If you are a New York couple going through a divorce, there is likely a lot on your mind. Understanding the process of dividing resources and property can be extremely overwhelming—so much so that it's easy to feel confused. One term you may have encountered during this time is "high asset" divorces, but what does this actually mean for you?
Defining High Asset Divorce
High asset divorces involve much more than the typical dissolution of a marriage. They are typically characterized by higher net worth, high-value assets such as real estate, business interests, stocks and mutual funds, multi-million dollar pensions and retirement savings accounts, and complex tax issues.
In comparison to regular divorce cases, there are often difficult decisions to make in a high asset divorce because each spouse's financial interests must be considered. With significant investments and numerous liquidities at stake, parties involved in a high asset divorce need more experienced counsel to address their financial needs adequately. High asset divorces aren't just about dividing money — they are about protecting each spouse's interests, so they can move forward with financial security.
Managing Complex Property Division in High Asset Cases
When couples are involved in a high asset divorce, dividing property can be a complicated endeavor. Even in cases where there is relative harmony between the two parties, complex financial documents like tax returns, bank statements, and business records can make determining each spouse's share of the assets an arduous task.
Seeking assistance from an experienced attorney is essential to making sure that all marital property is treated equally and that each party receives what is rightly theirs. Furthermore, expert help in these types of cases is necessary for negotiating potential investments that may be made on behalf of each spouse where legal repercussions must be taken into account.
Taking on the responsibility of handling one's property division when significant assets are at stake can lead to costly mistakes, and learning these lessons the hard way can have long-term effects. Investing in quality legal counsel who knows how to handle high asset divorces will save time and money, and potentially provide greater peace of mind during this challenging process.
The Process of Identifying and Valuating Assets in a High Asset Divorce
Identifying and valuing assets in a high asset divorce can be complicated, but it is essential for ensuring a fair resolution. Asset identification typically involves both parties cooperating to provide an accurate list of all assets. Valuation of the identified assets has to occur, usually through the use of appraisers or experts in certain types of assets.
In cases where couples cannot agree on valuations, factors such as past values, expected future earnings from investments, or appreciation may need to be considered. Gathering the necessary paperwork and records to complete this process can be time-consuming. Still, this effort is essential for achieving a favorable outcome in divorce proceedings involving large sums of money.
Protecting Your Interests During the Property Division Process
Property division is an essential but difficult process when going through a divorce. It requires carefully considering the value and ownership of your shared assets, which is why it can be so complex. But, if you ensure that your interests are represented fairly by taking small steps and asking the right questions, you can make handling the property division process much easier.
You should find out what's considered marital property, understand how it will likely be divided between spouses, and decide where and how you can negotiate better terms for yourself. In addition, it may be beneficial to talk with a financial advisor or lawyer to help guide you through this process in order to adequately protect your interests from any surprises later down the line.
Strategies to Minimize Conflict and Secure the Best Possible Outcome When Going Through a High Asset Divorce
Experiencing a high-asset divorce can be overwhelming and stressful. However, there are strategies to help minimize conflict and secure the best possible outcome in the process.
It is important always to be aware of your rights while being open-minded and willing to compromise to an extent with your spouse.
It also helps to have an effective support system of family members, friends, and professionals who understand what you are going through.
Finally, working with an experienced attorney knowledgeable about marital law is one of the best steps recommended by experts for those going through a high-asset divorce to navigate the process with ease. Taking the necessary precautions and proactively developing strategies for a top outcome will ensure smooth sailing throughout this transition.
New York Family Law Attorneys
At Friedman & Friedman PLLC, Attorneys at Law, our attorneys have extensive experience assisting high-net-worth individuals with divorce proceedings. We understand the complexities of divorce and are committed to helping couples secure the best possible outcome.
If you are considering a divorce and would like to discuss your options, please contact us today at (516) 688-0088 for a consultation. We look forward to helping you navigate this difficult time.