Long Island High Net Worth Divorce Attorney

What Is a High Net Worth Divorce in Nassau County?

A high net divorce in the State of New York is typically any divorce where the liquidation of all assets equal or exceed $1 million. The issues that are primarily affected by a high asset divorce include property division, spousal support and child support. An attorney at our law firm can help you in all of these areas, working to properly present your case to the court in order to seek to protect your interests. When parties seek to divide assets through the process of equitable distribution and significant wealth or assets are involved, this can become difficult.

Some assets that must be analyzed are:

• Stocks and bonds
• Real estate (residential and investment grade)
• Businesses
• Professional licenses
• Pensions
• Annuities
• 401(k) / IRA accounts

How is Property Distributed in High Net Divorce Cases?

One of the most important aspects of a high-net worth divorce is how the marital property will be dispersed. New York law states that all marital property divided in a divorce shall be done so via equitable distribution. This does not technically mean a 50/50 split, rather, it takes into account factors that occurred during the marriage such as contributions made. Keep in mind, property and assets that are to be divided include those which were only acquired during the marriage itself. This means any debt accumulated during the marriage must be split as well.

The state of New York goes through a particular process for equitable distribution:

• All assets will be identified and discovered
• Assets will be deemed separate or marital property
• Valuations for each asset will be finalized
• The assets will be distributed based on what is fair but not equal

The process of property distribution is essentially the same for both high net worth and normal divorce, what changes is the volume and value of the assets being dispersed. Spousal support and child support are also directly related to the asset valuation process so even after property is divided, future payment amounts and durations are at stake. It is imperative to hire an experienced high-asset divorce attorney with seasoned experts to help ensure that the proper outcome is achieved for your family law matter.

High Asset Divorce, Separation & Nuptial Agreements in New York

Nuptial agreements, separation agreements and divorces involving parties with high net worth are often very complicated matters. Some assets are relatively easy to place a value upon but many others are not and give rise to serious litigation usually involving financial and business expert witnesses.

At The Virdone Law Firm, P.C. we have worked with many high net worth clients, including those with ultra high net worth divorce, and have not only successfully ascertained appropriate values of disputed assets, but have even located assets hidden in foreign countries. A Long Island high net worth divorce lawyer at our firm can assist you determine the best approach that will protect your current and future financial interests in your high-asset case.

Our divorce and family law firm handles high net worth family law matters for clients in Long Island, Nassau County, Queens County, Suffolk County, and the surrounding areas. We are committed to providing our clients with the one-on-one attention they need as well as the experienced legal counsel that makes all the difference in their ability to reach positive resolutions to their divorce-, spousal support-, or child custody-related matters.