How can a high income affect my divorce process?

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How can a high income affect my divorce process?

Spouses need to have their assets split when divorces occur. This process can be difficult for some when items have sentimental value. It can also be difficult to divide all these assets. When individuals receive a high income that adds up to a high net worth, the process to divide their assets can take longer. Due to the amount or value of the assets, it can take more time to sort through the possessions and have them divided between spouses. When a judge is presented with a high net worth divorce case, they must consider various factors that can affect the division. By considering factors regarding the possessions, the judge will make a decision that they decide to be just. Assets are not divided equally between spouses. Instead, equitable distribution is used. This splits assets in a fair and just manner. These factors include the length of the marriage, age of each spouse, health of each spouse, earning capacity of each spouse, education or job training of each spouse and each spouse’s contribution to marital property.

Before assets can be divided, the discovery process needs to be completed. Discovery is the process of assessing the couple’s finances and net worth. If one spouse’s financial statement does not line up with the other spouse’s statement, then the court may require a forensic accountant to look into the situation even further to create a financial assessment. For some situations like this, one party or both parties can hire forensic accountants to delve into financial statements. If the court finds issues that could possibly interest government agencies, such as the IRS, either party could potentially face legal troubles.

What happens if my spouse attains a high net worth after divorce?

If your former spouse attains a high net worth after your divorce is finalized, there can be a modification made to the agreement. This modification can provide alternative options for the spouse. The spouse with the higher net worth may have to pay more payments. You can take legal action and a judge may decide to alter the conditions of the divorce. This can include alterations to the child support or alimony payments and more. This can be beneficial for spouses as it may provide them with other possessions.

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.

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We have an excellent AVVO rating from our many happy clients

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We have more than 20 years of dedicated legal experience

We have the legal knowledge necessary to help you obtain the outcome you desire

We tailor our practice to the representation of your divorce case

What Our Clients Are Saying

I hired Susan to represent me in a divorce matter where I was fighting for custody and to limit my wife's equitable share of our assets. I won custody of our son, kept the marital residence, kept my professional practice, kept my building and paid less than half to my wife. This was after a long-term marriage. She could persuade the court that equitable is not equal and sometimes the man does deserve to win!

‐ Dave

I first must say that I had been represented by two prior attorneys both of whom had simply taken my money and left me nothing to show for it in my custody case. They kept telling me what they were doing for me but I found out they were lying. Susan on the other hand had gotten me temporary custody and support for my children and myself within two months of hiring her. I cannot say enough about her.

‐ Craig

After talking to a few other attorneys, I hired Susan to represent me in my divorce and custody dispute. I was reluctant to go with her because she was the cheapest out of all the other attorneys I met with, but I'm so glad I did. I am 100% positive no one else would have done such a great job with my case as Susan and her staff. Her work is quality, her staff is reliable and her character is honorable. There...

‐ Linda

I had a very difficult case where I had already burned through two attorneys who were unable to get me custody of my children and complete my divorce. Susan was able to rapidly work out an agreement and not let it just malinger on like my previous experiences. She was also considerate of my financial situation unlike all of the other lawyers I had spoken to. I highly recommend her if you want complete and caring service with an in-depth knowledge of...

‐ Joanne

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The Law Offices of Susan A. Kassel, P.C. proudly serves clients throughout Suffolk County, New York in their divorce, family law, and estate planning matters. If you require the services of an experienced Suffolk County attorney, schedule a consultation with The Law Offices of Susan A. Kassel, P.C. today.

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