If you and your spouse have a collective $1 million or more in finances and assets, then you must undergo a high net worth divorce. With this, your division of assets can get quite complicated. Follow along to find out what will happen in your proceedings and how a proficient Suffolk County high net worth divorce attorney at Peter V. Mandi & Associates can represent you.
What happens to my assets in a high net worth divorce?
Your high net worth divorce will still need to undergo New York’s equitable distribution. That is, the court will divide your marital assets in an equal and fair manner, which may not be an equal split.
This process can get complicated with the quantity of high net worth assets you and your spouse may possess. That is, the court may have to value and determine any combination of the following complex assets:
- Your and your spouse’s expensive personal items, such as cars, jewelry, artwork, memorabilia, antiques, etc.
- Your and your spouse’s properties, such as real properties, vacation properties, rental properties, etc.
- Your and your spouse’s professional businesses, such as solely-owned and jointly-owned businesses.
- Your and your spouse’s investments, such as bonds and debentures.
- Your and your spouse’s deferred incomes, such as stock options.
- Your and your spouse’s retirement assets, such as retirement plans, pensions, 401ks, personal IRAs, etc.
What if I suspect my spouse of hiding assets?
Usually what is seen in a high net worth divorce is that one spouse attempts to hide their assets to avoid equitable distribution. That said, your spouse may be hiding their assets in a number of ways, such as the following:
- Undervaluing their assets.
- Overpaying on their taxes for refunded money the following year.
- Asking their employer to delay their promotion, raise, or commission.
- Transferring their assets to a separate bank account.
If you suspect that your spouse did any of the above, then you must immediately inform your attorney. This will prompt the court to hire a forensic accountant on your behalf. Ultimately, the court may get the IRS involved can cause further financial problems for your spouse.
How can I best protect my assets?
In the event that you and your spouse signed a prenuptial agreement before your marriage, you must immediately inform your attorney. This is because there may be statements in this document that outline which property belongs to you and/or your spouse. Ultimately, this will lend a hand in the equitable distribution process. The same goes for a postnuptial agreement.
Regardless of your prenuptial or postnuptial agreement, you must seek legal representation from a talented Suffolk County property distribution lawyer today. We await your phone call.