If you and your spouse have a combined net worth of over $1 million. Your divorce may be considered a high net worth divorce. This process may be slightly different from a regular divorce. Read on to learn more.
What assets will be divided?
A high net worth divorce may be more complicated because the more assets a couple has, the more there is to divide. Some of the assets that may be divided include:
- Investments and deferred stock options
- Retirement accounts including pension plans
- Valuables such as antiques, collectibles, jewelry, and art
- Residences and other real estate properties
- Businesses and partnerships
How are assets divided in New York?
In New York, assets are divided through the process of equitable division. This does not mean a 50/50 split, but rather that assets will be divided in a way that is fair to each spouse. Some of the factors that are taken into account when dividing assets include:
- The age and health of each spouse
- The duration of the marriage
- Economic circumstances
- Each spouse’s contribution to marital property
- Any tax consequence that may apply
What if my spouse is hiding assets?
Many people want to protect their hard-earned assets. As a result, they may attempt to hide assets. Some of the most common ways an individual may hide their assets during a divorce include:
- Undervalue assets
- Overpaying on taxes so they can get the money back in a refund the following year
- Asking an employer to delay a promotion or raise until after the divorce
- Delaying the receipt of a large commission from work
- Transferring assets to a friend or a separate bank account
If you suspect that your spouse is hiding any assets, it is important to alert your attorney right away. Hiding assets can lead to serious trouble, and in some cases, the IRS may get involved.
How can I protect my assets?
Hiding assets is never a good idea. Instead, one of the best ways to protect your assets is by creating a prenuptial agreement.
Another important way to protect your assets is by working with an experienced attorney.
If you have any questions or concerns about high net worth divorce in New York, our firm is here to help.
CONTACT OUR 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.