High Net Worth Divorce in New York City- Brian D. Perskin & Associates P.C.

All divorce cases have challenges, but high net worth cases are more complex and present additional obstacles. Assets must be addressed during these unique cases. What key things should you know if you’re facing a high net worth divorce?

Handling Assets

High net worth divorce cases often involve a great deal of assets. Assets can range from financial accounts, to homes, cars, and collectibles. New York State uses a concept called Equitable Distribution to help divide assets during all divorce cases. Given the increased number of assets that high net worth cases have, you are faced with a prolonged discovery process.
To help keep you organized during your divorce, we suggest you create an index of all assets. This includes balances in financial accounts, loan amounts, mortgages, leases, and insurance documents. Streamline and organize your high net worth divorce with Brian D. Perskin & Associate’s free Assets and Liabilities Checklist.

Mixing Business with Divorce

A concern facing many litigants is that a high net worth divorce will effect their small business. Unfortunately, there is a good chance it may be. Your business will be subject to equitable distribution if it was created, or grew, during your marriage.
Your business is an asset, and needs to be valuated during your divorce. A Judge will issue a court order that assigns a third party company to evaluate your business. This complicated process requires the attention that only an experienced divorce attorney can provide. For more information on how to handle your business during a divorce, click here.

Other High Net Worth Concerns

High net worth divorce cases can contested, or uncontested. Even if you are in agreement with your ex-spouse regarding the distribution of assets, you still need to address custody, child support, and alimony. Court intervention is needed when divorcing parents are unable to reach a child custody agreement on their own.
Hidden assets are a major concern in high net worth divorce cases. Hiding, or trying to siphon off, assets is a very serious matter and will impact alimony and child support. Litigants often try to transfer their assets to a family member in an attempt to make the court believe they have a lower net worth. You can help your attorney recognize hidden assets by keeping an index of marital property, especially smaller items like jewelry and collectibles.

Hire a Brooklyn Divorce Attorney

With over forty years of combined experience, the team at Brian D. Perskin & Associates P.C. have represented countless New Yorkers in their high net worth cases. The knowledgeable attorneys are well versed in matrimonial law and the discovery process. Their keen eye for discrepancies have helped protect the net worth of residents in all five boroughs.
For more information on high net worth divorce cases in New York City, contact Brian and his team at 718-875-7584 today. (Don’t forget to schedule your free consultation online!)

High net worth divorces require the experience of a knowledgeable divorce lawyer. Trust our team of expert attorneys in Manhattan and Brooklyn to help win your case.

At Brian D. Perskin & Associates P.C., our attorneys are experienced in handling high-net-worth divorces in New York and are equipped to help these individuals get through the divorce process. Divorce can be complex, but adding significant assets into the mix can further complicate the process and be time-consuming. That is why it is so important to work with a divorce attorney who can ensure these assets are protected.

Whether going through a contested divorce or uncontested divorce, an experienced high-net-worth divorce attorney in New York can make all the difference in helping properly evaluate and divide assets. Although the process may be more complex, a high-net-worth divorce in New York doesn’t have to ruin your life. At Brian D. Perskin & Associates, we are committed to helping you protect your assets and get through the divorce process as efficiently as possible.

What is a High-Net-Worth Divorce in New York?

In many ways a high-net-worth divorce in New York is similar to the traditional divorce process, common family law issues such as child support and spousal support or alimony, may arise and will need to be resolved. The main difference in a high-net-worth divorce in New York is the amount and type of assets involved. Additionally, prenuptial agreements or inheritances and trusts may play a major role in the way assets are divided. Understanding how New York determines the division of assets is important when you are facing a high-net-worth divorce in New York.

Dividing Assets in a High-Net-Worth Divorce in New York

When determining how assets will be divided in the event of a high-net-worth divorce in New York, the courts follow the rule of equitable distribution. It’s important to note that equitable distribution doesn’t necessarily mean “equal” distribution. Instead, the courts try to divide assets in a way that is fair for both parties. Many factors are considered when diving assets during the divorce process, especially when significant assets are involved. Here are some factors courts will consider when dividing assets in a high net-worth divorce in New York:

Contributions made to the marriage.
Each spouse’s income and assets.
Future financial considerations of each spouse.
Tax consequences as a result of divorce.
The duration of the marriage.
The age and health of each spouse.
Any children involved.
Business Assets.
Inheritances.
Pre-nuptial and post-nuptial agreements.
Any investment accounts.
Stocks and bonds.
Retirement accounts and 401ks.
Real estate and other luxurious assets.

Potential Issues that Could Arise During a High Net-Worth Divorce

While the court will consider all the factors above to determine how assets will be divided during a high net-worth divorce in New York, it’s important to be aware of unique complications that could happen during the process. Here are some issues that can come up and should be considered by high net-worth individuals:

Asset Valuation: Luxury assets can include unique items that may require experts to step in to make sure all assets are properly valued and accounted for in the distribution process.
Hidden Assets: One spouse can hide assets to undervalue assets they may have like offshore accounts or undisclosed assets and property.
Business Interests: When a business is involved the division of ownership can be complicated.
Tax Implications: Divorce can impact an individual’s taxes, especially for high-net-worth couples.

High-net-worth divorces require the experience of a knowledgeable divorce lawyer. Not only are these cases complex, but the financial details will be best resolved with the help of an attorney who has the resources to fully investigate sources of assets and income and help protect the client’s financial interests.

Understanding the High Net-Worth Divorce Process

Legally the high net-worth divorce process is the same as any other divorce, however, they do require a higher level of detail to ensure assets are divided appropriately. Once you’ve determined to dissolve your marriage it’s advisable for each party to work with an experienced high-net-worth divorce attorney in New York to help get the divorce process started. They can help you file your petition for divorce and all of the other necessary paperwork that will follow. You will also have to go through the discovery and financial disclosure process where both parties exchange information regarding finances, assets, and any other relevant documents. Additionally, if children are involved matters of custody and child support will need to be addressed. Once all information has been disclosed, you can begin negotiation discussions in order to reach a settlement. In the event you can’t reach a settlement the courts will intervene and use the equitable distribution rule to determine how assets will be split in your divorce. When a settlement is reached the courts will finalize the agreement to make it legally binding.

Hiring a High Net-Worth Divorce Attorney in New York

Working with an experienced New York divorce attorney is highly advisable for any divorce, but even more so for divorcing high-net-worth individuals. They can help you determine which divorce option is best for your situation and ensure all the necessary paperwork is filed on time. They can also help advocate for your best interests and protect your assets.

At Brian D. Perskin & Associates P.C., our clients’ needs are paramount. With over forty years of combined experience handling high net-worth divorce cases, our New York divorce attorneys provide expert legal counsel and support. If you’re facing a high net-worth divorce in New York contact our team to learn how we can help you get through your case.

High Net Worth Divorce in NYC