Just like a standard divorce, a high net worth divorce comes with its complications. However, what’s different is that there is more at stake when it comes to property distribution. If you and your spouse are high net worth individuals, continue reading to learn what assets are on the line in your divorce and how a Nassau County high net worth divorce lawyer at Barrows Levy PLLC can help you protect yours.
Who is eligible for a high net worth divorce in New York?
Every state has different guidelines for determining which couples are eligible for a high net worth divorce. But in New York, the guideline is that couples who own $1 million or more in net liquid assets must undergo the high net worth divorce process.
What assets will be divided in a high net worth divorce?
When it comes to divorce, New York is an equitable distribution state. Meaning, the New York judge handling your divorce will divide your marital assets in a way that is fair and just, but not necessarily in a 50/50 split.
However, equitable distribution can be deemed as far more complicated in a high net worth divorce because of the multitude of complex assets that are at hand. Examples of such assets include, but are not limited to, the following:
- Your and your spouse’s high-profile possessions:
- Expensive cars.
- Expensive jewelry.
- Expensive artwork and furniture.
- Memorabilia (i.e., sports equipment associated with an athlete, team, sporting event, sports venue, etc).
- Antiques (i.e., items associated with value due to their aesthetic or historical significance).
- Your and your spouse’s multiple properties:
- Real properties.
- Rental properties.
- Your and your spouse’s professional practices or businesses:
- Soley-owned businesses.
- Jointly-owned businesses.
- Your and your spouse’s investments:
- Bonds.
- Debentures.
- Your and your spouse’s deferred incomes:
- Stock options.
- Your and your spouse’s retirement assets:
- Retirement plans.
- Pensions.
- 401ks.
- IRAs.
How can a prenuptial agreement help my high net worth divorce?
If you and your spouse signed a prenuptial agreement before you got married, then it is important that you bring this forward during your high net worth divorce proceedings. This is because this document may outline which property belongs to you and which property belongs to your spouse. This will help the New York judge better understand how to conduct property division in a fair and just manner. And if you are not yet married, we recommend that you draft a prenuptial agreement with your soon-to-be spouse. This is especially recommended if you are both high net individuals.
Regardless of whether you and your spouse have a prenuptial agreement, our firm is willing and able to assist you. Nonetheless, do not hesitate in picking up the phone and speaking with one of the competent divorce attorneys in Nassau County today.
