What to Know About High Net Worth Divorce in New York

What to Know About High Net Worth Divorce in New York

If you are a high-net-worth individual who is facing a divorce, you have a lot on the line. Continue reading to learn the details of what to expect in a high net worth divorce in New York. If you require assistance with your upcoming divorce matters, do not hesitate to reach out to our experienced New York divorce attorney. Give our firm a call today to schedule your initial consultation with our legal team.

What is a high net worth divorce?

If you or your spouse own $1 million or more in assets, this will likely constitute a high net worth divorce.

What assets are affected in a high net worth divorce?

High net worth divorces will involve many of the same divorce issues of a regular divorce including child support, child custody, alimony, and more. When it comes to property distribution, a high net individual has more at stake, and divorce matters can become far more complex. High net worth divorces often involve high-profile possessions. This can include anything from memorabilia to expensive cars and jewelry.

High net worth couples may own multiple properties which may make dividing real estate a much more complex situation. Additionally, high net worth individuals often own their own businesses or practices which can complicate matters further, whether the business is solely or jointly owned. Other factors that may be considered in a high net worth divorce include pensions, business investments, retirement accounts, benefits, 401(k)s, bonds, stocks, and more.

These are just a few of the examples that may come up in a high-net-worth divorce. If you are facing a high net worth divorce, it is essential that you retain the services of an experienced New York divorce attorney who will work to protect what is rightfully yours.

Can I protect my assets?

If you are not yet married, it is recommended that you protect your assets by drafting a prenuptial agreement with your future spouse that will outline what property belongs to which spouse as well as an outline for certain terms for a potential divorce such as spousal support or alimony. However, if you are already married, you may want to look into drafting a postnuptial agreement that will serve a similar purpose to protect certain assets in the event of a divorce.

CONTACT OUR EXPERIENCED NEW YORK FIRM

Barrows Levy PLLC is a highly experienced New York law firm focused on providing quality legal services to clients in New York City and Long Island. If you need a Nassau County lawyer who has significant experience handling family and estate planning matters, we are ready to help. Contact Barrows Levy PLLC to schedule a consultation with one of our experienced attorneys today. 

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