The divorce process is stressful enough as is. If you are getting a divorce, you most likely feel its pressure, both physically and emotionally. Unfortunately, this pressure may be further increased if either you or your spouse is a high net worth individual. If you believe you qualify for a high net worth divorce, here are some of the questions you may have regarding the months to come:
How do I know if I qualify for a high net worth divorce?
The main thing you need to know is whether you or your spouse have assets worth one million dollars or more. If the answer is yes, then you qualify for a high net worth divorce. Not unlike a regular divorce, a high net worth divorce will include child support, spousal support, child custody, and more. However, a high net worth divorce is usually more complicated because there is a good chance that multiple properties, businesses, and professional practices will come into question as well. Since high net worth divorces are generally more involved, the courts will also require you and your spouse submit additional information regarding your finances, as they will need to establish a clear picture of your financial situation when it comes time to divvy your assets. Some additional documents the court may require are:
- IRA’s
- 401(k)’s
- Offshore assets
- Prenuptial agreements in place
- Restricted stocks
- Business ownership, including partnerships and limited liability companies/corporations
- Real estate holdings, including multiple properties
- Bonuses that do not vest immediately
- Widespread investments, including stocks, bonds, and investment properties
- Professional licenses
You will most likely have to provide this information on top of the standard financial information, such as pay stubs, W-2’s, bank statements and more.
How can I protect myself in a high net worth divorce?
Fortunately, there are ways you may protect yourself. If you sign a prenuptial agreement with your spouse before your marriage is official, you may protect your hard-earned assets. In addition, signing a prenuptial agreement may also help you protect your family’s inheritance. If you have not signed a prenuptial agreement, you may still sign a postnuptial agreement. It basically serves the same purpose as a prenuptial agreement, but you sign it after you are already married. While you may feel uncomfortable requesting a postnuptial agreement, you and your spouse should both understand that this does not mean you wish to get a divorce. There is nothing wrong with planning ahead, just in case.
Contact a New York attorney
If you or someone you know is seeking an experienced attorney for a divorce case, contact Peter V. Mandi & Associates, Inc. today.
Peter V. Mandi, Esq. is an experienced divorce and family law attorney located in Bohemia, New York. If you require strong and dedicated legal representation in Long Island, New York, contact Peter V. Mandi & Associates, Inc. today for a free consultation.
