets and are in a high net worth divorce, they have a lot more to worry about. Continue reading and reach out to an experienced Nassau County high net worth divorce lawyer from our firm to learn more about these divorces and what makes them so different from other standard divorces.
What’s the difference between a high net worth divorce & a standard divorce?
Technically speaking, a high net worth divorce is when a couple who has over $1 million in total assets gets divorced. Of course, as a high net worth individual, you simply have more at stake than those with fewer assets. High net worth couples often have to worry about stock options, retirement benefits, multiple real estate properties, memorabilia, jewelry, and a wide array of other highly valuable assets.
How do courts decide who gets to keep what in a divorce?
Courts will consider various factors when determining who is entitled to certain assets. They will consider the duration of a marriage, both spouses’ age and health, both spouses’ yearly salaries, and more. Additionally, they will establish what property is considered marital property and what property is considered separate property. Marital property is subject to equitable distribution, while separate property is not. Marital property typically includes the marital home, jointly-held bank accounts, vehicles, and more. Separate property includes property outside of the marriage, such as gifts from friends. Courts will distribute marital property in a manner they consider to be fair and just, which often does not end in a 50/50 split.
What can I do to shield my assets from a divorce in Nassau County?
Fortunately, there are various things you can do to protect your assets from equitable distribution. First, you can draft a prenuptial agreement if you are not yet married, which will define which property belongs to each spouse in the event of a future divorce. If you’ve already married, a postnuptial agreement can accomplish the same thing. If you’re getting divorced and haven’t created any of these agreements, your best line of defense is hiring an experienced Nassau County divorce lawyer as soon as you can. Barrows Levy PLLC is here to help.
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Barrows Levy PLLC is a dedicated New York law firm focused on providing quality legal services to clients in New York City and Long Island. If you require a lawyer who has notable experience handling family and estate planning matters, we are available to help. Contact Barrows Levy PLLC to schedule a consultation with one of our experienced attorneys today.