A divorce is a life-changing experience that comes with heated emotions. Even if ending the marriage is a smart decision, the process may involve certain legal complexities – especially in regard to finances.
If you or your spouse is a high net worth individual, then it is important to understand how this may affect your divorce. In all divorces, each spouse must submit a Statement of Net Worth, which the judge will use to determine your financial capacity.
At the Elliot Green Law Offices, we can explain how you or your spouse’s net worth may affect your case. From there, we can provide guidance that will help you avoid mistakes that could compromise your personal or financial interests.
To schedule a consultation with Staten Island divorce attorney Elliot Green, call our office at 718-260-8668. Read on for two FAQs about Statements of Net Worth in New York:
- What Is a High Net Worth Individual?
It is difficult to define how much money a high net worth individual should have in order to earn this classification, but many financial experts believe that more than $1 million in liquid assets qualifies someone as high net worth.
If you believe that you or your spouse falls into this category, and you are considering divorce, your Statement of Net Worth can have a significant impact on your post-divorce finances.
- What Information Does the Statement of Net Worth Contain?
According to NYCourts.gov, your Statement of Net Worth must include up-to-date tax information and various other financial details such as property values, debts, income and expenses.
You must file this document regardless of your financial situation. The information contained in this form must be accurate, and any transgressors face penalties, including perjury.
The purpose of this sworn statement is to give the court an idea of your daily life, and the conditions under which you and your family lived. It will also highlight you and your spouse’s financial needs.
A judge will use the information contained in this document to assess how much you can afford to pay in child support and alimony, also known as “Maintenance” in New York. He or she may also use your Statement of Net Worth to determine the impact of the divorce on each spouse, and will attempt to make a decision that does not place an unnecessary burden on either individual.
Elliot Green can help you complete your Statement of Net Worth. He can also provide guidance if you believe your spouse is hiding assets to reduce child support or Maintenance payments.
Mr. Green handles a wide range of family law matters, including high net worth divorces, child custody disputes and asset division. He can make sure your Statement of Net Worth is factual, and provide advice to safeguard your finances during and after the divorce. To schedule an appointment with a Queens family lawyer, call the Elliot Green Law Offices today at 718-260-8668.
