Published on: February 28, 2023

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

In addition to an experienced NYC high-net-worth divorce attorney providing advice, the following are tips you should know when handling 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.

Divorce lawyer in Manhattan

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 assessed thoroughly with your legal counsel so that you are able to 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.

NYC High-Net-Worth Divorces

High-net-worth divorces in New York are often defined as those that involve more than $1 Million in net liquid assets. These cases are usually handled under New York’s equitable division of marital property. These days, this baseline amount is usually much higher which is why it is important to seek the legal advice of an experienced NYC high-net-worth divorce lawyer.

The following steps are generally followed in New York State when it comes to an equitable division of marital assets: First is the identification of assets, then categorizing them as marital or separate. Once they have been categorized, the assets will be valued. Finally, the marital assets will be distributed equitably between the couple. 

Divorces involving high-net-worth couples can be very complicated. Its relation to the 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. We may be able to help you. To schedule a consultation, contact us today. 

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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