Divorce cases involving couples with a high net worth are often more complicated than traditional divorces, though they share many similarities on paper. Because the court will have to divide more property and assets in a high net worth divorce, the support of a family attorney may prove invaluable.
When should you contact a divorce attorney?
If you foresee that you will be involved in a high net worth divorce, it is important to go in prepared, as well as to have a qualified Queens divorce attorney by your side. At Elliot Green Law Offices, we have extensive experience in family law and divorce, and we can help you through your specific case, regardless of how many assets are at stake. Call us today at 718-260-8668 to schedule an appointment, and read on for more information regarding divorces involving a high net worth:
Differences between High Net Worth Divorces and Other Cases
According to NYCourts.gov, there is no inherent difference between a high net worth divorce and a traditional one. Complications can arise when there are more assets involved, though, which means you and your lawyer may need to handle the case differently in certain aspects.
As with other divorces, a high net worth divorce still includes key issues like child support, custody and alimony. The complexities arise when you divide the martial assets and property. The courts will always try to divide the property fairly, but when there are multiple businesses, properties and tax implications, they treat the case with extra caution.
Domestic Relations Law
In the state of New York, the Domestic Relations Law plays an important role in asset divisions, particularly with regard to equitable distribution. In high net worth cases, the court will still attempt to apply New York’s equitable distribution laws, but several difficulties can arise.
According to NYCourts.gov, courts must divide the property equitably even when it is of considerable value. In a high net worth divorce, this may mean investigating a variety of business ventures, multiple local and offshore bank accounts, stocks and trusts. If you or your spouse acquires assets during the course of your marriage, the courts will decide how you two divide them.
Hidden Assets
In some high net worth cases, one of the spouses may hide assets or fail to reveal the full value of certain acquired property. In this case, an experienced lawyer can offer valuable insight.
If you are considering divorce and you are concerned about the implications of your assets, it may be beneficial to consult a Staten Island family lawyer. An experienced family lawyer can investigate your circumstances and help you avoid making mistakes that could compromise your interests.
Elliot Green Law Offices has extensive New York family law experience, and we are ready to use our expertise to help you. Call us today at 718-260-8668 to schedule an appointment.
