Getting a divorce is an emotionally taxing process that involves you, your spouse and your children. To complicate matters even further, if you are a high-income individual, your divorce will most likely involve complex financial issues. This is why it is so important you educate yourself and hire a knowledgeable attorney who will fight for your hard-earned assets in the event of a high-income divorce. Here are some of the questions you may have regarding the divorce process:
How does a high-income divorce differ from other divorces?
Essentially, if either you or your spouse have assets worth more than one million dollars, your divorce would classify as a high-income divorce. A high-income divorce involves all the same things regular divorces do, such as child support, child custody, spousal support and more. However, these issues are compounded with the financial aspects of a high-income divorce. Your divorce may involve your businesses, properties, professional practices and more. Because of this, you are required to submit vast amounts of paperwork regarding your financial situation so the courts can establish a clear picture of how your marriage functions financially. Some of the documents and factors that may come into consideration are:
- 401(k)s
- Defined benefit pension plans
- IRAs
- Professional licenses
- Offshore assets
- Restricted stock
- Prenuptial agreements in place
- Involved tax structures and planning
- Widespread investments, such as stocks, bonds, and investment properties
- Real estate holdings, including multiple properties
- The length of your marriage
- Both you and your spouse’s age and health
- Both you and your spouse’s education or job training
- Both you and your spouse’s contribution to marital property
How may I protect myself from the legal pitfalls of a high-income divorce?
Drafting a prenuptial agreement with your spouse is one of the most important things you can do if you are a high-income individual. By doing so, you will be able to protect your assets if the time comes for a divorce. A lot of people don’t know this, but a prenuptial agreement may also protect your inheritance as well. If you are already married and have not signed a prenuptial agreement, it is still not too late. You may draft a postnuptial agreement, which functions virtually the same as a prenuptial agreement. While this may be difficult to suggest to your spouse, if you are a high-income individual, there is no shame in wanting to protect your assets. Signing a postnuptial agreement may give you the peace of mind you deserve.
Contact our 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.
