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High Net Worth Divorce: What You Need to Consider

High Net Worth Divorce: What You Need to Consider

While every divorce has its own unique set of issues and concerns that must be resolved, a high asset divorce can be particularly difficult as they oftentimes involve a significant amount of money, real estate, and investments. With a lot to lose financially, it is imperative that couples with substantial assets take steps to avoid some of the top mistakes that can happen while dividing marital assets in a divorce.

What is 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, and 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.

Avoid Costly Mistakes

During a high net worth 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 when seeking 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 net worth 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 Florida, 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.

Contact a Dedicated and Knowledgeable Attorney Today

Given that any mistake could lead to devastating financial losses for one party or the other, you should not hesitate to hire an experienced attorney who can help protect your assets in a high asset divorce and work with you to achieve a fair and equitable division of marital property.

When it comes to high asset divorces in New York, the issues that arise can be particularly complex and challenging. At Friedman & Friedman PLLC, Attorneys at Law, we focus our practice exclusively on divorce and family law which means we have extensive experience handling divorce cases that involve significant assets.

If you’re looking to file for divorce, regardless of your situation, and have questions regarding the process, call us today at (516) 688-0088.

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