Divorce is not just about breaking up a marriage. There is a lot of complicated stuff going on, like who gets custody of the kids, who gets alimony, and who gets what, and more. There is a saying in matrimonial law that divorce ‘is always about money.’ But because high asset divorces, even with a matrimonial attorney in NYC involves more money, there is bound to be more problems and more complexity.
High asset divorces are likely to be complex and emotionally draining. Divorce can be a difficult and stressful time, and when it comes to big assets, things can get even more complicated. High asset divorces in the US need top-notch legal help. If you are in the middle of a complicated high asset divorce in the US, a matrimonial attorney in NYC has got you covered.
Divorce is never going to be an easy process, but couples who are going through a high asset divorce can face some issues that do not usually come up in a regular divorce. It is important to know that these kinds of divorces will differ from others you have heard about, largely due to the many factors that will affect your case.
In most cases, you will need to get help from a matrimonial attorney in NYC to figure out who gets what, which can be stressful and take a lot of time if you decide to do it on your own. Here is some important info to clarify the complexity involved in high asset divorces in the US.
What are High Asset Divorces?
Divorce can be really expensive, both financially and emotionally. If you are going through a divorce with a lot of money at stake, it can be stressful. But if you research and plan your strategy carefully, you can avoid a lot of stress. First, you need to know what high asset divorces are and how you can tell if your divorce is one of such.
High asset divorce involves couples who often have a lot of complex assets, like stocks, real estate, trusts, company shares, tax breaks, deferred compensation, and bank accounts. In reality, it can be hard to figure out how to divide them. In a high asset divorce, a couple with lots of money and stuff decides to call it quits. It is tough because you have to divide property, figure out how much each asset is worth, and figure out how you are going to pay for it all.
It is especially tough when you have a complex financial portfolio, lots of property, lots of investments, you might even be starting a business, and all sorts of other valuable stuff. This is why you need to talk with a matrimonial attorney in NYC before you begin a high asset divorce.
Issues in High Asset Divorces
Divorces involving high assets raise a lot of legal concerns that you need to understand, so you will work with your matrimonial attorney in NYC to deal with them. These issues are:
Non-disclosure of Assets
This is one of the common concerns in high asset divorces. If you think one of you is hiding assets, you might need to hire a forensic accountant to look at your past financials. The professionals you need will depend on your situation, but in a high-net-worth divorce, it is usually a bit more complicated to put together your finances.
If you are in the middle of a high asset divorce, you are more likely to need professionals to help you figure out how much your marital assets are worth. If one or both of you own a business (other than stocks) or have high-value assets like antiques, you might need an appraiser or valuation professional. A matrimonial attorney in NYC can help you get a good one for your case.
Issues of Tax
If you are a wealthy couple, you need to be extra careful about how your divorce might affect your taxes. Divorce has its pros and cons. The pros are that you can move your assets around tax-free during your divorce, but not after. If you do not know how taxes will affect your divorce, you could end up paying a lot more than you bargained for.
As tax laws change, so do strategies to make sure you do not end up paying more than you have to. This could also affect when you file for divorce. Getting a matrimonial attorney in NYC who has experience with high-asset divorces can help you stay ahead of the game.
Concerns about Child Support
While child support is a big deal for most couples, high-net-worth couples are in a tougher spot. All states have guidelines for calculating a presumptive amount of child support, but these usually only apply to couples with more modest incomes.
With high asset divorces, there is a wider range of child support that can be ordered. This means that wealthy couples do not always have a clear idea of how much child support a judge might order if the case goes to court. Also, there might be expenses that are not always included in child support negotiations, like private school or college tuition.
You have probably heard the term ‘the lifestyle that the parties have gotten used to.’ It is basically saying that when it comes to a divorce, especially if there are kids involved, the parties should try to keep things the same as they did during the marriage.
In cases where this is the case, the court will use a case-by-case approach to divide up current and future assets.
More and more middle-class couples are starting to sign premarital contracts, but wealthy couples are still the most common. Most of the time, premarital contracts make it much simpler and cheaper to get divorced, but if one of the parties takes the deal to court, it could mean that they are still fighting it.
Division of Property
If you have been together for a long time and have a lot of money, you probably have some questions about the difference between your property and marital property when it comes to your divorce. Most times, the money you made while you were married will be considered marital property, and you will be treated like an equal partner. If you inherited money while you were married, it will still be treated as separate property, and you will not be able to divide it up when you get divorced. But it can become marital property.
