A divorce is a complicated process no matter what. There are a lot of matters to consider when it comes to divorce. For example, decisions regarding child custody, child support, alimony, and more. Any couple getting a divorce will need to decide upon how they will divide their assets. The more assets involved, the more complicated the process. For this reason, high net worth individuals may have an especially complex divorce. Read on to learn more about high net worth divorce in New York and the best ways to protect your assets.
What is a High Net Worth Divorce?
A high net worth divorce occurs when the couple has combined assets of $1 million or more.
What Assets will be Considered?
One of the most important things to remember when it comes to a high net worth divorce is to be honest about your assets. During the discovery process, both parties will need to disclose their assets. If something does not seem to add up, a forensic accountant may need to get involved to conduct an investigation. If the forensic accountant were to find anything of interest, it would have to 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.
Some of the assets that may be considered in court include:
- Residences and other real estate properties
- Businesses and partnerships
- Investments and deferred stock options
- Retirement accounts including pension plans
- Valuables such as antiques, collectibles, jewelry, and art
How Can I Protect my Assets?
One of the best ways to protect your assets is to create a prenuptial agreement. A prenuptial agreement is a legal document, created and signed before a marriage, that states how a couple’s assets will be divided in the event of a divorce. Many couples shy away from these agreements because of the negative stigma associated, but, a prenuptial agreement can be a good idea for many couples, and you deserve to protect yourself and your assets. If you did not create a prenuptial agreement before your marriage, you can still do so afterward. You have the option of creating a postnuptial agreement. This is the same document, with the same purpose, but created after the marriage rather than before. If you are interested in creating a prenuptial or postnuptial agreement, contact us today.
If you are getting divorced, you will need strong legal support on your side. To speak with a skilled and experienced attorney, reach out to our firm.
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.