What do I Need to Know About High Net Worth Divorces in New York?

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What do I Need to Know About High Net Worth Divorces in New York?

There are many different matters that must be settled in a divorce before a marriage is officially over. One of the more difficult parts of it is the process of dividing the couple’s assets between the two of them. This is especially so when the couple in question is of a high net worth. Continue reading below to learn more about high net worth divorces and contact an experienced New York divorce attorney for assistance with your case.

What is a High Net Worth Divorce?

Couples have over $1 million in property and assets are considered to be of high net worth and therefore go through a high net worth divorce. This process is a little different from a regular divorce, as these assets generally require more attention due to their significant value. Assets often seen in these cases can include property holdings, real estate, business investments, shared businesses, stocks, bonds, and out of state or international interests.

During a high net worth divorce, the court will analyze the financial documents of both spouses. This is done in order to have a better understanding of their financial situation going into the divorce. In doing so, the court may retain the services of financial analysts, real estate appraisers, certified public accountants, private investigators, forensic accountants, and more to aid in this process. Proper representation of these assets is required, as spouses who lie or falsely represent their finances may face an investigation with the IRS.

How Can I Protect my Assets in a Divorce?

People are generally very protective of assets they cherish, especially when they hold great value. It is because of this that they often take certain measures to ensure their protection. One of the more popular ways this is done is through a prenuptial agreement. This is a document signed before marriage that details how the couple would want to divide their assets if they divorce. Similarly, a postnuptial agreement allows for the same, except the document is signed after they are already married. If the spouses own a business together, a shareholder agreement can determine how a business should be handled if they go through a divorce. 

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.

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