There is a lot to be disputed during divorce proceedings, such as child custody, child support, and alimony. But this is especially the case if you and/or your spouse are high-net individuals. With your and your spouse’s complex assets and financial interests, the most complex matter at hand will undoubtedly be that of property division. Continue reading to discover what you should expect in your high net worth divorce process and how an experienced Nassau County high net worth divorce lawyer at Barrows Levy PLLC can help you protect your assets.
What does the state of New York consider a high net worth divorce?
The guidelines for determining whether you fall under a high net worth divorce are relatively straightforward. In the state of New York, if you or your spouse own $1 million or more in net liquid assets, then you are considered a part of this category.
What assets will be divided in a high net worth divorce?
New York is an equitable distribution state, which means that there are laws in place for the division of property between spouses to be equitable and fair. However, with the magnitude of assets and flows of income that high-net individuals possess, this distribution is not so straightforward. Below are examples of assets that need to be looked at with special care:
- Multiple business ownership interests, regardless if they are solely or jointly owned.
- Multiple properties, including vacation and rental properties.
- Investments, including stocks, bonds, and debentures.
- Deferred income, including stocks.
- Retirement assets, including 401(k)s and pensions.
- Collectibles, such as antiques, artwork, memorabilia, expensive cars, and jewelry.
If you require assistance with navigating these assets, do not hesitate in reaching out to a skilled divorce attorney in Nassau County today.
How can I protect my assets in a high net worth divorce?
For one, our firm will work with a forensic accountant on your behalf throughout your high net worth divorce proceedings. This is important when settling property division agreements because it is common for a high-net spouse to hide assets to keep more than what is fair. The accountant will uncover all tax returns, credit card statements, property deeds, and other investments to prevent this from happening.
As for as precautionary measures go, it may be wise to draft a prenuptial agreement with your future spouse if you are not yet married. This document will allow you to outline what property belongs to which spouse. If you are already married, a postnuptial agreement will serve a similar function. Our firm will then use this agreement to fight for the protection of your assets in court.
CONTACT OUR EXPERIENCED NEW YORK FIRM
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.