Nobody imagines getting a divorce. However, they happen now more than ever, and though emotionally, you most likely have a lot on your plate, you must focus on your financial situation as well. When couples get divorced and cannot agree on their terms, they are in what is called a “contested divorce.” When this happens, their divorce will enter the litigation process, and their assets will be up for equitable distribution.
However, unfortunately, “equitable” does not necessarily mean “equal.” When a court distributes assets equitably, it means they will divvy your assets as they see fit. If you or your spouse is a high net individual, you will have even more assets to worry about. Here are some of the questions you may have regarding a high net worth divorce:
Is my divorce a high net worth divorce?
For a divorce to qualify as a high net worth divorce, you or your spouse must have $1 million or more in assets. If you have that much at stake, you must hire an experienced attorney who is ready to fight for your rights.
How will the courts divide my assets in a divorce?
Though high net worth divorces do address standard divorces issues, such as child custody and spousal support, you and your spouse will have additional concerns as well. Your high net divorce may involve any shared businesses, retirement accounts, multiple properties, business investments, stocks, bonds, benefits, and more.
What’s more, your divorce will come under even more scrutiny by the courts. For example, though you will have to submit basic financial documents like W-2’s and pay stubs, you will also be required to submit additional sensitive financial information as well. Because of this, your divorce may include private investigators, real estate appraisers, certified public accountants, forensic accountants, financial analysts, and more.
Is there anything I can do to protect my assets?
Fortunately, there are things you and your spouse, or spouse-to-be can do to protect your assets from a divorce. For example, you and your future spouse may draft a prenuptial agreement, which outlines exactly what will happen with your assets, should you ever divorce. If you are already married, you may draft a postnuptial agreement with your spouse, which essentially serves the same purpose. If you and your spouse jointly own a business, you may draft a shareholder agreement to protect your share of the business.
Contact our experienced New York firm
Peter V. Mandi, Esq. is an experienced divorce and family law attorney located in Bohemia, New York. Our firm understands the impact a divorce can have on your life. If you require strong and dedicated legal representation in Long Island, New York, please do not hesitate to contact Peter V. Mandi & Associates, Inc. today.