5 Tips For High Net Worth Divorce
High net worth divorce makes up some of the most complex cases in family law, often involving millions of dollars in assets. Whether one party or both are high net worth individuals, divorce presents unique challenges due to the amount of personal and business assets at stake.
High net worth divorce requires careful planning and the counsel of a solid family law firm that has experience handling complex divorces of this nature. A skilled divorce lawyer may be able to help you understand how the equitable distribution rule in New York can work in a high-net-worth divorce or just give you a general idea about high-asset divorces in the state.
If you’re considering a high-net-worth divorce in New York, an NYC high-net-worth divorce attorney from Juan Luciano Divorce Lawyer can guide you through the entire process. Contact Juan Luciano Divorce Lawyer today at (212) 537-5859 to schedule a consultation. In addition to an experienced NYC high-net-worth divorce attorney providing advice, the following are tips you should know when considering a high-net-worth divorce.
1. Educate Yourself As Soon As Possible
If you are in a high-net-worth marriage that is struggling, you should seek the advice of an experienced divorce lawyer as soon as possible. While this may seem pessimistic, as there could still be a chance to save the marriage, these types of divorces can be so complicated that it doesn’t hurt to at least talk to an attorney.
Consult with a divorce lawyer early so that you can fully understand the divorce process, the different marital aspects that will be examined, and the implications on your assets. Being as prepared as possible puts you in the best position should your marriage head for divorce. To learn more about high-net-worth divorce, call experienced Manhattan divorce lawyer Juan Luciano today.
2. Do Not Hide Assets
If your marriage is headed for divorce, you may be tempted to hide your assets by transferring them to other parties outside of your marriage. Although this may seem like a good way to under-report your assets and ensure you are financially better off post-divorce, people who hide assets in this manner potentially do more harm than good. If the court discovers that you have falsely reported your assets, you will lose credibility instantly and the settlement will heavily favor your spouse. No matter the situation, it is recommended that you present all of your assets fairly so that they can be properly evaluated by the court.
3. Speak With Financial Professionals
If your asset portfolio contains stocks, bonds, real estate, property, pensions, businesses, or any other type of investment income, it is worthwhile to consult the appropriate financial professional. When assets are assessed and evaluated by credible professionals, there is less likely to be disputes about their valuation compared to if the value was self-reported.
Consulting with accountants is also important in the divorce process. While an experienced divorce attorney can guide you through the legal proceedings, an accountant will be able to properly inform you of any tax implications you may incur from the divorce. Your attorney can help you find a financial professional who can give you the best advice.
4. Avoid Rapid Settlements
The complex financial aspects of a high-net-worth divorce make the process long, stressful, and emotional. Many individuals wish to end the divorce quickly and will hastily agree to settlements with unfavorable terms for alimony, division of assets, and inheritance of debt.
The recommended advice is to be patient with your divorce. Complications and stress are to be expected. Any offers presented should be thoroughly assessed by your legal counsel so that you can secure a good long-term financial future after finalizing the divorce. To speak with an experienced high-net-worth attorney call Juan Luciano today.
5. Do Not Defy The Court
When the court passes a decision regarding your divorce, it should be taken seriously and followed through. If the court passes orders to pay child support, alimony, or any other type of injunction, they should be followed exactly as instructed. Failure to comply with the court’s orders will have devastating implications for your case that could result in further financial loss for you.
| Tip | Description |
|---|---|
| Educate Yourself Early | Consult a divorce lawyer early to understand the process and protect your assets in a high-net-worth divorce. |
| Do Not Hide Assets | Disclosing all assets prevents legal repercussions and ensures fair evaluation during divorce. |
| Consult Financial Professionals | Financial professionals can help assess the value of complex assets and advise on tax implications. |
| Avoid Rapid Settlements | Be patient and carefully assess all offers to ensure long-term financial stability. |
| Comply with Court Orders | Follow court orders precisely to avoid further financial penalties or damage to your case. |
NYC High-Net-Worth Divorces
High-net-worth divorces in New York, often involving over $1 million in assets, require careful handling under the state’s equitable division rules. This process includes identifying and categorizing assets as marital or separate, valuing them, and then distributing the marital assets fairly.
Divorces involving high-net-worth couples can be very complicated. Its relation to asset distribution, valuation, and identification of assets can make it more challenging. Juan Luciano is an experienced attorney when it comes to high-net-worth divorce cases. Our team understands the risks involved in a high-net-worth divorce. To schedule a consultation, contact us today at (212) 537-5859.
What Is Statement Of Net Worth In A Divorce In New York
In New York, the Statement of Net Worth is a key financial document required during divorce proceedings. It provides a detailed overview of both spouses’ financial situations, covering income, expenses, assets, and liabilities. This document is essential for determining the division of marital assets and debts and plays a key role in decisions regarding spousal and child support.
The Statement of Net Worth covers a wide range of financial information. It includes information about income from various sources, including salaries, bonuses, and rental income. Expenses are also meticulously detailed, broken down into categories like housing, utilities, food, insurance, and significant financial obligations like mortgage payments or credit card debt to give a clear picture of the monthly financial commitments of each party. This helps in determining how much support one party may need to maintain a similar standard of living post-divorce. The statement also provides a comprehensive overview of all assets, such as real estate, bank accounts, retirement funds, and personal property. It also accounts for liabilities, such as outstanding loans or credit card balances. This ensures that all potential revenue streams are considered in the financial deliberations of the divorce.
This document is not static; it must be updated to reflect any significant financial changes throughout the divorce process. The accuracy and completeness of the Statement of Net Worth are crucial, as errors or omissions can lead to legal complications or unfair outcomes. The court relies on this document to ensure an equitable distribution of assets and to make informed decisions about financial support. A well-prepared Statement of Net Worth helps both parties protect their financial interests and reach a fair resolution.
Speak with a Skilled NYC High-Net-Worth Divorce Attorney
It is important to seek the legal advice of an experienced NYC high-net-worth divorce lawyer if your divorce involves high-asset marital properties. A skilled high-asset divorce attorney may be able to help you get the best outcome possible. A high-net-worth divorce attorney can also explain your rights to you and help you prepare for what lies ahead.
There are many assets that can be lost when a divorce is prolonged. This happens a lot in high-net-worth divorces. Attorney Juan Luciano takes time to give each case the individual attention it needs to ensure that these problems are avoided and clients get the protection they deserve. Contact us today at (212) 537-5859 to schedule a consultation.
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