A high net worth divorce can be complicated, which is why if you are going through one, you will need a skilled and dedicated New York divorce attorney on your side. Contact us today to learn more about how we can help you protect your assets.
What is a high net worth divorce?
If a divorcing couple has combined assets of $1 million or more, they are considered a high net worth divorce.
How can I protect my assets?
A prenuptial agreement is one of the best ways you can protect your assets. A prenuptial agreement is a legal document, that is created and signed before a marriage. This document will expressly state how a couple will divide their assets in the event that they get divorced. Prenuptial agreements are known to have a negative stigma associated with them, however, it is important to note that prenuptial agreements in no way imply a divorce. In fact, prenuptial agreements are beneficial because they ensure that you and your assets are protected.
Additionally, if you are already married and you did not create a prenuptial agreement, you are able to do so afterward. This is called a postnuptial agreement, which is the same document, with the same purpose, but instead produced after the marriage rather than before.
If you would like to create a prenuptial or postnuptial agreement, it is in your best interest to reach out to our firm today to get started.
What assets are considered a high net worth divorce?
It is critical to keep in mind that you must be honest about your assets when going through a high net worth divorce. Throughout the discovery process, both parties will be responsible for disclosing their assets. In the event that assets do not add up, the court may order a forensic accountant to conduct an investigation. If the forensic accountant finds anything of concern, it must be reported to the court. The court would have to report these findings to the IRS, potentially prompting a further investigation and causing additional legal trouble and delays in divorce proceedings.
Some of the assets that may be viewed in court include the following:
- 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
If you have questions or concerns about how your assets will play into your divorce proceedings, do not hesitate to reach out to our firm today to speak with one of our experienced divorce attorneys.
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.