Divorces between couples that have a high net worth have a tendency to be somewhat more complicated than divorces between couples with fewer assets. There are specific factors that must be taken into consideration that other couples don’t have to worry about quite as much. It is important that you go about your high net worth divorce in an appropriate way in order to avoid additional legal troubles. Legal troubles commonly arise in regards to the division of assets and liabilities and spousal maintenance.
Another factor that may exist in a high net worth divorce is a prenuptial agreement. If a prenuptial agreement is already in place to protect assets, the divorce becomes quite simple. Factors such as spousal maintenance and the division of assets can be predetermined, and only factors regarding any children the couple may have needs to be determined, such as custody and child support. If there is not a prenuptial agreement in place, the couple will have to go through the equitable distribution process normally.
Assets and liabilities can only be determined after the couple has established what property is marital property and what property is considered separate. Marital property consists of all assets and debts that were acquired throughout the course of the marriage. Separate property is all of the assets and debts that each spouse had prior to the marriage.
It is essential that all financial information and statements of net worth are completely accurate. If there are discrepancies, the IRS may get involved, which may result in additional legal problems. If you are an individual of high net worth and need an experienced attorney for divorce, contact our firm today.
If you need strong legal representation regarding matters of divorce, family law, and estate law, in Suffolk County, New York, contact the Law Offices of Susan A. Kassel, P.C. to schedule a consultation today.