The process of separate property becoming marital property is called transmutation. This is where you mix separate property and marital property. For example, you inherit a ton of money, but then you put it in a joint account, and you use it for stuff like groceries. It also happens when you bring more money into the marriage. When you are working with a matrimonial attorney in NYC in your high asset divorce case, you can easily deal with these issues and more.
Tips that can help from a Matrimonial Attorney in NYC
Are you facing a high asset divorce? Some info can help your case the most and give you a better chance at success.
Keep things private
Divorce proceedings are usually public records. That means that everything that happens in a divorce case is public record. But it is usually better to keep a high asset divorce private. This means keeping family members, business info, and sensitive info like bank account info and social security info private.
If a high asset divorce is involved, the court may decide to keep the divorce records sealed, which means the public cannot see the documents. The court can order that whole records or just certain parts of records be sealed. It is up to the judge to decide whether to give a motion to seal. But your matrimonial attorney in NYC can bring this to the attention of the judge.
Hire a matrimonial attorney.
When it comes to a high asset divorce, hiring a matrimonial attorney is a good way to go. They can help you figure out what assets your spouse is trying to hide and make sure they are distributed fairly. They can also help you understand your rights and give you advice throughout the process.
Divorce laws vary from state to state, so it is important to hire a matrimonial attorney in NYC who knows what they are doing. Also, they can help you with other aspects of the divorce, like child custody and support. It is important to make sure the advice you get from a matrimonial attorney in NYC is unbiased and based on their years of experience.
Other info to know
It is also good to talk to your accountant and other financial professionals to figure out how owning some assets could affect your finances. This can be arranged by a matrimonial attorney in NYC. Realistic expectations and a financial professional can help you get through the complicated and costly process of asset divorces.
Also, it is vital to know that you should not disregard the direction of the court, because you could lose a lot of money if you do.
If you are going through a divorce with a high asset, it is important to talk to an experienced matrimonial attorney in NYC. They help you get ready for what is coming next and can help you get the most out of your case. You get to know your rights when you chat with a matrimonial attorney in NYC.
When a divorce is dragging on, there are a lot of assets that can go missing. This often happens in high asset divorces. But do not worry! At Gehi and Associates, we have an experienced legal team of matrimonial attorneys who are high achievers in getting the job done without delay and stress. They work hard to make sure each case gets the attention it deserves.
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How do I know how much my spouse earns?
If you are in the middle of a high asset divorce, it is common for one spouse not to give the other their full income, and they may even try to hide their assets. For instance, one spouse may be part of a business that keeps their assets hidden, or they may have asked for a bonus or raise to keep that income out of the divorce. If you want to find out what assets are hidden, there are a few things you can do before the divorce. Get copies of any taxes, bank statements, or pay stubs you can access. Document the lifestyle you have been living. Talk to a matrimonial attorney in NYC and a forensic accountant to help you uncover any assets that are hidden. Hidden assets can be hidden with your boss, family, or friends, in undervalued art or office furniture, in custodial accounts, in municipal bonds, and lots of other places.
What can I do if my spouse threatens to take all marital assets?
If you are getting out of a marriage that has a lot of assets, like real estate, stocks, and retirement accounts, it is important to find a matrimonial attorney in NYC who knows what they are doing. A good matrimonial attorney can help you figure out what you are missing out on and make sure you get what you deserve.
How do I pay my attorney fees if I do not work and my spouse closes my account?
If your ex-spouse was the breadwinner and closed your bank accounts, your attorney fees might be paid out of your marital property. In some states, when you file for divorce and serve your ex-spouse, there is an automatic restraining order that stops your ex-spouse from tampering with your assets.
How do I keep my vital info private in my case?
If you and your spouse make a lot of money, you probably do not want your financials out in the open during a divorce. A lot of divorces are like that. The parties’ financial statements are sealed, which means they are kept away from the court. But you also need to be careful about what is in the pleadings or other things you submit to the court. An experienced matrimonial attorney in NYC can make sure your private info stays private.
Is there any need for an attorney in my high asset divorce if I have a prenup?
No matter what kind of prenup you have, you will need a matrimonial attorney to represent you if you are facing a high asset divorce. There is too much at stake to just rely on a prenup. Your spouse could argue that they did not sign it because they were pressured, or you could find out that they made false statements or did not give you all the info they had. Or, it could be that a lot of time has passed since the agreement was made and it does not cover your current financial situation.