When going through a divorce, one of the most highly contested matters is the division of assets. This is the case in any divorce, but is understandably more complicated when spouses are of high net worth. Continue reading below to learn more about this process and contact an experienced New York divorce attorney for guidance with your case.
What is a High Net Worth Divorce?
When a couple has over $1 million in assets, they are considered to be of a high net worth. This means that when they divorce, it is a high net worth divorce. The process of a high net worth divorce tends to require more attention than a regular divorce case due to the complexity of these assets. This can include assets such as property holdings, real estate, business investments, shared businesses, stocks, bonds, and out of state or international interests.
During a high net worth divorce, the court analyzes the financial documents of both spouses in order to have a detailed understanding of their financial situation. In doing so, the court may utilize experts such as financial analysts, real estate appraisers, certified public accountants, private investigators, forensic accountants, and more to do so. Spouses who lie or falsely represent their finances may face an investigation with the IRS.
How Can I Protect my Assets in a Divorce?
Certain assets are very important to a person. It is because of this that they may wish to protect them in the event that they go through a divorce. There are a variety of ways this can be done. Most commonly, especially in high net worth cases, a prenuptial agreement will be signed before marriage. This is a document that outlines how the two would want their assets divided if they divorce. Similar to this, a postnuptial agreement can accomplish the same goals but is signed after the marriage is official. If the spouses own a business together, a shareholder agreement can determine how a business should be handled if they go through a divorce.
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.