We understand that when you get a divorce, you have a lot on your plate. Divorce can totally rearrange a person’s life. On top of the emotional process every divorcing couple goes through, your financial security may also be at risk. If you or your spouse is a high net individual, this risk becomes even greater. This is why you must read on and hire an experienced attorney to learn more about your legal options going forward.
What is considered a high net worth divorce?
Basically, when you or your spouse possess more than $1 million in assets, your divorce is a high net worth divorce. Do not let your former spouse get away with taking your hard-earned assets. Read on for a greater understanding of the process and what you can do to help your cause.
How are assets divided in a high net worth divorce?
When you are in a contested divorce, meaning you and your spouse cannot agree on its terms, your marital assets will be subject to equitable distribution. Unfortunately, “equitable” does not always mean “equal,” rather, it means something more along the lines of “a fair and just distribution of your assets in the court’s eyes.”
Since you are in a high net worth divorce, along with the standard contested divorce terms, such as child custody, child support, or alimony, you will most likely have additional assets to worry about as well. For example, your pensions, shared businesses, business investments, property holdings, and out of state or international assets may all be subject to equitable distribution.
What can I do to protect my assets from a divorce?
Thankfully, there are several things you and your spouse can do to protect your assets from equitable distribution. If you are not yet married, you and your former spouse may draft a prenuptial agreement. Essentially, a prenuptial agreement will designate in writing what will happen with your assets in the event of a divorce. If you are already married, you and your spouse may draft a postnuptial agreement, which functions the same as a prenuptial agreement.
If you jointly own a business with your spouse, you may draft a shareholder agreement that can outline what will happen with your business should the two of you divorce. If you are unable to come to any sort of marital agreement with your spouse, your best bet is to hire an experienced attorney who is ready to fight for your assets.
Contact our experienced New York 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.