High net couples are considered those who have combined net liquid assets of $1 million or more. If you and your spouse fall under this category, and you are looking into terminating your marriage, then you will have to undergo a high net worth divorce. With this, you may be concerned with how your high-value assets, which you worked hard to earn, will be divided. Read on to discover how a seasoned Suffolk County high income divorce attorney at The Law Offices of Susan A. Kassel, P.C., can work toward protecting your assets.
What assets are considered in a high net worth divorce?
Importantly, New York is an equitable distribution state. Meaning, a judge will determine how to divide your marital assets in a way that is fair and just, but not necessarily in a way that is 50/50. So, if determined as a marital asset, the following may be divided in your high net worth divorce:
- Your real estate properties: this may include your marital home, investment properties, vacation properties, income properties, etc.
- Your business interests: this may include your family-owned businesses, solely-owned businesses, etc.
- Your investments: this may include your stocks, bonds, debentures, etc.
- Your deferred income: this may include your stock options, retirement assets, etc.
- Your expensive personal items: this may include your designer items, jewelry, cars, antiques, collectibles, etc.
How can my assets be protected in my divorce?
It is understandable that you want to protect your assets from equitable distribution in your high net worth divorce. Below are the proper ways in which you can do so:
- Locate your prenuptial agreement: this document, which was established before you and your spouse got married, may have statements that declare how your assets will be split in the event of a divorce. It may also have statements about other divorce-related issues, such as spousal support, child support, and child custody.
- Locate your postnuptial agreement: this document is similar to a prenuptial agreement, expect it was established after you and your spouse got married.
- Hire a forensic attorney: if you believe that your spouse may be hiding or devaluing certain assets, you must call for this backup. Understandably, it is hard to assess your spouse’s total assets if they are self-employed, as their tax return may not include their total available income. Or, it is hard to assess your spouse’s total assets if they work as an executive at a company, as they may have income not included on the pay stub such as stock options, signing bonuses, pensions, etc.
- Hire a competent divorce and separation attorney in Bohemia, New York: rest assured, our team will do everything in our power to protect the assets that rightfully belong to you. Give us a call today.