A New York divorce attorney can explain that the dynamics involved in a high net worth case are different than in other cases. Each side knows that more is at stake because of the sizeable assets. These assets often include a combination of business interests, stock options, commodities, personal property and real property. A New York divorce attorney can advise his client on important aspects related to the divorce process.
Proper Valuation of Assets
If the property is not valued correctly, it can make a difference of millions or thousands of dollars. This makes it essential for assets to be properly valued. A professional appraisal can often help provide an objective figure for the spouses, especially when emotion is clouding their judgment regarding valuation. One difficult asset to properly value is a business. Spouses may try to underplay the value of the business or may have an inflated opinion about the value. Experts may be needed to assess the financial health of the business, its profitability and its objective value.
Tax Implications
It is important that both spouses have a solid understanding regarding the tax implications of a particular transaction. Not all assets are valued equally when one asset may have specific tax implications associated with it that affects the net value. Capital gains and future income taxes may be at play in high net worth cases.
Support Needs
High net worth divorce cases often require a close look at how a lower earning spouse will be supported after the divorce. He or she may also require financial assistance while the divorce is pending.
