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?
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.
The High Net Worth Experts
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.