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New York High Net Worth Divorce

High Net Worth Divorce Attorney on Long Islandgavel with two rings placed next to it

"High net worth" or "high asset" divorces are those that involve at least one party with an asset value of at least $1 million or more. These assets generally involve stocks, bonds, real estate, businesses, etc., which will need to be discovered, valued, and divided in the divorce.

How Divorce Is Different for Individuals with a High Net Worth

High net worth divorces are complex for numerous reasons. Since there are more properties and assets to deal with, the property division process in high-asset divorces is more difficult. A number of factors may come into play, including:

You need a lawyer that is specifically experienced with high net divorces if you are going through a divorce involving a high-asset marital estate. Only an experienced high-asset divorce attorney will be able to approach your case in such a manner as to help you reach the best outcome possible for your future and for your family. Your high net worth divorce lawyer can help you understand both your rights and your obligations in regards to your divorce so that you are prepared for what’s to come.

In some high net worth divorces, many assets are lost during a long divorce battle through irresponsible or unnecessary litigation and legal fees. The New York high asset divorce lawyers at Friedman & Friedman PLLC, Attorneys at Law take the time and give cases the personalized attention they need in order to avoid these problems and protect your assets to the best of our ability.

Consult a recognized & respected high asset divorce lawyer – (516) 688-0088

What is Considered a High Net Worth Divorce?

High net worth divorces typically involve significant assets including:

  • Multiple homes or vacation properties
  • Other real estate investments
  • Business ventures
  • Stocks
  • Trusts
  • Boats
  • Multiple vehicles
  • Artwork
  • Pensions
  • 401(k)s
  • Multiple bank accounts.

Any of these assets that were acquired during the marriage, with the exception of inheritances and gifts, are generally considered to be marital assets and are owned jointly by both spouses. Therefore, the division of these assets can be complicated.

During a complex divorce, you should be cautious while making decisions about your finances and property. Here are a few things you should do to avoid impacting your finances and property:

Don’t Make Hasty Decisions

One of the top mistakes you should avoid in a divorce is to agree to anything just because you want to quickly end your marriage. The divorce process can be lengthy, frustrating, and emotional, so it is easy to get frustrated and sign away property that may rightfully be yours. However, you could end up regretting your decision in the future.

Don’t Hide Assets

In a high-asset divorce, it is particularly important that you refrain from hiding any assets during your divorce proceedings. When it comes to equitable distribution of property in New York, the process of identifying all the assets, income sources, and liabilities involved can be extremely complex.

If one party hides assets, such as jewelry, cash, or bank accounts, and the other party does not know about these hidden assets, then a court will not be able to divide a couple’s assets properly. It should be noted that when you are a party to a divorce, you have a duty to disclose your assets to the other spouse. Even if you think you can transfer valuables to a third party to hide them from your spouse, if the court finds out, the transfer is likely to be found fraudulent, which can adversely affect your credibility before the court.

Do Disclose Your Debts

With all the focus on assets, it is important to remember to disclose your debts and liabilities as well. While failing to disclose your liabilities may be considered fraudulent, it could also hurt you in the long run. For example, if you have an outstanding credit card balance that was acquired during the marriage, and you do not disclose it to the other party, then you may end up with more liabilities than you should at the conclusion of your divorce.

Serving Nassau County, Suffolk County & Westchester

At Friedman & Friedman PLLC, Attorneys at Law, we are fully committed to helping clients who are considering divorce. We can help you in establishing your grounds for divorce or in pursuing a no-fault divorce. We will then use our knowledge and experience of asset protection, business valuation, and equitable distribution in order to work toward a favorable outcome regarding property division and support orders.

With more than 35 years of legal experience and two children of her own, founding attorney Sari M. Friedman is a qualified and knowledgeable attorney who cares about the outcome of her clients’ cases and who will fight to protect your family and your financial stability. The high net worth divorce attorneys at our firm take on high asset divorce cases throughout New York, so call us today.

Request a case evaluation online today. We represent clients in high net divorce cases in Nassau, Queens, Suffolk, & Westchester counties.

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