Divorces can be costly and challenging, especially if the spouses have significant wealth. In cases where one spouse has a higher net worth than the other, protecting their assets should be one of their top priorities.
Safeguarding assets can be achieved through several measures. It is best to consult an experienced NYC high-net-worth divorce lawyer if you are considering divorce. A skilled lawyer can help you understand your rights and protect your properties. Your lawyer can also help you ensure that your divorce will not be dragged out.
Attorney Juan Luciano is an experienced NYC divorce lawyer who can assist you with property division and other complex matters related to your divorce. Contact us today at (212) 537-5859 to schedule a consultation.
How To Protect Your Assets in Case of a High-Net-Worth Divorce?
As mentioned, the division of assets can become a complex and contentious process for high-net-worth cases. In order to protect your interests, you have to take proactive steps. The following are some of the common measures you can take to protect your assets:
Pre-nuptial or Postnuptial agreements
Drafting a prenuptial or postnuptial agreement is one way of protecting assets in the event of a divorce. A prenuptial agreement is a legally binding document that outlines how assets will be distributed in the event of a divorce. While some may assume that prenuptial agreements are only meant for very wealthy individuals or people with complex assets, this is not true. Anyone can benefit from having a prenuptial agreement, particularly those who own businesses or have a significant number of assets.
In instances where a couple has already married, there is still a way for them to protect their assets. They can still draft a postnuptial agreement which is similar to a prenuptial agreement. A postnuptial agreement outlines how assets will be distributed in the event of a divorce.
If a prenuptial or postnuptial agreement appears to be a feasible option to protect one’s assets, it is advisable to seek the guidance of a competent attorney. An experienced prenuptial or postnuptial attorney can provide insight into the advantages and disadvantages of these agreements and assist in the creation of an agreement with key terms tailored to meet specific needs.
Separation Agreements
Another effective strategy to safeguard one’s assets during a high-net-worth divorce proceeding is through negotiating a settlement agreement. This legal instrument is binding and specifies the manner in which assets will be divided between the separating parties.
One of the primary advantages of arriving at a settlement agreement is that it can prevent the need for an extensive and costly divorce trial. By successfully negotiating the division of assets, both parties can avoid the time and expenses associated with litigation.
It is, however, important to acknowledge that not all divorces can be resolved through out-of-court settlements. In certain instances, couples may be unable to reach a mutually acceptable agreement on the division of assets. In such cases, the parties can proceed to request court intervention and present their respective arguments before a judge, who will determine the most equitable way to divide assets.
Attorney Juan Luciano is an experienced NYC divorce lawyer who has helped clients with their divorce matters. He is skilled at negotiating separation agreements and drafting postnuptial or prenuptial agreements. He may be able to help you. Contact us today to schedule a consultation with an experienced attorney.
| Protection Measure | Benefits |
|---|---|
| Prenuptial/Postnuptial Agreement | Provides clarity and protection of assets, especially valuable for business owners or those with significant assets. |
| Separation Agreement | Reduces costs and time associated with litigation, allowing for mutually agreed-upon asset division. |
| Seeking Legal Guidance | Ensures agreements are legally sound, protecting individual interests and helping avoid potential disputes. |
Is There a Way to Protect Your Assets Without a Prenuptial Agreement?
While a prenuptial agreement is a common way to protect assets, there are other options available for those who prefer not to go that route. One straightforward approach is to keep pre-marriage assets as separate property. Assets owned before marriage are generally considered non-marital, meaning they aren’t part of the shared marital estate in a divorce, as long as they remain separate. Avoid mixing marital funds with these assets—keep personal accounts in your name, separate from joint accounts used for marital expenses.
Additionally, if you’re already married and did not sign a prenuptial agreement, you might consider a postnuptial agreement. This type of contract can be established at any time after your wedding and serves a similar purpose, allowing you to define how your assets should be handled during the marriage or in the event of a divorce.
Another effective strategy is to set up a trust. Placing assets in a trust allows you to assign a trustee to manage them. This legal arrangement helps shield your property from being considered part of the marital assets, thereby protecting them from division in a divorce.
Each of these methods offers a way to manage assets wisely and safeguard financial interests without the need for a prenuptial agreement.
Determining the Value of a Property in an NYC Divorce
Determining the value of the property can often be a subject of dispute. While parties may come to an agreement on property valuation, certain assets may require specialized knowledge and extensive evaluation.
A court in the state of New York may require the valuation of assets before trial, whereby both parties may engage their own expert appraisers or appoint a neutral appraiser to assist in the valuation process. In complex matters, it may be necessary to retain the services of multiple experts, including real estate and art experts, to ensure a thorough and accurate assessment of the property’s worth.
The Importance of Having a Skilled High-Net-Worth Divorce Attorney
In New York, assets are divided under a system called “equitable distribution.” This means that it’s important to take the appropriate steps to protect your assets and seek legal representation. Hiring an inexperienced divorce attorney may result in ineffective negotiations with your spouse and potential financial losses.
To ensure a fair and appropriate distribution of assets, it’s essential to work with a high-quality divorce attorney with experience in high-net-worth cases. A competent attorney will value and divide assets fairly, protecting your financial rights and preventing financial losses.
It’s also critical for a divorce attorney to have experience in pre-nuptial agreement evaluation and litigation, particularly in complex high-net-worth cases. If an inexperienced attorney improperly values assets or distributes them incorrectly, you may need to spend a significant amount of time and money on modifications in the future.
Contact Juan Luciano Divorce Lawyer for Your High-Net-Worth Divorce Today
For high-net-worth individuals seeking a divorce in New York, Juan Luciano Divorce Attorney is a reputable option. Attorney Luciano is skilled in asset valuation and distribution and can ensure that your assets are thoroughly protected. Contact our law office today at (212) 537-5859 to schedule a consultation.
