A divorce is a complicated process in general. There are many issues for every couple to agree upon, for example, child support, child custody, alimony, and division of assets. The division of assets becomes more difficult when there are a lot of assets involved. For this reason, high-income individuals tend to have especially complex divorces. These divorces are called high-income or high net worth divorces. Read on to learn more about high net worth divorces in New York.
What Constitutes a High Net Worth Divorce?
A high net worth divorce refers to the divorce of a couple with an income of $1 million or more. When so much is at stake, it is important to retain the services of a strong legal team.
What Assets are Considered?
High net worth individuals may have a lot of large assets to consider when it comes to a divorce. A few of these assets may include:
- Real estate properties
- Businesses and partnerships
- Retirement plans
- Stocks and other investments
Potential Problems with High-Income Divorce
During the discovery process, both parties will need to disclose their financial documents. During a contested divorce, one or both spouses may be vulnerable to investigation. Some parties involve forensic accountants to make sure all assets have been disclosed. If anything suspicious is found, the IRS may get involved. Divorce is a difficult process, and these issues can make the situation even more complex. As a result, it is important to have a skilled attorney on your side.
Protecting Your Assets
In some cases, a couple will have signed a prenuptial agreement, making the divorce process faster and easier. A prenuptial agreement is a document that is drafted and signed before a marriage, stating how your assets will be divided in the event of a divorce. Some couples do not sign a prenuptial agreement because of the negative stigma surrounding the idea. In reality, a prenuptial agreement can be greatly beneficial to both parties. If you do not sign a prenuptial agreement and later decide you wish to, you can create a postnuptial agreement. This is the same document, with the same purpose, but it is drafted after marriage, rather than before. If you are interested in creating a prenuptial or postnuptial agreement, contact the Law Offices of Susan A. Kassel, P.C. today.
In the event of a high-income divorce, you will want someone to protect your assets and fight for what is fair. To speak with an experienced attorney, contact us.
Contact our Firm
Matters of divorce and family law should be navigated with the guidance of an experienced attorney. If you need strong legal representation regarding matters of divorce, family law, and estate law, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.